Beginning on May 1, banks are allowed to raise fees for ATM cash withdrawals above the free monthly usage by ₹2 to ₹23 per transaction, as approved by the Reserve Bank of India (RBI) on Friday, March 28.
Each month, customers can use the Automated Teller Machines (ATMs) of their own bank to do five free transactions, including both financial and non-financial activities. Additionally, they can use other bank ATMs to conduct free financial and non-financial transactions; three of these can be done in metro areas and five outside of them.
“A consumer may be charged a maximum fee of ₹23 per transaction in addition to the free transactions. The RBI stated in a circular that this would take effect on May 1, 2025. After a customer uses up the free transaction limit, banks can now charge ₹21 per transaction. The RBI added that, aside from cash deposit transactions, the guidelines will also apply mutatis mutandis to transactions made at cash recycling machines.
Small savings plan: For the April–June quarter of the fiscal year 2025–2026, the central government has maintained the interest rates for small savings plans such as PPF and NSC at their current levels.
The Department of Economic Affairs (DEA) announced in a notification on Friday, March 28 that the interest rates on various small savings plans for the first quarter of FY2025-26, which begins on April 1, 2025, and ends on June 30, 2025, “will remain unchanged from those notified for the fourth quarter (1st January, 2025 to 31st March, 2025) of FY 2024-25.”
Interest Rates
According to an earlier report by Mint, the interest rates for the Public Provident Fund (PPF) and post office savings deposit schemes have remained unchanged at 7.1 per cent and 4 per cent, respectively.
What is professional tax? How much will you pay in THESE states — EXPLAINED
As a result of recent changes to state professional tax laws, Assam exempts individuals making up to ₹15,000. Karnataka has also suggested modifications. The Constitution sets the income-based professional tax to ₹2,500 per person, while state-by-state variations exist.
During budget presentations in recent weeks, some states have made changes to their professional tax laws. The Assam government has declared that all working individuals in the state will not be required to pay professional taxes if their income is up to ₹15,000. On the other hand, the Karnataka government suggested changing the professional tax laws, raising the rate from ₹150 in February to ₹200. Here’s an overview of how professional taxation operates.
What is professional tax?
Those who work in any kind of business or profession are subject to professional tax, which is determined by their income. This tax is collected by the state government on workers and business owners who make more than a specific amount of money, including professionals and independent contractors.
It should be mentioned that not all states impose professional taxes and establish regulations in accordance with them. As a result, different states have varying tax rates. Article 276 of the Constitution, however, stipulates that the maximum amount of professional tax that can be charged per individual is ₹2,500.
