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economy | IST

From higher ATM withdrawal charges to costlier food delivery; here are 5 big changes that kick in the New Year

Mini

From costlier ATM transactions to shelling out more for food delivery, the New Year will bring a slew of changes to our lives.

From costlier ATM transactions to shelling out more for food delivery, the New Year will bring a slew of changes to our lives.
Starting the first of January, one might have to shell out more fees for ATM transactions. Once you exceed the first five free transactions, you will now have to pay the revised fee of Rs 21 per transaction versus Rs 20 earlier.
Secondly, from the coming year lockers with banks are set to get safer, as banks will also now have to bear some liability. Starting 2022 banks will be liable to pay up to 100 times the prevailing annual rent for the locker to customers if the locker is compromised because of the bank's own negligence.
Thirdly, cash deposits in India post payment bank beyond a certain limit will no longer be free from next year. While basic savings account customers don't really have to pay any much, other savings account customers will now have to pay 0.5 percent of the value subject to a minimum of Rs 25 per transaction after exceeding deposits of Rs 10,000 per month.
Fourthly, prices of readymade garments and shoes could also go up from next year as the government is looking to charge 12 percent GST on it instead of 5 percent currently, but it is possible the government may do a rethink on this. So we have to watch how this one unfolds.
And lastly, online food delivery and two and three-wheeler transport services booked via online platforms will also come under the GST ambit, starting January 1st. So it is quite likely food aggregators will pass on this cost to consumers.
Watch the accompanying video of CNBC-TV18’s Ritu Singh for more details