Rules Change 1 May– Big news for the common people of India. On 1 May, there has been a change in the rate of LPG cylinders, interest on FD and savings accounts. The rules related to booking railway tickets have changed, so withdrawing money from ATM will now be expensive. Let’s see what has changed from May 1.
LPG cylinder became cheaper
Today, on 1 May, the commercial cylinder in Kolkata has now become Rs 1851.50 instead of Rs 1868.50. In Mumbai, the price of this cylinder is now Rs 1699 instead of Rs 1713.50 and in Mumbai it will be available for Rs 1906.50 instead of Rs 1921.50.
Change in interest rates on FD and savings accounts
Interest rates may also be included in the changes. It is worth noting that RBI had announced reduction in repo rates in the bi-monthly monetary policy review meeting last month. After this, banks are continuously adjusting this reduction in their interest rates. Interest rates are being reduced on all three accounts – loan, deposit and savings bank. Some banks may reduce them further.
Rules related to railway ticket booking changed
Railways will also change the rules of ticket booking from May 1. Now waitlisted tickets will not be valid in sleeper and AC coaches. Travel will be possible only with waitlisted tickets in general coaches. The time for ticket booking has been reduced from 120 days to 60 days. Apart from this, fare and refund charges may also increase.
Rural banks will be merged
Regional Rural Banks have been merged in 11 states. The policy of one state, one regional rural bank has come into effect from today, i.e. May 1. Andhra Pradesh, Uttar Pradesh, West Bengal, Bihar, Gujarat, Jammu and Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Odisha and Rajasthan are included in this merger plan.
Withdrawing money from ATM is expensive
The Reserve Bank of India has announced to increase the fee for withdrawing money from ATM. If you are withdrawing cash, depositing or checking your balance through ATM, then the fee charged after the prescribed limit has been increased. From today, after crossing the limit of free money withdrawal from ATM, you will have to pay Rs 23 on every withdrawal.
This fee is currently Rs 21. Every month, five free withdrawals are available from the bank’s ATM and three from other bank’s ATMs in metro cities or five in non-metro cities. This fee hike has been done due to the increased cost of running the ATM.
Banks’ work will be easier with Pravah portal
The Reserve Bank of India has given clear instructions that from May 1, all banks, financial companies and other regulated entities will have to use the Flow portal to submit any application for authorization, license and approval. Flow will have to be used to submit applications for regulatory authorization, license, approval using the application forms available in the portal.