new year 2022 Coming up with some new charges and rule changes that will directly affect your money flow. ATM withdrawal charges, new Employees’ Provident Fund Organization or EPFO guidelines, new RBI guidelines for banks with regard to bank lockers, etc. will be effective from January 1, 2022. Therefore, it is important for the general public to know these new changes with the change of the year.
Here we list down the top 3 changes:
1]ATM Withdrawal Charges: As per RBI notification dated 10 June 2021, with effect from 1 January 2022, banks have been allowed to charge instead of 21 20 on every transaction beyond the monthly free ATM withdrawal limit. However, bank customers will continue to enjoy the 5 free ATM withdrawal limit from their own bank ATMs and the 3 free ATM withdrawal limit from other bank ATMs.
2]Changes in Bank Locker Rules: As per RBI’s notification dated 18 August 2021, with effect from 1 January 2022, banks cannot absolve themselves of liability for loss of locker contents due to theft or fraud by their employees. India’s central bank has placed the bank’s liability for such loss at 100 times the current annual bank locker rent. RBI has also directed banks to properly warn bank locker customers that the bank is not responsible for insuring the contents of the locker. The RBI has also said that banks cannot sell locker contents insurance to their locker customers, possibly to prevent forced insurance sales.
3]EPF Contribution by Employer: As per the new guidelines of Employees’ Provident Fund Organization (EPFO), it is mandatory for Employees’ Provident Fund (EPF) account holders to link their Aadhaar number and EPF account by December 31, 2021. Failure to do so by this date will result in the closure of the recruitment. Contribution to one’s PF account. The provident fund regulator also directed employers to obtain UAN (Universal Account Number) to verify the Aadhaar of all EPF account holders.
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