New bank locker rules, higher ATM charges for EPF contribution: These rules change from Jan 1
Its that time of the year again! A day when people think of resolutions to make this new year. From eating mindfully to exercising daily and much more. But along with these, it is time to add money resolution to the list. Many developments related to money are expected for the new year 2022. From costlier ATM charges to new guidelines on bank lockers. Here are some of the key regulatory and operational changes that are likely to take effect from 2022.
ATM Withdrawal Fees:
With the monthly limit expiring from January 2022, bank customers will now have to pay additional additional charges on ATM withdrawals, irrespective of their banks. As per the Reserve Bank of India, dated June 10, 2021, customers will have to pay an even higher fee from January 2022 for ATM transactions once the limit is exceeded.
This means that from January 1, 2022, banks have been allowed to charge ₹21 instead of ₹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 3 free ATM withdrawal limit from other bank ATMs. Now the rates are to be increased by Re 1 per additional transaction every month.
Changes in bank locker rules:
As per RBI notification, your bank lockers are ready to be safe from 1st January 2022 as banks cannot deny liability if the customer’s locker is tampered with due to the negligence of the bank. India’s central bank has placed the bank’s liability for such loss at 100 times the current annual bank locker rent.
“It is the responsibility of the banks to take all steps for the safety and security of the premises in which the vault is kept. It is the responsibility of ensuring that incidents like fire, theft/ theft/ dacoity, dacoity, building collapse are due to their own shortcomings, negligence. and does not cause any act of omission/deficiency within the premises of the Bank.Since banks cannot claim that they do not take any liability to their customers for damage to the contents of the locker, in cases where the locker In case of material loss of the contents of the bank due to the events mentioned above or on account of fraud committed by its employee(s), the liability of the banks shall be equal to one hundred times the existing annual rent of the safe deposit locker,” the central bank said in a notification. .
EPF Enrollment
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, 202. Failure to do so on this date will result in closure of the recruiter’s 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. Also, it is mandatory for PF account holders to add their nominee so that in case of untimely death, this fund can be easily available to the nominee on time.
Employees’ Provident Fund Organization (EPFO) members can now submit EPF, EPS enrollment digitally by logging on to the EPFO website epfindia.gov.in. It may be noted that an EPF account holder can change the nominee of his/her EPF account by filing a new PF nomination. But now EPF member can change the nominee in his account online. This can be done by filing a fresh PF nomination.
ITR. Penalty for late filing
The extended deadline for filing ITR for AY 2021-22 by individuals is expiring on December 31. The deadline for filing income tax returns (ITR) for the financial year 2020-21 has been extended twice: first from the regular date of July 31, 2021, till September 30, 2021 and then till December 31, 2021 due to the pandemic. Till 2021, the maximum penalty a taxpayer could face for missing the date of filing ITR would be Rs 10,000. From January 1, 2022, you can file a belated return till March 31, 2022. However, delayed return will attract a late filing fee of Rs 5,000 under section 234F. If your income is less than Rs 5 lakh, the penalty is limited to Rs 1,000 if the Income Tax Return (ITR) is filed after December 31 but before March 31, 2022. Also, if your income is less than the taxable limit, you will also not have to pay the penalty amount if you file your ITR after the deadline subject to certain exceptions.
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