ATTENTION! 5 big changes in August 2022 that can affect your finances

New Delhi: Modification in RBI’s Monetary Policy, ITR filing deadline, penalties on loans, bank rules are among the few things that will have its impact on your finances in the month of August directly or indirectly.

Here are five things that you would have to watch out for in August 2022.

RBI's monetary policy

In June 2022, the inflation rate of India was 7.1 percent which has been the most talked about topic as per the experts. This helps in the lowering of the average inflation for April-June to 7.3 percent. This is 20 basis points lower than the RBI’s forecast of 7.5 percent. As per economists, to control inflation, the RBI may continue to hike key interest rates in the next few monetary meetings, which might impact your EMIs. (Also Read: ITR Filing deadline ends: Check out the memes that ruled the internet)

Penalties for belated income tax return

Taxpayers who failed to file the returns by July 31, would have to pay a penalty. There is a fine of up to Rs 5000 on filing returns from today (August 1, 2022) for those who would be filing the ITR after expiry of due date. ITR of the current assessment year AY 2022-2023 can be done till December 31, 2022, with the penalties. A penalty of Rs 5000 will be charged on the annual income of Rs 5 lakh and above. Rs 1000 will be charged on the annual income below Rs 5 lakh. (Also Read: Gold price August 1: Gold prices fall by Rs 100, Check gold rates in your city)

Cheque clearance rules modified at BoB

Bank of Baroda has modified the check clearance rule. In a message to account holders, BOB said, from August 1, 2022, customers would have to electronically confirm certain details regarding the cheques of Rs 5 lakh or above. Earlier, this rule was applied for cheques of Rs 10 lakh or above.

Yes Bank penalty hike on premature withdrawals of FDs

Yes Bank has raised the penalty for premature withdrawals of FDs. As per the new rule, fixed deposits that are going to mature in less than or equal to 181 days have been withdrawn before, will now be penalized to 0.50 percent as against 0.25 percent previously. Similarly, rate hike in the penalty of premature withdrawal of FDs with a tenure of more than 182 days to 0.75 percent as against 0.50 percent previously. The new rule will apply to all FDs below Rs 5 crore. Yes Bank’s new FDs rule will come into effect from August 8 and is not applicable to senior citizens.

Spend smartly this August

Come August, all are set to enjoy yet another festive month. In the ongoing month, there are lots of festival shopping offers on e-commerce websites and different platforms. You can customize your budget and shopping expenses to avoid profligacy. Use cards of partner banks for discounts and cashback.