by Jobuza Team | Apr 30, 2025 | BLOG, Trending News
Starting May 1, 2025, the Reserve Bank of India (RBI) has introduced new ATM transaction rules that impact all bank customers across India. These changes cover the number of free ATM transactions, updated ATM charges, and new policies regarding Cash Recycler Machines (CRMs).
If you frequently use ATMs, here’s what you need to know to avoid unexpected fees and make informed banking decisions.
Revised Free ATM Transaction Limits
Under the new RBI guidelines, the number of free monthly ATM transactions will now depend on your location:
These limits include both financial and non-financial transactions:
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Financial: Cash withdrawals
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Non-financial: Balance enquiries, mini statements, PIN changes, etc.
Updated ATM Charges Beyond Free Limit
Once your monthly quota of free ATM transactions is used up, banks can now charge:
These charges apply to:
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All transactions beyond the free limit
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Both financial and non-financial transactions
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Cash Recycler Machines (CRMs) – except for cash deposits, which remain free
How Major Banks Are Implementing the New Rules
HDFC Bank
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From May 1, 2025, charges beyond the free limit will be:
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Only cash withdrawals beyond the free limit are chargeable at HDFC ATMs
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At other banks’ ATMs, both financial and non-financial transactions count toward the limit
Punjab National Bank (PNB)
IndusInd Bank
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Effective May 1, 2025, for all Savings, Salary, NRI, and Current Accounts:
Important Tips for Customers
To avoid extra charges and manage your banking efficiently:
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Monitor your monthly ATM usage, especially if you use ATMs from other banks
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Be aware of the ₹23 per transaction cap, excluding taxes
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Note that CRMs now follow the same charge rules as ATMs, except for cash deposits, which are still free
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Consider switching to digital banking options for balance checks, mini statements, and transfers
Why Has RBI Made These Changes?
The RBI’s new ATM rules aim to:
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Create a standardized fee structure across banks
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Encourage digital banking adoption while ensuring fair access to ATM services
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Improve infrastructure and reduce unnecessary cash handling costs
Despite growing digital adoption, cash remains important—especially in semi-urban and rural regions. According to RBI data:
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Monthly ATM withdrawals dropped from 57 crore (Jan 2023) to 48.83 crore (Jan 2025)
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The average monthly ATM withdrawal value in FY24 reached ₹1.43 crore, with a 5.51% YoY increase
Additionally, the National Payments Corporation of India (NPCI) announced a ₹7 interchange fee for balance enquiries in Nepal and Bhutan, excluding GST. These updates do not affect Micro-ATMs, international ATMs, or interoperable cash deposit machines.
Conclusion
With the new RBI ATM rules now in effect, staying informed is essential. Track your usage, avoid unnecessary ATM visits, and leverage digital banking tools to manage your finances efficiently. These changes are part of RBI’s effort to modernize banking while maintaining equitable access to cash across India.
by Jobuza Team | Apr 29, 2025 | BLOG, Trending News
Income Tax: 4 Situations Where the Old Tax Regime Is a Smarter Choice
As the financial year 2024–25 draws to a close, the income tax filing season is now underway. With the deadline to file Income Tax Returns (ITR) set for July 31, taxpayers have nearly three months to assess their finances and file their returns.
One of the most important decisions taxpayers must make is choosing between the old and new tax regimes. While the new regime offers lower tax slabs with simplified compliance, the old regime continues to appeal to many due to its wide range of deductions and exemptions.
Here are four key situations where the old tax regime may be the better option for you:
1. You Have Investments That Qualify for Tax Deductions
The old tax regime allows deductions under various sections such as 80C (for investments in PPF, ELSS, LIC, etc.), 80D (health insurance premiums), 80G (donations), and 80DD (expenses for dependent with disability), among others. If you have made these types of tax-saving investments, the old regime can help you significantly lower your taxable income.
