Here are seven changes that will take effect on 1st July onwards

According to the recent reports, changes in financial services and other areas will take effect on 1st July and will have a direct impact on the lives of ordinary people. Apart from banking services, those who haven't submitted their income tax returns may be affected by these changes.

Furthermore, the Reserve Bank of India (RBI) has authorised the reforms in banking services, which would include free transactions carried out by bank customers at Automatic Teller Machines (ATMs).

The following is a list of updates that will take effect on 1st July:

1. SBI revises ATM cash withdrawal fees:

SBI customers will be entitled to four free cash withdrawals from the bank's ATMs and branches. After the free transactions, the country's largest public lender will charge ₹15 plus GST for each transaction.

2. Increased charges for using a chequebook:

Starting 1st July, SBI savings bank account holders will only be able to use a limited number of free cheque leaves. The bank has issued new guidelines that limit an account holder's use of cheque leaves to ten each financial year. The bank has announced that using more will cost you ₹40 plus GST (for the next 10 leaves) and ₹75 plus GST (for the next 15 leaves) (for 25 leafs). However, no such charges have been announced for senior citizens.

3. LPG cylinder prices to be changed:

The cost of non-subsidised LPG cylinders has increased by 25%₹25 as of 1st July. In Delhi, a residential cylinder carrying 14.2 kg now costs ₹834.50. The price of a 19-kg cylinder has also jumped by ₹76 , and will now cost ₹1,550 in Delhi. The price will be ₹834.50 per cylinder in Mumbai and Kolkata, and ₹850.50 in Chennai for a non-subsidised LPG cylinder. LPG prices are reviewed at the beginning of each month, and with the most recent increase on 1st July, the price of a cylinder of LPG has risen by ₹140 in the last six months. In June, the price remained steady.

4. TDS for not submitting income tax:

Starting next month, the government will charge a higher tax deducted at source (TDS) rate to people who have not filed an income tax return (ITR) in the previous two years. The restriction will apply to taxpayers who deduct more than ₹50,000 in TDS each year. The Finance Act of 2021 included this in the income tax laws.

5. Syndicate Bank's IFSC code to be changed:

As a result of the bank's merger with Canara Bank, Syndicate Bank account holders will receive new IFSC codes. The latter has urged all Syndicate Bank account holders to obtain the updated IFSC numbers so that transactions can proceed smoothly.

6. New cheque books to account holders of two banks:

Andhra Bank and Corporation Bank have merged to form Union Bank of India. The latter has requested that both banks' customers receive updated check books with security measures. Their current cheque books will be rendered useless. On 1st April 2020, Andhra Bank and Corporation Bank merged to form Union Bank.

7. Hero MotorCorp to hike product prices:

With effect from 1st July, the company said last week that it will increase the ex-showroom prices of its motorbikes and scooters. According to Hero MotorCorp, the price rise was necessary to partially offset the impact of rising commodity prices.