Four bank-related changes that may impact you in 2022
New Delhi: As the year 2021 comes to an end and we enter 2022, a lot of financial changes await us. From ATM fees becoming costlier to new guidelines on bank lockers that will make them safer. Here we list four key personal finance changes that will come into effect from 2022.
India Post Payments Bank to charge fees on account deposits
From January 1, 2022, account holders at the India Post Payments Bank (IPPB) will have to pay more charges in order to withdraw cash from their accounts if they exceed the prescribed limit. The new rule was notified earlier this year by the state-owned lender. The IPPB has also revised rates on cash withdrawals from the accounts of its customers, applicable from the same date.
“This is to inform all the concerned that charges of cash deposit & cash withdrawal transactions as mentioned will be effective from 01st January 2022. These prices are exclusive of GST/ CESS which will be levied at the applicable rates,” the payments bank said in a note on its website.
The India Post Payments Bank has three types of savings accounts — Regular Savings Account, Digital Savings Account and Basic Savings Accounts.
Bank lockers rules
From January 2022, your bank lockers are set to get safer, as per an RBI instruction. It mentioned that banks just cannot deny liability if a customer’s locker is compromised due to the negligence of the bank.
“It is the responsibility of banks to take all steps for the safety and security of the premises in which the safe deposit vaults are housed. It has the responsibility to ensure that incidents like fire, theft/ burglary/ robbery, dacoity, building collapse do not occur in the bank’s premises due to its own shortcomings, negligence and by any act of omission/commission. As banks cannot claim that they bear no liability towards their customers for loss of contents of the locker, in instances where loss of contents of locker are due to incidents mentioned above or attributable to fraud committed by its employee(s), the banks’ liability shall be for an amount equivalent to one hundred times the prevailing annual rent of the safe deposit locker,” the central bank has said in a notification.
ATM Withdrawals to Get Costlier from January 1
Bank customers have to pay hiked extra charges on ATM withdrawals, irrespective of their banks, once their monthly limit gets exhausted. The Reserve Bank of India, in a notification earlier, had said that customers will have to pay even more charges from January 2022 for ATM transactions once the limit exceeds.
This means that the change is set to be implemented late next week. Customers have already got notifications from their banks as the date nears. Currently, a bank customer pays Rs 20 per transaction at all ATMs to withdraw money once the monthly free limit exceeds. Now the rates are set to be hiked by Rs 1 per extra transaction each month.
RBI had delayed this action of freezing bank accounts of those holders who have still not completed their KYC till December 31. If you have still not yet completed your KYC, then do it quickly otherwise you may lose access to your financial instruments and money kept in any bank or other similar institutions after January 1.