From May 1, 2025, some significant financial changes will apply, affecting citizens across the country. The most prominent change remains modified framework For ATM transactions fees, in addition to proceeding with their campaign to make the rural banking system efficient by integrating regional banks besides the government.
ATM withdrawal fee:
After the Reserve Bank of India (RBI) approves an increase in ATM interchange fees, a bank pays another to use its services – customers will have to put a little additional thorn while extracting cash from the ATM.
Customers will now have to pay Rs 23 per transaction after abolishing their free monthly limit. This is an increase in the current fee of Rs 21 per transaction.
Customers are allowed:
- Five free transactions per month (both financial and non-financial) in their own bank ATMs.
- 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 regions.
Also read ATM withdrawal to get expensive from May 1: Check new fees
A state-a RRB
Earlier this month, the Finance Ministry launched ‘One State-One RRB (Regional Rural Bank)’ drive in 11 states, under which 15 RRBs in 11 states will be tied up in one. The scheme will be applicable from May 1 and is to achieve better operating efficiency and cost rationalization.
“The Central Government has provided for the amalgamation of the said regional rural banks at a single regional rural bank, which will be applicable from 1 day, 2025 of May, with such constitution, property, powers, rights, interests, officers and privileges and with such liabilities, duties and duties and duties,” said the Finance Ministry.
With this fourth round of consolidation of regional rural banks (RRBs), the number will be reduced by the current 43.
Savings account and FD interest rates
From 1 May, savings account holders at RBL Bank will receive monthly payments instead of quarterly. According to an email of the bank, the highest interest rate, which depends on the balance kept, is 7 percent in its savings account.
Read the email, “Interest will be calculated and earned daily in your account based on the end of the remaining of the day and will be paid/credited to your account on a monthly basis.”
Meanwhile, Sriram Finance Limited (SFL), an NBFC under Sriram Group, has revised its fixed deposit (FD) interest rates. Economic timeSenior citizens aged 60 years or above will get an additional interest of 0.50 percent per year, while women depositors will get 0.10 percent interest per year.