On the other hand, the new tax regime offers limited deductions, mainly under sections like 80CCD(2) (employer contribution to NPS), 80CCH (Agniveer Corpus Fund), and 80JJAA (deduction for new employment). For individuals with substantial deductions, the old regime often results in greater tax savings.
2. You Are Eligible for House Rent Allowance (HRA) Exemption
If you are a salaried employee who pays rent and receives House Rent Allowance (HRA), the old tax regime may be more beneficial. Under Section 10(13A), HRA can be partially or fully exempt from tax, depending on your salary structure and city of residence.
This exemption is not available under the new tax regime. Therefore, those who claim a large HRA component can reduce their taxable income considerably under the old regime.
3. You Fall Into the Highest Tax Bracket
Under the old tax regime, the highest tax rate of 30 percent applies to income above ₹10 lakh. In contrast, the new tax regime applies the highest rate of 30 percent only after your income exceeds ₹15 lakh. While this might sound like an advantage for the new regime, it often doesn’t hold when deductions and exemptions under the old regime are taken into account.
If you are in the highest income bracket and have several eligible deductions, sticking with the old tax regime can result in a lower overall tax liability.
4. The Income Tax Calculator Shows Lower Tax Under the Old Regime
Tax planning should always be backed by a comparative analysis. Using an online income tax calculator is a practical step before finalizing your choice. These tools allow you to input your income, deductions, and exemptions to calculate your tax liability under both regimes.
If the calculator shows that your tax outgo is lower under the old regime, it’s a clear indicator that it’s the right choice for your financial situation.
Conclusion
Choosing between the old and new tax rule requires a careful evaluation of your income, deductions, and financial goals. While the new regime offers simplicity, the old regime continues to provide valuable tax-saving opportunities for many individuals. Before filing your ITR, take the time to compare both regimes and make a data-driven decision that minimizes your tax burden.
by Jobuza Team | Apr 25, 2025 | BLOG, Trending News
RBI’s New Rule: Kids Aged 10+ Can Now Open & Operate Bank Accounts on Their Own — Full Guidelines Inside
New RBI Rule The Reserve Bank of India (RBI) has introduced a new rule that allows children aged 10 years and above to open and manage bank accounts independently. This update simplifies how banks handle accounts for minors, making the process more flexible and transparent.
These changes will come into effect from July 1, 2025, and all banks are required to update their internal policies accordingly.
What’s New in RBI’s Guidelines for Minor Bank Accounts?
✅ 1. Any Minor Can Open an Account Through a Guardian
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Children of any age can still open a savings or term deposit account through their natural or legal guardian.
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As per RBI’s older circular, even the mother alone can act as the guardian.
✅ 2. Kids Aged 10 and Above Can Operate Accounts on Their Own
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Children who are 10 years or older can now independently open and manage their own accounts — without needing a guardian’s help.
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However, banks will set their own limits and conditions, depending on their risk policies.
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All terms must be clearly explained to the minor before account activation.
✅ 3. What Happens When a Minor Turns 18?
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Once the account holder turns 18, they must provide new operating instructions and signature.
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If the account was earlier managed by a guardian, the account balance must be verified.
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Banks should initiate this process in advance for a smooth transition to adult ownership.
✅ 4. Extra Services May Be Offered
Banks can also offer minors:
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ATM/debit cards
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Internet banking
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Cheque books
These services will be given only after checking the bank’s risk rules and whether the product is suitable for the child.
✅ 5. No Overdraft – Credit-Only Accounts
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Whether the account is handled by the child or guardian, no overdraft is allowed.
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The account must always have a credit balance.
✅ 6. KYC Is Still Mandatory
When Will This Be Implemented?
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The new rules will apply from July 1, 2025.
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Until then, banks will continue with the existing policies.
