If investors investing in mutual funds and shares do not get KYC done for their demat and trading accounts, then their accounts will be closed from August 1. According to the circular issued by the National Securities Depository Limited (NSDL), the KYC of all demat and trading accounts should be completed by July 31. According to NSDL, under KYC, investors holding demat and trading accounts are required to provide six details – name, address, PAN, mobile number, e-mail ID and annual income. Those whose accounts are opened after June 2021, have their KYC update as it is mandatory but those whose accounts are opened before June 2021 have been given time till 31 July 2021 to update the KYC.
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These five things will change from August 1
- Demat-trading account closed if not KYC: Demat and trading accounts which do not have KYC till 31st July will be closed from 1st August.
- Salary will also be available on Sunday and Holiday: One of the most important changes from August 1 is that now even if the day when the salary or pension comes, is a holiday or a Sunday, the salary or pension will not stop. According to the instructions of RBI, the National Automated Clearing House (NACH) will be active 24 hours from next month.
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- Sufficient balance to be maintained in the loan account: According to the instructions of the central bank, NACH will be active 24 hours due to which salary or pension will not stop even on Sundays or holidays. However, this will also affect those people who are paying the installment of any loan because now this installment will be deducted on Sundays and holidays also. In such a situation, it will be necessary to keep enough balance to pay the installment.
- Expensive to use ATM: According to the decision of RBI, from August 1, the ATM interchange fee will increase from Rs 15 to Rs 17. Apart from this, the fee per transaction for non-financial use of ATMs will increase from Rs 5 to Rs 6.
- Free service of postal bank will be charged: India Post Payments Bank (IPPB) will charge for providing services at home from next month. Customers will have to pay Rs 20 plus GST for availing services related to Sukanya or other accounts at home. Currently IPPB does not charge any fee for these services.