As July is about to end, the new month, August, is going to start. Every month brings some new rules and some rules get changed, which affects our lives in various ways. What are the rules that are going to be changed from 1st August? Let’s take a look.
UPI Rules Update
Starting August 1, the National Payments Corporation of India (NPCI) will introduce new guidelines for all UPI users. The most noticeable change is a limit on account balance checks. You will only be able to check your UPI account balance 50 times in a day. This aims to reduce unnecessary traffic and make the system faster and more reliable during peak times. For users managing multiple linked bank accounts, viewing linked accounts is now capped at 25 times a day.
Another significant update involves AutoPay features. UPI auto-pay transactions like automatic payments for subscriptions, utility bills, or EMIs will now be processed only during specific time slots rather than throughout the day. The intention is to smooth out transaction peaks and avoid service slowdowns. These new rules apply to all banks and payment apps like Google Pay, PhonePe, and Paytm. The cap for individual payments remains unchanged: you can still send up to Rs 1 lakh per transaction, and up to Rs 5 lakh for healthcare or education payments. Also, if your UPI-linked phone number is inactive for 90 days, UPI access will be disabled for that account.
Credit Card Policy Changes
If you hold an SBI credit card, be aware that from August 11, SBI is discontinuing the free air accident insurance cover previously offered with many of its co-branded cards. This change mainly affects premium cards like SBI Elite and Prime, which used to offer insurance protection up to Rs 50 lakh or Rs 1 crore.
HDFC Bank credit card users will see a 1% fee applied to rent payments made through third-party apps like CRED and Paytm. Late payment fee structures are also changing, ranging from Rs 100 to Rs 1,300, depending on the outstanding amount.
LPG Gas Cylinder Prices
Every month, government oil companies review and adjust LPG cylinder prices on the 1st. In July, the price for commercial LPG cylinders dropped, but there was no change for domestic cylinders. For August, prices could rise or fall, directly affecting your household budget.
Other Notable Changes
- Some banks, like Bank of Baroda, are updating cheque verification processes for high-value cheques.
- The deadline for e-KYC updates for the PM Kisan Samman Nidhi Yojana ends on July 31, so no new e-KYC submissions will be allowed from August.
- Income tax returns for the previous financial year must be filed by July 31 to avoid a late fee from August 1.
These rule changes are designed to improve digital infrastructure reliability and streamline financial services, but they also require users to adapt their habits to avoid any inconvenience.
