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From LPG Cylinder To Axis Banking Charges, 7 Rules That Will Change From 1st May 2021

The month of May is just a day away and with the start of the new month many major changes, including the change in bank-related rules and LPG cylinder rates are going to take place. Apart from this, the third phase of the COVID-19 vaccination drive for all adults above 18 years of age will also begin from May 1. So, as the new month is just around the corner, we bring you 7 rules changing from May 1, 2021, which may affect your pocket.

1- Those above 18 years of age will be vaccinated against COVID-19

The third phase of vaccination will begin from May 1, amid an increasing outbreak of coronavirus. In the third phase, everyone above 18 years of age can get the COVID-19 vaccine jab. However, for this, they have to register first on CoWIN portal, which has already started from the evening of April 28.

2- The cover amount of the Arogya Sanjeevani policy will be doubled

Amid the second wave of Coronavirus, insurance regulator IRDAI has directed to double the cover amount of the Arogya Sanjeevani policy. The insurance companies have been told that they have to offer a policy with a cover amount of Rs 10 lakh by May 1. In the current situation, the coverage limit commissioned from April 1 was just Rs 5 lakh. That is, people will now get double the benefit than before.

3- LPG Gas cylinder prices will change

On the first of every month, the state oil companies change the price of LPG gas cylinders. Gas prices may change on May 1 as well. Currently, the price of a 14.2 kg subsidized gas cylinder in Delhi is Rs 809. The prices of gas cylinders have risen significantly in the past months. It remains to be seen whether the price will increase or decrease on May 1.

4- Axis Bank is about to make many changes

Axis Bank has decided to change the fees on various services for savings account holders from May 1. These include increasing the charge in the case of withdrawing cash from the ATM after the completion of the free transaction limit. Apart from this, the bank has also decided to increase the minimum balance requirement limit in the account for various types of savings accounts. The bank, however, has reduced the fees for not maintaining the minimum balance. Apart from this, the bank is also implementing some other changes.

5- Changes in cash withdrawal charges:

Currently, Axis Bank charges a fee of Rs 5 per Rs 1000 in case of Cash Withdrawals done after the free transaction limit is exhausted. Now, in case of cash withdrawal done after the free limit is over, the bank will charge Rs 10 per Rs 1,000.

6- Change in the penalty of minimum balance requirement

From May 1, the Axis Bank customers need to maintain a monthly balance of Rs 15,000. Earlier, the limit was set at Rs 10,000. For the Prime and Liberty branded savings account, the average monthly balance is fixed at Rs 25,000, up from Rs 15,000. If customers are unable to maintain the monthly balance limit, the bank will levy a penalty of Rs 10 per Rs 100 of the shortfall. The non-maintenance of monthly minimum balance charges will be in the range of Rs 50 to Rs 800.

7- Changes in fees levied on dormant accounts

For salary accounts that are more than six months old and do not receive any credit in a month, a penalty of Rs 100 per month will be levied from next month, Axis Bank said. Savings accounts that have been dormant for a period of 17 months will attract a one-time fee of Rs 100 in the 18th month, the bank notified.


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