Wallet concerns: Five things to change from Sept 1
These include new cheque payment systems, PF-Aadhaar linking, lower savings interest rate, and Maruti’s models becoming more expensive.
From tomorrow, September 1, a few things are going to change that would all affect the common man’s pocket. From the new cheque clearance system to PF-Aadhaar linking, lower savings account interest rate to expensive LPG price – a number of things will change. Money9 gives you a brief description of each.
Positive payment of cheque
One of the largest private lenders Axis Bank will begin following mandatory positive pay rule for cheque payment above Rs 50,000 from tomorrow. According to the new rule, the account holder must inform the bank regarding the cheque details such as payee name, date, amount in advance if the amount is more than Rs 50,000.
If the information does not reach the bank, the cheque will not be cleared even if there is sufficient balance in your account and all other elements are in place.
In 2020 the Reserve Bank of India (RBI) had issued a notice announcing the rolling out of a Positive Pay System. This is essentially a mechanism to verify the details of the issuer to prevent bank fraud. It came into effect on January 1, 2021.
Many prominent banks in India have adopted and rolled out this feature since the rule came into effect. The latest entrant is Axis Bank.
Dip in savings interest
The nation’s second-largest PSB lender Punjab National Bank is going to reduce interest rates by 10 basis points on deposits in savings accounts from September 1, 2021. The new interest rate of 2.90 % per annum will be applicable on both existing and new savings accounts holders for a deposit up to Rs 100 crore, in place of 3% applicable till today.
Almost all the leading banks have cut the interest rate to 2.6% or 2.7%.
PF-Aadhaar link
From tomorrow employers will only be able to deposit money into your provident fund (PF) account if your universal account number (UAN) is linked to the Aadhaar number. Today is the last day of linking Aadhaar number with your UAN.
Additionally, you will only be able to access the full range of benefits if you complete this linking process. Without the linking of these two, neither the employer’s contributions will be deposited into the PF account, nor can the electronic challan-cum-return be filed.
Maruti car to cost more
Maruti Suzuki that accounts for almost half the nation’s automobile sales, is all set to increase the prices of its vehicles from September due to the increase in input costs. India’s largest car manufacturer made the announcement in a regulatory filing on Friday. On an average, a hike of Rs 10,000-Rs 15,000 could take place.
The price rise has been planned across models in September 2021. Maruti Suzuki has not specified the rate of these hikes. In July the company hiked the price of all CNG variant cars along with some others. This time all cars across all variants and models will be increased.
LPG price revision
Due to the high price of octane and butane in international markets, the LPG cylinder price might be revised tomorrow. Incidentally, there was a revision in LPG price on August 18, when it had gone up by Rs 25.