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Several financial changes, including ATM fee hikes, home loan interest adjustments and more will take effect from tomorrow, May 1.
New financial rules from May 01.
New Financial Changes From May 01: Several financial changes, including ATM fee hikes, government-regulated fares for Ola, Uber, and Rapido, and home loan interest adjustments, will take effect from tomorrow, May 1, directly or indirectly impacting customers.
Take a quick look into financial changes effective from May 01:
1. ATM Fees Hike By Rs 2 Per Transaction
Starting May 1, frequent ATM users should prepare to face higher charges. The Reserve Bank of India (RBI) has sanctioned an increase in ATM charge fee, if one is exceeding the free-limit. This fee includes the cost of owning and maintaining ATMs as well as offering services to other banks’ customers.
Under the new rules effective from May 1, 2025, customers will now pay an additional Rs 2 per transaction once they surpass their free withdrawal limit.
After exceeding the free monthly limit, customers will be charged Rs 23 per transaction at ATMs, instead of Rs 21.
2. Ola, Uber and Rapido Fares Align With Govt-Approved Rates
Cabs operating under Ola, Uber and Rapido will charge fares according to the state govt approved rates from May 1 in Pune, Pimpri Chinchwad and Baramati, just like autorickshaws. The fixed rate is now Rs 37 for the first 1.5 km and Rs 25 per km thereafter.
3. Home Loan Interest Rates May Further Down In May
Home loan interest rates are expected to decrease further in May, following the RBI’s decision on April 9 to reduce the repo rate by 25 basis points, marking the second cut since February 7, 2025. As a result, the repo rate has dropped from 6.25 percent to 6 percent, according to the monetary policy committee (MPC) decision.
Some banks might pass on the benefits of the RBI’s April repo rate cut to their customers by lowering their RLLR (repo rate linked lending rates). This will directly benefit home loan borrowers, especially those with existing loans. The reduction in interest rates will ease the financial burden on homeowners.
Since October 1, 2019, all new retail floating-rate loans are tied to an external benchmark, which for most banks is the repo rate.
4. FD Interest Rate
Starting May 1, RBL Bank savings account holders will receive interest payments monthly instead of quarterly. According to an email from the bank, the highest interest rate, which depends on the balance maintained in the savings account, is 7 percent.
