News

Big News! Govt Set New Rules for ATM, Pension, Railways, Gas cylinders; know Details

Pronami Chetia
Pronami Chetia

Amidst the lockdown, the government has announced big news for the public which has been implemented across India since May 1, 2020. These major changes will have a direct impact on your day to day life. While on one hand, you will get relief from these new rules and on the other hand, you may suffer a financial loss if you do not adhere to it. As per reports, the government decides to make some major changes in these public platforms which include pensions, ATMs, railways, airlines, gas cylinders, interest on savings accounts and digital wallets. Let's know about these important changes and how this will affect your day to day life.

Non-subsidized cylinder becomes so cheap

Since today, prices of 19 kg and 14.2 kg non-subsidized LPG cylinders have become cheaper. Oil companies review LPG cylinder prices at the beginning of every month. The tax varies from state to state and the price of LPG varies accordingly.The 14.2-kg non-subsidized LPG cylinder has become cheaper by Rs 162.50 in Delhi. After this it has been priced at Rs 581.50, which was earlier Rs 744. In Kolkata, its price has come down from Rs 774.50 to Rs 584.50, in Mumbai it has come down from Rs 714.50 to Rs 579. Whereas in Chennai it was earlier Rs 761.50, which has become Rs 569.50 from today.

Pensioners will get the full pension

The Employees Provident Fund Organisation (EPFO) will start giving out full pensions from May to those who opted for commutation at the time of retirement. A commutation is an option given to pensioners to convert a part of their monthly pension into an upfront lump sum payment at the time of their retirement.

The government recently resumed the provision of payment of full pension amount after 15 years of retirement. Under this, now full pension will be started in May. Those who opt for this option receive the full pension in the form of reinstatement after some time. It is known that this rule was withdrawn in the year 2009. Under this, more than 6.5 lakh pensioners of the country will benefit.

These rules related to ATM also changed

A lockdown has been declared by the government to prevent the spread of coronavirus in the country. For more caution, now new arrangements are going to be fixed for ATMs also. It will be cleaned after each person uses the ATM. This system has started in Ghaziabad and Chennai and this rule is strictly followed. The municipal corporation will now have sanitization twice a day in the hotspot. 

Air India will not charge a cancellation charge

Along with this, the government airline Air India has also changed the rule. Air India is going to provide a big facility to passengers from May 1. Under this, now passengers will not have to pay any extra charge on cancellation of tickets. The cancellation charge will not be levied for cancellation or alteration within 24 hours of ticket booking. On 24 April, the company informed about this.

PNB's digital wallet closed

From today, Punjab National Bank has closed its digital wallet. PNB customers, who were using the PNB kitty wallet facility, can now use other digital modes such as IMPS for transactions. It is known that customers can close their wallet account only if there is zero balance in their account. In this context, PNB has said that if you have money in your account, you will either have to spend it, or transfer it to another account through IMPS.

Less interest will be available on savings accounts

The State Bank of India (SBI) has changed the interest on savings accounts with effect from 1 May 2020. Now customers will get less interest on more than one lakh savings deposit accounts. On deposits up to one lakh, you will get 3.50 per cent annually and on more than one lakh deposits, you will get 2.75 per cent interest annually, which was 3.25 per cent earlier. The Reserve Bank of India (RBI) had cut the repo rate by 25 basis points in the month of April. It has increased from 6.25% to 6%. Subsequently, SBI reduced interest rates on savings deposits. SBI has linked the savings deposit and short-term loan rates to the repo rate by implementing external benchmark rules.

Like this article?

Hey! I am Pronami Chetia. Did you liked this article and have suggestions to improve this article? Mail me your suggestions and feedback.

Share your comments

Nadi Ad

Subscribe to our Newsletter and get handpicked updates!