5 New banking rules that will come to effect from January 1

New Delhi : From ATM free cash withdrawal limit to locker charges, many banking rules are changing from January 1 onwards. Since the direct impact of these changes will come on the common man; so, it is important to learn more about them in detail.

Here are 5 major rules impacting common man that will change from January 1, 2022

# The customers will be allowed five free transactions, including financial and non-financial ones on a monthly basis from their own bank ATMs and they will be able to conduct three free transactions from ATMs of other banks in metro cities and five in case of non-metro cities.

# To compensate the banks for the higher interchange fee and given the general escalation in costs, they are allowed to increase the customer charges to Rs 21 per transaction, RBI had said in a statement.

# The hiked charges will be applicable once the free monthly limit gets exhausted. This will come into effect from the new year.

# The RBI issued new rules regarding bank lockers which will come into effect on January 1. Banks cannot disown liability for loss of locker contents due to theft or due to fraud by its employees, the Reserve Bank of India (RBI) in a notification issued on August 18, 2021. However, the bank's liability for such loss has been put at 100 times the prevailing annual rent for the locker.

# Cash deposit to savings account remains free of cost.