Personal finance changes

1. IFSC code of Syndicate Bank:
IFSC code as well as cheque book of Syndicate Bank will become invalid from July 1.Likewise, the customers of Syndicate Bank have been asked to update IFSC code latest by June 30.”Dear customer, replace e-syndicate cheque book and cheques issued to the third party as validity for presentation expires on 30.06.2021,” Canara Bank said.

2. Small Savings scheme:

Post office small savings scheme may see a rate cut following the low interest rate regime. Amid the state assembly elections last quarter, the centre after reducing rates on small savings scheme rolled back the rate cut. Rate on small savings schemes are linked to yield on 10-year government securities and are revised quarter on quarter.

3. TDS rules to change from July:

There will be a verification of taxpayers done and those taxpayers who would not have filed ITR for the last two years shall be charged a higher TDS. The rule is for taxpayers for whom the TDS deduction value exceeds the threshold value of Rs. 50000. The rule is part of the new insertion made to the Finance Act, 2021.

4. SBI cash withdrawal and cheque leaflet changes:

The country’s leading lender has announced that with effect from July 1, 2021, the bank’s customers will be allowed just 4 withdrawals from bank ATM and branch. Beyond the free transaction, the lender shall charge Rs. 15 plus GST on each of the transaction.

Also, in respect of the cheque books, there shall be limit imposed i.e. customers can now make a use of as many as 10 cheque leaflets and beyond those they will be levied some charges. For cheque leaflets beyond 10, there will be levied Rs. 40 plus GST, while for 25 leafs there will be charged Rs. 75 plus GST. But no such charges have been announced for senior citizens.

5. LPG price change: LPG or cooking gas cylinder prices are also revised month on month and it is likely that there can be a revision in Lpg cylinder price. The LPG is sourced and extracted from natural gas and crude.

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Author: Donna Woods

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