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ATM Withdrawal Fees to Hike, Bank Lockers to be Safer: Personal Finance Changes in 2022

By: Swastika Das Sharma

News18.com

Last Updated: December 28, 2021, 12:47 IST

Come January 2022, a host of changes will be implemented in the personal finance sector

Come January 2022, a host of changes will be implemented in the personal finance sector

From ATM fees becoming costlier to new guidelines on your bank lockers that will make them safer, several fresh changes are going to be in effect as the new year sets in

Personal Finance Changes from 2022: The new year is all set to kick in within a few days and with its onset, many new changes will be implemented in several sectors. The personal finance sector is no exception to this as a lot of new rules are to be implemented here starting from January 1, 2022. From ATM fees becoming costlier to new guidelines on your bank lockers that will make them safer, several fresh changes are going to be in effect as the new year sets in. This will effectively also change how you plan your finances, and like all other years you might have to revisit your planner and set it accordingly.

Here are some of the key changes that are going to be implemented during the coming year:

ATM Withdrawals to Get Costlier from January 1

Bank customers have to pay hiked extra charges on ATM withdrawals, irrespective of their banks, once their monthly limit gets exhausted. The Reserve Bank of India, in a notification earlier, had said that customers will have to pay even more charges from January 2022 for ATM transactions once the limit exceeds. This means that the change is set to be implemented late next week. Customers have already got notifications from their banks as the date nears. Currently, a bank customer pays Rs 20 per transaction at all ATMs to withdraw money once the monthly free limit exceeds. Now the rates are set to be hiked by Rs 1 per extra transaction each month.

India Post Payments Bank to Charge Fees on Account Deposits

From January 1, 2022, account holders at the India Post Payments Bank (IPPB) will have to pay more charges in order to withdraw cash from their accounts if they exceed the prescribed limit. The new rule was notified earlier this year by the state-owned lender. The IPPB has also revised rates on cash withdrawals from the accounts of its customers, applicable from the same date.

“This is to inform all the concerned that charges of cash deposit & cash withdrawal transactions as mentioned will be effective from 01st January 2022. These prices are exclusive of GST/ CESS which will be levied at the applicable rates,” the payments bank said in a note on its website.

The India Post Payments Bank has three types of savings accounts — Regular Savings Account, Digital Savings Account and Basic Savings Accounts.

Bank Lockers Set to be Safer from Next Year

From January 2022, your bank lockers are set to get safer, as per an RBI instruction. It mentioned that banks just cannot deny liability if a customer’s locker is compromised due to the negligence of the bank.

“It is the responsibility of banks to take all steps for the safety and security of the premises in which the safe deposit vaults are housed. It has the responsibility to ensure that incidents like fire, theft/ burglary/ robbery, dacoity, building collapse do not occur in the bank’s premises due to its own shortcomings, negligence and by any act of omission/commission. As banks cannot claim that they bear no liability towards their customers for loss of contents of the locker, in instances where loss of contents of locker are due to incidents mentioned above or attributable to fraud committed by its employee(s), the banks’ liability shall be for an amount equivalent to one hundred times the prevailing annual rent of the safe deposit locker,” the central bank has said in a notification.

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first published:December 28, 2021, 12:46 IST
last updated:December 28, 2021, 12:47 IST