August 1, banks

Major rules to change from August 1, will impact your personal finances

Amidst the Coronavirus crisis from August 1, many important changes are going to take place, which will directly affect the common man's pocket. Changes in the rules like bank loan, PM Kisan scheme, minimum balance in banks are going on from today. So let us know which rules are going to change from today.

Minimum balance in banks
The rules regarding minimum balance limit are going to change from today. Axis Bank, Bank of Maharashtra, Kotak Mahindra Bank, RBL Bank have decided to change the transaction rules from August 1.

LPG price changes
This time the oil marketing companies have not made any change in the prices of LPG. There is no price change in any metro city except Kolkata in August.

EPF will be cut by 12 percent
From August 1, EPF will be cut by 12 percent. The exemption limit under the Self-Reliant India Package is ending today. The Modi government had reduced the monthly contribution to EPF from 24 per cent to 20 per cent under this package.

Car-bikes will be affordable
Buying a car from August 1 is going to be cheaper. In June, the Insurance Regulatory and Development Authority of India (IRDAI) withdrew the rule of long-term motor insurance package policy for vehicles. According to IRDAI instructions, from August 1, new car buyers will not be forced to take insurance for 3 and 5 years.

Good news for farmers
Under the PM Kisan Yojana, the government is going to send the sixth installment of 2000 rupees to the bank account of the farmers from 1 August. The government has provided cash benefits to 9.85 crore farmers of the country. 6000 rupees are deposited in the account of farmers under this scheme in a year.

New rules for e-commerce companies
The e-commerce companies will have to show their country of origin on the product from August 1. Country of origin means where the product is made.