From RBI NACH Rules to Bank Interchange Fee: 3 Key Changes Effective From 1 Aug

RBI has allowed the banks to increase interchange fee per transaction, which will come into effect from 1 August.

Important rules effective form 1 August: RBI NACH rules, bank interchange transaction fee, and ICICI revised rules

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Many important changes are all set to come into effect from Sunday, 1 August 2021. These include changes like RBI's NACH services revised rules to increase in bank interchange fee per transaction.

In this article, we have listed some of the key changes which are scheduled to come into effect from 1 August.

RBI Interchange Fee: Recently, the Reserve Bank of India (RBI) allowed the banks to increase interchange fee per transaction from Rs 15 to Rs 17 for financial transactions and from Rs 5 to Rs 6 for non-financial transactions in all centres. This is scheduled to be effective from 1 August.

Apart from this, the central bank has also revised Automated Teller Machine (ATM) cash withdrawal charges which shall be effective from 1 January 2022.

RBI NACH Services: RBI has announced that the bulk payment system National Automated Clearing House (NACH) will be available on all days of the week from 1 August 2021. The revision of rules means that you will no longer have to wait for a working day to get your salary, pension or to process any bulk and important transactions.

ICICI Bank Revised Charges: ICICI bank is all set to revise limits of cash transaction, ATM Interchange and Cheque book charges for domestic savings account holders. These revised limits are scheduled to come into effect from 1 August 2021.