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LPG Cylinder Prices, New ATM Rules & More: 7 Major Changes Starting March 1 That Affect Your Life

Since these rules will affect your daily life, you should know these changes in detail

Rules change from March 1: Many rules and regulations that affect people's daily lives will change from March 1, 2021 (Monday). These rules range from LPG cylinder prices, fuel rates, and mandatory KYC for SBI customers to name a few. Some of these rules, like changes in fuel prices, are periodic and change frequently. So with the start of the new month, let's take a look at some of the things that will change as of March 1, 2021.

New Rates for cooking Gas Cylinders

On the first of each month, the Oil Marketing Companies (OMC) announce new rates for cooking gas cylinders. However, in February, prices were revised three times amid rising crude prices. Currently, a 14.2 kg cylinder is priced at Rs 794 in the national capital, while it costs Rs 745.50 in Kolkata and Rs 735 in Chennai.

Fuel prices are reviewed daily but are at an all-time high in India amid rising crude oil prices. However, Union Minister Dharmendra Pradhan hinted that the price will drop in the country when winter ends. “The increase in the price of oil in the international market also affected consumers. Prices will drop a bit with the arrival of winter. It is an international issue, the price is high due to the increase in demand, which occurs in winter. It will go down with the end of the season. "

KYC is mandatory for SBI clients

Starting March 1, State Bank of India (SBI) customers will be required to implement "Know Your Customer" if they want to keep their account active.

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There is no 2,000 rupee note in the Indian Bank ATMs

As of March 1, customers will not be able to withdraw Rs 2,000 cash from Bank of India ATMs. However, they will be able to withdraw the banknotes from the bank counter. "After withdrawing cash from ATMs, customers go to bank branches to exchange Rs 2,000 notes for smaller denominations. To avoid this, we have decided to stop loading Rs 2,000 notes from ATMs with immediate effect." said the Indian Bank.

A change in the IFSC code of these banks

After the merger of Vijaya Bank and Dena Bank into BoB, the IFSC codes of both banks will be changed as of March 1, 2021. This means that you will not be able to deal with the old IFSC token. Bank of Baroda also said that customers can obtain checkbooks with the new MICR code before March 31, 2021. Bank of Vijaya and Dina Bank merged with Bank of Baroda (BoB) effective from April 1, 2019. Dena Bank and Bank of Vijaya became clients of Bank of Baroda.

IFSC code for PNSC is also changed after the merger

The Punjab National Bank (PNB) is also making rule changes regarding IFSC. Punjab National Bank will change the old checkbook and IFSC or MICR code of its partner banks, Oriental Bank and United Bank of India. Although the old codes will run until March 31, the bank has told its clients to get new tokens, otherwise, there may be problems later.

No free FASTag at Toll Plaza 

Starting on March 1, customers will have to pay Rs 100 to buy FASTag at toll plazas, the National Highway Authority of India (NHAI) said.

Several special trains operate since March 1

Indian Railways announced that it will begin operating multiple trains starting March 1 before Holi. Passengers from Uttar Pradesh and Bihar will get maximum comfort by operating these special trains. Apart from this, Western Railway decided to operate 11 pairs, that is, 22 new special trains on different routes. These trains will run on various routes, including Delhi, Madhya Pradesh, and Mumbai. Some of the trains have started working on it. Meanwhile, some trains will be operational from March 1, 2021.

Also Read: Exhausted 80C limit ? Here are 7 other tax saver investing options for you

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