As the month of April draws to a close, several important changes are set to take place starting May 1. These updates cover key sectors like banking, ATMs, railways, and LPG prices. Some changes might put extra pressure on your budget, while others could offer certain benefits. Being aware of these changes can help you plan your finances more efficiently.
Possible Fluctuations in LPG Cylinder Prices
On the first day of every month, oil marketing companies review the prices of LPG cylinders. A revision is expected once again on May 1, and rates might fluctuate. It’s important to note that earlier this month, the government had already raised the price of a domestic LPG cylinder by ₹50.
New ATM Withdrawal Charges
The rules related to ATM transactions are also changing. The Reserve Bank of India (RBI) has approved an increase in the ATM interchange fee. From May 1, users withdrawing cash from ATMs outside their bank’s network will now be charged a higher fee. The fee for cash withdrawal will rise from ₹17 to ₹19. Not just withdrawals, but even balance enquiries will attract this charge when using ATMs outside the home network.
Implementation of ‘One State, One RRB’ Policy
The Finance Ministry’s ‘One State, One Regional Rural Bank (RRB)’ policy will also kick in on May 1. As part of this initiative, 15 rural banks across 11 states will be merged, reducing the total number of RRBs from 43 to 28. This move aims to strengthen the rural banking structure and improve operational efficiency.
Big Changes in Railway Ticket Booking Rules
Railways have also introduced important modifications to their ticket booking system. Waiting list tickets will no longer be allowed in sleeper and AC coaches; they will now be valid only in general coaches. Furthermore, the advance reservation period has been reduced from 120 days to 60 days. In addition, passengers should be ready for an increase in three major charges related to ticket booking.
Revised Interest Rates on Savings Accounts and Fixed Deposits
Following recent adjustments in the repo rate, several banks have announced changes to the interest rates on savings accounts and fixed deposits (FDs). For instance, RBL Bank will implement its new savings account interest rates starting May 1. Several other banks are also expected to revise their rates around the same time, which could impact your returns on deposits.
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