Get ready for 8 major changes from July 1, banking will be expensive and the learning license will be easy

Starting July 1, the new month. With the start of the new month, there are many major changes in the rules, from banking, TDS, licensing to cash withdrawals, which will have a direct impact on your life. We are telling you about the changes that will affect you.

1. Banking with SBI will be expensive

ATM Machine Distribution Cash Shankar Maurya HT Photo

State Bank of India (SBI) customers will have to pay more for cash withdrawals and check usage from July 1. SBI will change the rules from next month. SBI customers have to pay extra fees to withdraw four times as much money from the bank, including ATMs. After four withdrawals, you will have to pay a fee of Rs 15 and GST for each withdrawal. All new service charges apply to the original savings bank deposit account holders. These account holders have to pay Rs 40 for taking 10 checks. Plus GST fees.

2. TDS, TCS will be cut more


The Income Tax Department has been preparing to collect more TDS and TCS from July 1 for those who have not filed returns. The Income Tax Department has decided that those who have not filed income tax returns for the past two years will now be treated strictly. This rule applies to taxpayers with annual TDS 50,000 or more. For those who do not file income tax returns, there is an opportunity for tax deduction at the applicable rate. At the rate of at least 5 percent or double the rates offered in the relevant section, the higher the rate.

3. There is no need to visit the RTO

rto Office Lucknow

You don’t have to go to RTO now to get a learning license. In addition to applying online, testing can also be done from home. After passing the exam, the learning license will reach your home. However, for a permanent license, the vehicle has to be shown driving on the track. The new system is being implemented in many states since July.

4. The new IFSC code needs to be used

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Syndicate Bank has merged with Canara Bank, so the bank’s IFSC code will now be changed from July 1. In such a case, the branches of the syndicate bank will only work with the existing IFC code until June 30, 2021. With this, IDBI Bank will change the check leaf charge, savings account fees and locker fees from July 1.

5. LPG prices may change

LPG File Image

The central government announces the price of LPG cylinder on the first day of each month. Last month, the government slashed the price of a 19-kg commercial cylinder by Rs 122. This time, there is every possibility of a change in gas prices as the price of crude oil goes up from July 1.

6. Interest reduction on small savings is possible

Photo Saving - Mint

If you have invested in small savings schemes such as PPF, National Savings Certificates or Sukanya Samriddhi, the government can cut interest rates. It is believed that the problem is being created by a greater interest in small savings schemes than banks. However, there is no official confirmation from the government.

7. The unique identity of the city is made compulsory


Even if the jewelry is stolen or lost, its true owner can be easily identified. In fact, just as all citizens of the country have been identified through the UID on the Aadhaar card, the government will be mandating the Unique Identification of Every Jewel (UID) from July 1.

8. Increase in vehicle prices

Steel, plastic and aluminum prices are set to rise next month. The country’s largest car company Maruti has also announced that it will increase its vehicle prices. Two-wheeler company Hero MotoCorp has also decided to increase the price of its two-wheelers starting July 1. This is the company’s third increase this year.

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