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Monday, October 25, 2021

These 6 rules changed from May 1, relief for common people, but burden increased due to some decisions

The second month of the current financial year has started from today. From May 1, many things will change for the common people. This includes everything from banking to loan rate. Apart from this, a new beginning is being started from today on the world’s largest vaccination program and people between the age of 18-44 are also being included in it. Apart from this, there has been a change in banking related services, which will put a burden on the pocket of the general public, while the country’s largest bank SBI has made a big change in the rules related to KYC updates to the general public and by cutting the rate of home loan Reduced financial burden on buyers.

These changes came from 1 May

  • Vaccination for those above 18 years: The world’s largest vaccination program is going on in India, but so far only people over the age of 45, including healthworkers and frontline workers, were involved. From May 1, people aged 18-44 have also been included in this, that is, now people above the age of 18 years can be given the dose of corona vaccine.
  • SBI reduced home loan rates: Fulfilling the dream of having your own house has become cheaper now. The country’s largest bank SBI has given a big gift to people thinking of buying a house and has cut the rate of home loan. According to a release issued by SBI, now the interest rates on home loans up to Rs 30 lakh will start from 6.7 percent. Earlier it was 6.95 percent. The cut in interest rates became effective from 1 May 2021.

SBI reduced home loan rates, bank gave big relief on KYC update

  • SBI gives big relief on KYC update: Due to the corona, restriction is in many parts of the country. In such a situation, many account holders of SBI are not able to update the KYC of their account. Due to this, there was a possibility of partial freeze of CIF (Customer Information File) after May 31, but today the bank has given a big relief. The bank said that accounts will not be frozen due to non-updating of KYC till May 31. Apart from this, KYC will be updated from the documents sent through post or registered email.
  • Axis Bank rules against minimum balance: Axis Bank has increased the minimum average balance limit. The minimum balance requirement has been increased from Rs 10,000 to Rs 15,000 for Axis Bank’s Easy Savings Schemes account in metro cities. This will be applicable to all domestic and NRI customers. At the same time, the minimum balance requirement for Prime and Liberty Savings Account in Semi Urban and Rural areas has been increased from Rs 15000 to Rs 25000. If your salary account is more than 6 months old and there is no credit in any one month, then a charge of 100 rupees per month will be charged. At the same time, if there is no transaction in your account for 17 months, then in the 18th month, one time charge of Rs 100 will be charged.

Axis Bank: Double charge on withdrawing cash after free limit, it is necessary to have such a balance in the savings account from May 1

  • Cash withdrawal from Axis Bank account is expensive: Withdrawing cash from Axis Bank will also be costlier now. Axis Bank offers 4 ATM transactions or a free transaction of 2 lakh rupees every month. After this, a charge has to be paid on additional transactions. So far, 5 rupees per 1000 rupees are deducted after free limit. Now from May 1, now customers will have to pay 10 rupees per cash withdrawal of Rs 1000 after free limit.
  • IRDAI doubles the cover amount: Insurance regulator IRDA has directed to double the amount to be covered under Arogya Sanjeevani Insurance. From May 1, insurance companies will give a cover of up to Rs 50 thousand -10 lakh. The coverage was up to a maximum of Rs 5 lakh under the Arogya Sanjeevani Insurance Policy, which started from April 1, 2020 last year.

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Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
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