Final Takeaway
This is a major step by the RBI to promote financial awareness among children. Kids can now learn how to save, manage money, and build financial discipline early in life — all while ensuring safety and compliance through proper checks by the banks.
by Jobuza Team | Apr 24, 2025 | BLOG, Trending News
Google’s Monopoly on Android TVs Ends in India: What It Means for Consumers and TV Makers
New Delhi:
In a landmark decision that could reshape the smart TV industry in India, Google will no longer have exclusive control over the operating system and app store on Android TVs. The ruling, passed by the Competition Commission of India (CCI), calls out Google’s dominant position and mandates major changes in how Android TV services are offered in the country.
Why Google Faced Action
India, one of Google’s largest markets globally, has seen widespread use of Android TVs powered by Google’s operating system and bundled with the Google Play Store. According to the CCI, Google’s practice of pre-installing its OS, app store, and other related apps under a strict distribution agreement amounted to abuse of its dominant position.
The case was initiated by two Indian antitrust lawyers, leading to a detailed investigation. Findings revealed that Google’s policies created roadblocks for other companies trying to offer alternative or customized versions of Android for smart TVs in India.
The Settlement and What Changes Now
Following the CCI’s intervention, Google submitted a settlement proposal. As part of the agreement:
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Google will offer a standalone license for Play Store and Play Services for smart TVs in India.
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These services, previously bundled for free, will now come with a licensing fee.
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TV brands and manufacturers are no longer obligated to use Google’s Android OS.
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Google is required to inform all its Android TV partners in India that they are free to choose any open-source operating system.
In addition, the CCI imposed a penalty of $2.38 million on Google as part of the settlement.
What This Means for Consumers
Consumers will now have more choices when it comes to buying smart TVs. However, they will also need to be more informed. Since brands can now opt for different operating systems and app stores, not all TVs will run Google’s Android OS or include the Play Store by default.
Popular apps may not be available on every app store. As of now, Google Play and Amazon’s App Store offer the widest selection. These platforms are also preferred for their data security and smooth user experience. On the other hand, lesser-known platforms may lack some of these advantages.
If you’re planning to buy a new smart TV, it’s important to check the OS and app store in advance. Features, app availability, and performance can vary depending on the software used.
Impact on TV Manufacturers and Brands
TV brands that previously depended on Google’s software ecosystem now have the flexibility to explore other options. They are no longer bound to pre-install Google apps or services. While this ruling currently applies to smart TVs, the CCI has indicated that similar action could extend to other devices in the future.
Brands such as Sony, Hisense, Panasonic, TCL, Motorola, Nokia, Toshiba, Sharp, and Philips have traditionally used Google’s Android OS. Whether they will continue doing so or explore alternatives remains to be seen.
The Bigger Picture
This development marks a turning point in India’s digital consumer electronics market. With more freedom for manufacturers and more choice for consumers, the smart TV segment is set to become more competitive, open, and diverse.
by Jobuza Team | Apr 23, 2025 | BLOG, Trending News
Can a ₹3 Lakh One-Time Investment Outgrow ₹30 Lakh? The Power of Starting Early
In personal finance, one principle stands taller than most: start early. It’s not about how much you invest, but when you start. This is the power of compounding—an underrated force that rewards time more than money.
One surprising question that often stumps even seasoned savers is this: Can a ₹3 lakh one-time investment create more wealth than a ₹30 lakh investment made years later?
Believe it or not, the answer is yes—and the numbers back it up.
The 30-Year Investment Window: A Missed Opportunity?
Most salaried individuals have a working window of about 30 years, typically starting around age 30. While people usually begin their careers by 25, the early years are often spent adjusting to a new lifestyle, building skills, and increasing income.
Because of this, many delay investing with the mindset of “I’ll start when I earn more.” But this delay comes at a significant cost. The real game-changer in wealth creation is not how much you invest—it’s how long your money stays invested.
How Compounding Works Over Time
Let’s simplify the power of compounding with an example:
If you invest ₹1 lakh at an annual return of 12%, here’s what it can grow into:
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₹3.10 lakh in 10 years
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₹9.64 lakh in 20 years
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₹29.96 lakh in 30 years
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₹93.05 lakh in 40 years
That’s a nearly tenfold increase between the 20th and 40th year—without investing an extra rupee. This is what makes compounding such a powerful ally for long-term investors. Your returns start generating their own returns, snowballing over time.
