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From ATM Charges to Bank Locker Rules, 3 Key Changes Effective From January 2022

Here are some important rules which will be implemented from 1 January 2022.

Published
Business
2 min read
<div class="paragraphs"><p>Here are some important changes effective from 1 January 2022</p></div>
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The year 2022 is here with some notable financial changes. It includes some old amended rules and some new ones. These rules are effective from January 2022.

In this article we have highlighted some of these important changes which are likely to have an impact on your life.

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ATM Charges

The Reserve Bank of India (RBI), in June 2021, notified an increase in ATM charges. According to the notification, RBI has allowed the banks to charge Rs 21 instead of Rs 20 per transaction, to its customers for ATM transactions beyond the free limit.

The hike is effective from 1 January 2022.

All customers must note that they are eligible for five free transactions from their own bank's ATM. Moreover, they are also allowed to make three free transactions in metro cities and five free transactions in non-metro cities from other banks' ATM.

India Post Payments Bank Charges

India Post Payments Bank (IPPB) is all set to charge its account holders for cash deposit and cash withdrawal services beyond the prescribed limit. This new rule is effective from 1 January 2022.

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Bank Locker Rules

According to a notification released by the Reserve Bank of India (RBI), it is the responsibility of the bank to ensure safety and security of the premises in which the safe deposit vaults (lockers) are located.

The notification also states that in instances where loss of contents of locker are due to incidents like fire, theft/burglary/robbery, dacoity, building collapse or fraud committed by its employee(s), banks will have to pay hundred times the prevailing annual rent of the safe deposit locker.

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