New Bank Rules from the New Year...Know the rules before-hand to avoid the confusion later...

by Suryaa |

Many new rules related to banking are about to change from January 2022. There will be three major changes that are directly related to your money. For this, along with the Reserve Bank, there are constant messages from the respective banks.

The three changes are related to personal finance. The new rules will apply to everything from bank lockers to mutual funds and ATM transactions.

1. Lockers are now more secure
The bank lockers are going to be more secure from the new year. The Reserve Bank has made it clear that banks will be keen about locker security. If there will be disturbances or any type of harm to customer's goods, banks will take full responsibility for it.

If an employee of the bank cheats, the bank building collapses, or suffers damage due to fire or theft, then the bank will reimburse up to 100% of the rent or fee for items kept in the customer locker.

The new rule also applies to existing old deposit locker holders. However, this provision does not apply in the event of natural disasters. The bank will not pay compensation if the locker is damaged due to earthquake, flood, lightning, storm or due to customer fault. The new locker rules will take effect from January 2022.

To get customers to pay the locker quickly, the bank can take a term deposit equivalent to a three-year lease. Charges for breaking the locker in the event of a disaster can also be taken as a three-year term deposit. This rule does not apply to those who pay locker money on time or whose records are correct.

2. Transaction in Mutual Fund Central
MF or Mutual Fund Central is an online platform launched jointly by kfintech and Computer Age Management Services (CAMS). MF provides services related to mutual fund transactions such as central bank account, mobile number, change of email address. An app yet to be launched has also been developed for this. The service is also expected to launch in January.

3. ATM fees will increase
Withdrawing money from ATMs is going to be expensive from January if you make transactions after the free limit. Each customer will get 5 free transactions like cash withdrawal, balance inquiry, ATM PIN change, mini statement request and FD opening at the same bank ATMs.

In metro cities, ATM service can be availed 3 times from other banks' ATMs. However in non-metro cities this number is 5. From January 1, if you take ATM service after the free transaction limit, you will have to pay Rs.21 + GST.

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