₹2 Lakh vs ₹20 Lakh: Does Size Matter?
Here’s another scenario to consider:
The outcome? The smaller investment wins, simply because it had more time to grow.
The Main Event: ₹3 Lakh vs ₹30 Lakh
Now, the core comparison:
Despite the second investment being ten times larger, it falls short. The ₹3 lakh investment gains an edge purely because of time. That’s a capital gain difference of nearly ₹47.77 lakh—in favor of the smaller, earlier investment.
Delaying SIPs Can Cost You Crores
Let’s see how SIPs (Systematic Investment Plans) are affected by delays. Assume a monthly SIP of ₹10,000, increasing by 5% annually, continued until age 60.
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Starting at 30:
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Total Investment: ₹79.72 lakh
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Capital Gains: ₹3.87 crore
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Final Corpus: ₹4.67 crore
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Starting at 35:
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Total Investment: ₹57.27 lakh
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Capital Gains: ₹1.91 crore
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Final Corpus: ₹2.48 crore
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Starting at 40:
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Total Investment: ₹39.67 lakh
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Capital Gains: ₹87.85 lakh
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Final Corpus: ₹1.27 crore
A five-year delay reduces capital gains by over ₹1.9 crore. That’s the true cost of waiting.
Final Thoughts: Start Early, Grow Bigger
The data is clear. Whether it’s a one-time investment or monthly SIPs, the earlier you start, the more you gain. Compounding is not just about returns—it’s about giving your money enough time to multiply. Even a modest investment today can beat a large one tomorrow.
Start small if you must, but start now. Your future self will thank you.
by Jobuza Team | Apr 22, 2025 | BLOG, Trending News
Finance Minister Nirmala Sitharaman announced raising the loan limit to ₹20 lakh during the Union Budget 2024-25 on July 23, 2024. This new limit became effective from October 24, 2024.
Pradhan Mantri MUDRA Yojana (PMMY): The Narendra Modi government at the Center has started many such schemes, with the help of which people are starting their own business. Pradhan Mantri Mudra Yojana is also a scheme of this category. Under the scheme, banks give loans up to Rs 20 lakh to people at a cheap interest rate. The important thing is that this loan is collateral-free. Let us tell you that Finance Minister Nirmala Sitharaman announced to increase the loan limit to ₹ 20 lakh during the Union Budget 2024-25 on July 23, 2024. This new limit became effective on October 24, 2024.
Four category schemes
Mudra loan scheme is available in four categories- ‘Shishu’, ‘Kishore’, ‘Tarun’ and ‘Tarun Plus’. The loan amount is different for each category.
Shishu: Loans up to Rs 50,000/- are available.
Kishor: Loans from Rs 50,000/- to Rs 5 lakh are available.
Tarun: Loans from Rs 5 lakh to Rs 10 lakh are included.
Tarun Plus: Loans from Rs 10 lakh to Rs 20 lakh are available.
Which banks provide loans
Under the Mudra scheme, collateral-free loans up to Rs 20 lakh are provided by Member Lending Institutions (MLIs) such as scheduled commercial banks, regional rural banks (RRBs), small finance banks (SFBs), non-banking financial companies (NBFCs), micro finance institutions (MFIs), etc.
Scheme of 10 years ago
Let us tell you that this scheme is of ten years ago. Mudra Yojana has helped in opening more than 52 crore loan accounts, which shows a steady increase in entrepreneurial activities. The share of teen loans has increased from 5.9 percent in FY 2016 to 44.7 percent in FY 2025. 68 percent of the total beneficiaries of Mudra Yojana are women. Between FY 2016 and FY 2025, the disbursement amount of Pradhan Mantri Mudra Yojana per woman increased by 13 percent year on year to Rs 62,679.
