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Mumbai: The Reserve Bank of India (RBI) revised its instructions related to bank locker management that will come into effect from 1 January 2022. Now, all the banks are advised to change their board-approved policy guidelines. The new rules are being introduced to facilitate customers so that they can make better choices and banks will be able to maintain a list of vacant lockers along with a wait-list available in the core banking system. The purpose is to allot lockers as per the cyber security framework and make sure there remains top-notch transparency.
In response to this, the central bank said all the banks are required to acknowledge applications receipts when comes to the allotment of the locker. It should provide a waitlist number to the customer in case the locker isn’t available for allotment.
Justice Mohan M Shatanagoudar & Vineet Saran request the RBI to come up with uniform rules regarding locker management in six months.
Here are five key pointers to keep in mind.
5 Money-Related Changes
Pay More for More ATM Transactions
From January 1, 2022, the customer needs to pay a higher transaction fee in case he/she uses all the free ATM transactions. The RBI had already permitted the banks to hike charges for cash as well as non-cash transactions above the monthly acceptable limit.
In case you surpass monthly free transactions, you need to pay Rs.21 (earlier Rs.20) per transaction from the 1st of January 2022. Customers are entitled to make only five free transactions per month from their respective bank ATM.
New Rules of Bank Lockers
Banks will not be able to disown liability for any sort of loss of locker due to fraud or theft. Furthermore, the bank needs to warn locker customers regarding the responsibility for ensuring locker content. Now, the bank can’t sell locker content insurance to the locker customer. This prevents coercive insurance sales.
GST Related Changes
Yes, you guessed it correctly. Now, you need to pay more GST on various services and products from 2022. The CBIC (Central Board of Indirect Taxes and Customs) announced an increment of GST rate by 5-12% on footwear, textiles, and clothes.
Penalty On Late ITR Filing
Because of the pandemic, the deadline to file ITR has been extended; first from July 31, 2021, to September 30, 2021, to December 31, 2021. Earlier the penalty on belated ITR filing was kept at Rs.10, 000. This year, the penalty may be low. If your income lies below the taxable limit, then you need not have to pay the penalty in case you file ITR after the deadline.
IPPB Cash Deposit Charges
The India Post Payments announced revising of charges on cash deposits and withdrawals. It will come into effect from 1 January 2022. As per IPBB, the basic saving account, and cash withdrawals that are kept to four transactions/month will now be charged at 0.50% once it exceeds the limit.