ATM withdrawal, bank locker to EPF contribution: 3 rule changes from 1st January

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New Year 2022 is coming with some new charges and rule change that will directly impact your money flow. From 1st January 2022, rule for ATM withdrawal charges, new Employees’ Provident Fund Organisation or EPFO guideline, new RBI guideline for banks in regard to bank locker, etc. would become effective. So, it is important for public in general to know these new changes with the change of year.

Here we list out top 3 changes below:

1] ATM withdrawal charges: As per the RBI notification dated 10th June 2021, from 1st January 2022, banks have been permitted to charge 21 instead of 20 on each transaction after the monthly free ATM withdrawal limit. However, bank customers will continue to avail 5 free ATM withdrawal limit from their own bank ATM and 3 free ATM withdrawal limit other bank ATM.

2] Change in bank locker rules: As per the RBI notification dated 18th August 2021, from 1st January 2022, banks can’t wash off its hands from liability for loss of locker contents due to theft or fraud by its employees. The central bank of India has put bank’s liability for such loss at 100 times the prevailing annual bank locker rent. The RBI has also directed banks to properly warn bank locker customers that the bank is not responsible for insuring the contents of the locker. The RBI has also stated that banks cannot sell locker contents insurance to its locker customers, possibly to prevent coercive insurance sales.

3] EPF contribution by employer: As per new guidelines by Employees’ Provident Fund Organisation (EPFO), it is mandatory for Employees Provident Fund (EPF) account holders to link their Aadhaar number and EPF account by 31st December 2021. Failing to do this date will lead to discontinuation of recruiter’s contribution in one’s PF account. The provident fund regulator also directed employers to get the UAN (Universal Account Number) of all EPF account holders Aadhaar verified.

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