Jun 30, 2020, 09:53 AM IST
new Delhi. The rules of banking, company opening and withdrawal of money from PF account are going to change from 1 July. It will also affect your pocket. This includes rules for withdrawing cash from ATMs and minimum balance maintenance in the account. We are telling you about the changes that will affect you.
Withdrawing money from PF account will not be easy from July 1
The Employees 'Provident Fund Organization (EPFO) allowed EPF account holders to withdraw a fixed amount (75% of the amount deposited in the account or equal to three months' salary) from their account. Its deadline ends on June 30. In such a situation, you will not be able to claim PF advance after 1 July.
'Sabka Biswas Yojana' will not benefit
The deadline for payment of the 'Sabka Biswas Yojana', introduced to resolve old pending disputed matters related to service tax and central excise, is 30. You will not be able to avail this scheme from July 1. Sabka Biswas' scheme is the solution to every problem of tax dispute. The government has made it clear that after June 30, it will not extend the deadline of this scheme.
PNB savings account will get less interest
Punjab National Bank (PNB) has cut interest rate on savings account by 0.50 percent. This cut will be applicable from July 1, after which the bank's savings account will get a maximum interest of 3.25 percent annually. PNB's savings account will get interest at 3% per annum for balances up to Rs 50 lakh and 3.25 per cent per annum for interest above Rs 50 lakh.
New company to open from July 1
Starting July 1, it will be easy to start a new company. Because now the company can be registered from home only through Aadhaar. The government has issued new guidelines for online registration of the company on the basis of self-declaration. Currently, many types of documents have to be submitted to register the company. According to the new rules, the need to upload documents to start a company has been eliminated.
Rules to withdraw cash from ATM will change
Due to the lockdown and corona, people will not get the rest of the rules given to withdraw cash from ATMs from July 1. The government had withdrawn all transaction charges to withdraw cash from ATMs. The government had given huge relief to people in the midst of Corona crisis by reducing ATM transaction fees for three months. The rebate was given for just 3 months, which is to end on 30 June 2020.
Average minimum balance to be maintained
In the Corona era, Finance Minister Nirmala Sitharaman had announced that there would be no mandatory minimum balance (minimum balance) in a savings account in any bank. The order was from April to June. In such a situation, people did not have to pay any kind of penalty even if there is no minimum balance in the account. But now from July 1, you will have to keep a minimum balance in your account.