Bankin' News: New Rules Kickin' In – What’s Gonna Hit Your Pocket?
New Delhi (The Uttam Hindu): The new financial year is rollin' in from April 1, 2025, and with it come some big changes in the world of banking, taxes, and a whole bunch of other stuff. And let’s be real – these new rules are gonna have a direct hit on your wallet. If you’re not ready for the changes, you might end up feeling the burn. So, here’s the lowdown on what’s about to go down and how it’s gonna mess with your cash:
ATM Withdrawals Gettin’ More Expensive – Heads Up!
Starting May 1, 2025, pulling cash from ATMs is gonna cost you more. If you're the type to hit up the ATM often, be prepared for extra charges. From now on, after your free withdrawals (five from your bank’s ATM, three from others), you’ll be slapped with an extra Rs 2 charge per withdrawal. So instead of Rs 21, it’s gonna be Rs 23 every time you withdraw. Ouch! And remember, metro city folks get five free withdrawals from their bank's ATM, and the rest? Three from others. Get those ATM fees in check, fam!
Interest Rates on Savings & FDs – Look Out!
Banks are changin’ things up with interest rates on savings and fixed deposit accounts. From April 1, 2025, the rates will depend on how much you’re stashing away in your account. So, if you’re sitting on a fat stack, you might get a fatter interest rate. But hey, if your balance isn’t looking too hot, don’t expect much.
Minimum Balance Rules – Get Ready for Penalties!
Your bank might start crackin’ down on the minimum balance rules. From April 1, you might have to keep Rs 5,000 in your account if you’re in a city or Rs 2,000 in rural areas. If you don’t keep it up, expect some penalties, depending on your account type. So if you're living on the edge, it might cost you.
Credit Card Rewards – They’re Dippin’!
SBI Cards is cutting back on the rewards, so if you’re the type to rack up points, brace yourself. Starting April 1, the rewards on some popular cards are gonna be slashed. For example, the Simply Click SBI card will only give you 5X points instead of 10X on Swiggy. And Air India SBI cards? Points dropping from 15 per Rs 100 spent to just 5. Looks like the rewards party is over.
GST Rule Changes – Keep Track, Businesses!
For all you business folks, there’s a new GST rule kicking in on April 1, 2025. If your business is pulling in between Rs 10 crore and Rs 100 crore annually, you’ll need to upload e-invoices within 30 days of issuing them. If you miss that deadline, the invoice gets straight-up rejected. So if you’re not on top of your invoicing game, you might run into some problems.
Bottom Line: Get Ready to Pay More!
With all these rule changes, your pocket might be feeling the pinch. So start planning ahead, keep an eye on your ATM withdrawals, and don’t forget about those penalties for minimum balances. Stay sharp, and you might just make it through this new financial year without too much damage to your wallet!
