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Here are 5 personal finance changes that may take place from January 1
January 2022 is significant from a personal finance point of view as a bevvy of changes will come into effect ranging from new debit/credit card rules to change in ATM charges.
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Here’s a list of major changes that may take place:
Banks to charge more for ATM transactions from January 1
Customers will have to pay more if they exceed the free ATM transaction limit from January 1, 2022. This development come on the back of Reserve Bank of India (RBI) order that permitted banks to increase charges for cash and non-cash ATM transactions beyond the free monthly permissible limit.
The central bank, in a June 2021 order, allowed banks to increase charges on ATM transactions to Rs 21 per transaction after people have exhausted the free transaction limit from January 1, 2022.
However, the customers will be allowed five free transactions, including financial and non-financial ones on a monthly basis from their own bank ATMs and they will be able to conduct three free transactions from ATMs of other banks in metro cities.
Cash deposit above Rs 10,000 to not be free in India Post Payments Bank (IPPB)
India Post Payments Bank (IPPB) account holders will have to bear charges on depositing cash in their accounts from January 1, if they exceed the prescribed limit.
In the savings (other than Basic SA) and current accounts, the cash deposits will be free up to Rs 10,000 per month and thereafter, a charge of 0.50 percent of the value subject to minimum Rs 25 per transaction will be levied.
ITR filing could be done only by paying penalty
The government has extended the income tax return (ITR) filing deadline for the fiscal year 2020-21 to December 31, 2021, which means those filing from tomorrow will have to pay certain penalty.
According to the Income Tax (I-T) department, an assessee who does not submit a return of income within the deadline is allowed to file a belated return at a later time. A belated income tax return attracts a late filing fee under Section 234F of the Income Tax Act. The amount of penalty payable by the assessees filing a late return increases based on the degree of delay.
Last date to submit Jeevan Pramaan Certificate ends on December 31
The deadline for government retirees to submit their annual life certificate, also known as Jeevan Pramaan Patra, will also end on December 31, 2021. It is critical for retirees to submit their life certificates on time in order to continue receiving their pension.
Change in bank locker rules
As per the RBI notification, banks can't wash off its hands from liability for loss of locker contents due to theft or fraud by its employees. The central bank of India has put bank's liability for such loss at 100 times the prevailing annual bank locker rent.
The RBI has also directed banks to properly warn bank locker customers that the bank is not responsible for insuring the contents of the locker.
(Edited by : Aditi Gautam)
First Published: Dec 23, 2021 8:10 AM IST