Latest news with #RegionalRuralBank
Time of India
01-05-2025
- Business
- Time of India
From ATM fees to FD rates: Key financial changes effective May 1, 2025
Starting May 1, 2025, a number of significant financial changes will affect banking activities, deposit interest rates, and ATM usage costs. These consist of new interest rate structures for savings and fixed deposits by several banks, major regional banking consolidation under the "One State-One RRB" policy, and updated ATM transaction and interchange fees as instructed by the Reserve Bank of India (RBI). Customers should be aware of these updates to manage their finances efficiently. #Pahalgam Terrorist Attack Nuclear Power! How India and Pakistan's arsenals stack up Does America have a plan to capture Pakistan's nuclear weapons? Airspace blockade: India plots a flight path to skip Pakistan Revised charges for exceeding free transaction limits from May 1, 2025 If customers exceed their monthly free transaction limits, banks are permitted to charge a maximum of Rs 23 per transaction. This cap applies to both financial and non-financial transactions. In addition, applicable taxes will be charged separately. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Historic Figures Who Were Actually Photographed Gloriousa Undo Customers are eligible for five free transactions (including financial and non-financial transactions) every month from their own bank ATMs. They are also eligible for free transactions (including financial and non-financial) at other bank ATMs-three transactions in metro centres and five transactions in non-metro centres, as per RBI guidelines. Read more: ATM charges to increase from May 1: RBI's new ATM transaction rules take effect from today; check free limits and fees Live Events One State-One RRB The Finance Ministry started the 'One State-One RRB (Regional Rural Bank)' initiative earlier this month in 11 states, which aims to combine 15 RRBs into a single entity. The plan aims to improve operating efficiency and rationalize costs, and it will go into effect on May 1. According to a PIB release on April 8, 2025, 'At present, 43 RRBs are functioning in 26 States and 2 UTs. Post amalgamation, there will be 28 RRBs in 26 states and 2 UTs with more than 22000 branches covering 700 districts. Their predominant area of operation is in rural areas with approx. 92% of branches in rural/semi urban areas.' RBI- NPCI revise interchange fee The Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) have approved a revision in ATM interchange fees, with the changes set to take effect from May 1, 2025. The interchange fee has been increased to Rs 19 for financial transactions and Rs 7 for non-financial transactions, effective May 1. Goods and Services Tax (GST) will be applied additionally on these transactions. Savings account and FD interest rates changes from May 1 Shivalik Small Finance Bank has revised its savings account, fixed deposit interest rates for amounts below Rs 3 crore. The new rates are effective from May 1, 2025. IDFC FIRST Bank IDFC FIRST Bank has revised its savings account, fixed deposit interest rates for amounts below Rs 3 crore. The new rates are effective from May 1, 2025. RBL savings account calculation RBL Bank sent an email to its customers informing them of this change in savings account interest calculation. According to an RBL Bank customer email dated April 26, 2025, 'Effective May 1, 2025, enjoy monthly payout of your savings interest. The Interest will be calculated and accrued daily, based on the end of day balance in your account and will be paid / credited to your account on a monthly basis. Interest in the Savings Account up to Rs 1 Lakh is calculated at 3.25% p.a. and for remaining balance will be calculated on progressive interest rate slabs.' Savings bank account: Monthly credit of interest, up to 7% interest rate in this bank from May 1, 2025
NDTV
28-04-2025
- Business
- NDTV
Higher ATM Fees, Rural Bank Mergers: Here's What Will Change Starting May 1, 2025
Starting May 1, 2025, a few important financial changes will be coming into effect, affecting citizens across the country. The most prominent change remains the revised framework for ATM transaction charges, in addition to the government pushing ahead with its drive to make the rural banking system efficient by consolidating the regional banks. ATM withdrawal charges: After the Reserve Bank of India (RBI) approved a hike in ATM interchange fees, the amount a bank pays to another for using its services -- the customers will have to fork a little extra while withdrawing cash from ATMs. Customers will now have to pay Rs 23 per transaction after exhausting their free monthly limit. This is an increase from the current charge of Rs 21 per transaction. Customers are allowed: Five free transactions per month (both financial and non-financial) at ATMs of their own bank. Three free transactions per month at ATMs of other banks in metro cities. Five free transactions per month at ATMs of other banks in non-metro areas. Also Read | ATM Withdrawals To Get Costlier From May 1: Check New Charges One State-One RRB Earlier this month, the Finance Ministry started its 'One State-One RRB (Regional Rural Bank)' drive in 11 states, under which 15 RRBs across 11 states will be amalgamated into one. The scheme will come into effect from May 1 and is intended for achieving better operational efficiency and cost rationalisation. "The Central Government hereby provides for the amalgamation of the said Regional Rural Banks into a single Regional Rural Bank, which shall come into effect on and from the 1st day of May, 2025 with such constitution, property, powers, rights, interests, authorities and privileges; and with such liabilities, duties and obligation," a notification by the Finance Ministry said. With this fourth round of consolidation of regional rural banks (RRBs), the number would reduce to 28 from the existing 43. Savings account and FD interest rates Starting May 1, savings account holders at RBL Bank will receive interest payments monthly instead of quarterly. As per an email from the bank, the highest interest rate, which depends on the balance kept, in its savings account stands at 7 per cent. "The Interest will be calculated and accrued daily, based on the end of day balance in your account and will be paid/credited to your account on a monthly basis," read the email. Meanwhile, Shriram Finance Limited (SFL), an NBFC under the Shriram Group, has revised its Fixed Deposit (FD) interest rates, according to a report in The Economic Times. Senior citizens aged 60 years or above will receive an additional interest of 0.50 per cent per annum, while women depositors will receive an extra 0.10 per cent interest per annum.
