FD Rules Changed: If you make a fixed deposit too, know that the FD has changed the rule. RBI ( RBI ) changed the rules related to FD shortly before. Not only this, but these new rules have also become effective. Many government and non-government banks have congratulated the interest rates on FD after RBI's decision to increase corporate. So before getting FD, you must read this news. Otherwise, you may have to suffer loss.
Change rules on FD maturity: Actually, RBI has made a major change in the rule of fixed deposit ( FD) that now after completion of maturity, if you do not claim the amount, then you will have less interest on it will get. This interest will be equal to the interest received on the savings account. Banks currently pay more than 5 percent interest on FD with a long duration of 5 to 10 years. While the interest rates on the savings account are around 3 percent to 4 percent. According to the information given by RBI, If the fixed deposit is matured and the amount is not paid or is not claimed, then it is paid by an interest rate savings account or match FD But the rate of interest, whichever is lower, will be given. These new rules will apply to deposits in all commercial banks, small finance banks, cooperative banks, and local regional banks.
Know what the rules say: Understand this, suppose you have got an FD with 5 years of maturity, which is matured today, But if you are not withdrawing this money then there will be two circumstances on this. If the interest received on FD is less than the interest received on the saving account of that bank, then you will continue to get FD interest. If the interest received on FD is more than the interest received on the savings account, then you will get the interest on the saving account after the match party. Earlier when your FD was matured and if you do not withdraw or claim it, the bank would forward your FD for the same period for which you previously FD. But now it will not happen. But now FD interest will not be available on the maturity if it does not withdraw money. So it is better that you withdraw money immediately after maturity. Much has changed since the first date of July month and it is going to have a direct impact on your pocket.
Since 1 July 2022, many rules related to financial transactions and online payments have changed across the country. As the token system will be applied for online payment, the penalty will be doubled on base-pan linking. Today, from July 1, online shopping companies, merchants, and payment gateways will not be able to keep credit and debit card data on their platforms. Keeping in view the security of bank customers, the Reserve Bank of India has introduced a card token system from 1 July. Under this, the card detail will be converted into a token.
This method will make online transactions safe. The last date for the Central Government to add the pan and Aadhaar card to the fine was fixed on 31 March 2023 and a fine of Rs 500 on linking it till 30 June 2022 Provision was made. But from 1 July this penalty will increase to one thousand rupees. If you have not linked it yet, then from July 1, you will have to pay a fine of Rs 1000. 10 percent TDS will have to be paid from 1 July 2022 on gifts received from businesses and other businesses.
This tax will also apply to social media affected and doctors. Social media influencers must pay TDS only when a company provides them with a product for marketing purposes. At the same time, if the given product is returned to the company, TDS will not be charged. Under the new section 194S of the IT Act, from 1 July 2022, if the transaction for cryptocurrency exceeds Rs 10,000 in a year, it will be charged one percent. The IT department ( Ayricar department ) has issued notifications for virtual digital assets. All NFT or digital currencies will come under its purview. In July, the prices of two-wheelers will increase across the country from today.
Hero Motocorp has decided to increase the prices of its vehicles by Rs 3000. The company has taken this decision in view of rising inflation and rising raw material prices. Other companies can also make their carts expensive after Hero Matocorp. RBI said that banks or card issuers should seek a one-time password (OTP) based consent from the cardholder to activate the credit card If it has not been activated by the customer for more than 30 days from the date of issue. From July, new rules related to issuing credit cards ( Credit cards) will be effective.
The Reserve Bank of India ( RBI ) shared information about the details of the rules in a notification dated April 21, 2022. A notification issued by the RBI stated that the provisions of these instructions related to a credit card are each scheduled bank operating in India ( payment banks, State co-operative banks, and district central co-operative banks will apply to ) and all non-banking financial companies ( NBFC ). RBI said that banks or card issuers should seek a one-time password (OTP) based consent from the cardholder to activate the credit card If it has not been activated by the customer for more than 30 days from the date of issue. The central bank gave information that if no consent is obtained to activate the card, So the bank or card issuer will close the credit card account at no cost to the customer within seven working days from the date of receiving confirmation from the customer.
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