Banking & Insurance

Many things will change from 1st July. No charges on NEFT and RTGS

RBI changes in online transactions and home loans

Upcoming Month or from 1st July, Many rules are going to be changed associated with home loans and online transactions – no charges on NEFT and RTGS. These changes might affect the country people. There are some other things are also going to be changed from 1st July.

Some changes are good for you and some are bad… Let’s get more in details about all the changes which may affect the customers:

1. Changes in Online Transactions

If you are doing online transactions then you will be having more relief from 1st July. RBI going to withdraw all the charges from NEFT and RTGs online transactions.

It means, there will be no online transfer charges are applicable now to Real-time growth settlement(RTGS) and National electronic funds transfer(NEFT) from 1st July.

RBI has also increased the time of online transaction through RTGS by one and half an hour… it means we can now transfer the funds till 6 O’ clock evening.

2. Changes in Home Loans

If you are the customers of State Bank of India then get ready for these changes. Because SBI will offer Repo rates home loans from 1st July, the interest rates now completely rely on the Repo rates.

It means whenever RBI will make changes in the interest rates your home loan interest rate will also automatically get changed. Because till now SBI using its own interest rates on the home loans but it will not be from 1st July.

3. Buying a car is too expensive

If you are planning to buy Maruti Suzuki and Mahindra cars then you may have to bear more expense. Automobile company Mahindra going to increase the cost of its vehicles by 36,000 Rupees.

Similarly, the cost of Maruti Suzuki cars will be increased by 12,690 Rupees. Therefore, other automobile companies might increase the charges.

4. Low-Interest rates on small saving schemes

If you are investing in Public provident funds, Pradhan Mantri Sukanya Smridhi Yojana and other small saving schemes then it will impact you directly since Modi Government going to reduce interest rates on these small saving schemes.

The government might send a notification soon for the same. These reductions might happen with the rate of 0.30 till September.

5. Changes on basic saving accounts

There are many new rules going to be updated on basic saving account schemes from 1st July. It’s for those accounts which can be opened from zero balance.

The cash will be deposited in free for these accounts. And there will be no charge on online transactions for these accounts. There will be no charge on cheque deposit and withdrawal money.

Therefore, all these changes are going to made from 1st July in India.

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