Rules to change from 1st January: From higher ATM charges to GST increase

It will be costly to withdraw money from an ATM

The Reserve Bank of India has approved an increase in the fee for cash withdrawals following free transactions. Customers are being charged Rs 20 per transaction by banks, excluding taxes. After the free transaction, banks would be able to charge their clients Rs 21 instead of Rs 20 for each transaction, according to the RBI. On January 1, 2022, this rule will take effect.

It will be costly to get an automobile 

Almost all automobile manufacturers, including Maruti Suzuki, Renault, Honda, Toyota, and Skoda, will increase their prices in the coming year.

With effect from January 1, 2022, Tata Motors will hike commercial vehicle prices by 2.5 percent.

GST related changes

Beginning January 1, clothing and footwear will be subject to a 12% GST. The Indian government has raised the GST on textiles, ready-mades, and footwear by 7%. Aside from that, internet bookings for auto-rickshaws would be subject to a 5% GST. That is, auto rickshaw bookings using app-based cab service platforms such as Ola and Uber would suddenly be more expensive. The fare of auto rickshaws, on the other hand, will not change in offline mode. It has been exempted from taxation.

India Post Payment Bank increased the charge 

Account holders with the India Post Payment Bank (IPPB) will be charged a fee if they withdraw or deposit cash in excess of a specific limit starting January 1. The basic savings account will offer free cash withdrawals four times a month. Following that, every withdrawal would be subject to a 0.50 percent fee, which will be at least Rs. 25. Depositing funds into a basic savings account, on the other hand, will be free.

Deposits of up to Rs 10,000 in a savings or current account other than the basic savings account will be free of charge. After ten thousand rupees, a 0.50 percent fee will be charged, with a minimum transaction fee of 25 rupees. In savings and current accounts, cash withdrawals of up to Rs 25,000 per month would be free, with 0.50 percent levied on all subsequent transactions.