New Delhi: Several rules relating to banking, financial and other sectors change as of today, December 1. Since these new rules have an impact on the daily life of an ordinary man and therefore it is important to know more about these changes in detail.
Here are 5 major rules impacting the ordinary man that will change from December 2021
State Bank of India (SBI) Credit Card
India’s largest state-owned bank (SBI) charges processing fees on EMI transactions from December 1, 2021. SBI will charge processing fees on purchases of equivalent monthly installments (EMIs) or converting transactions to NDE. SBI Cards and Payment Services Private Limited (SBICPSL), which manages SBI credit cards, said that for EMI transactions, SBI credit card holders will now have to pay a processing fee of Rs 99 with tax.
Interest rate on savings deposits of the National Bank of Punjab
In what might chill the minds of holders of small savings accounts, the Punjab National Bank (PNB) has lowered interest rates on savings deposits.
PNB reduced the interest rate on savings account deposits by 10 basis points (bps) for the account balance below Rs 10 lakh and by 5 basis points (bps) for the account balance. Rs 10 lakh and above at 2.80% pa and 2.85% pa respectively. The new interest rates will take effect on December 1, 2021. (Also Read: Kotak Mahindra Bank Raises Mortgage Rates By 0.05% – Check Out New Interest Rates Here)
|Savings fund account balance less than Rs. 10 lakh||2.80% per year|
|Savings fund account balance of Rs. 10 Lakh and more||2.85% pa|
Life certificate for retirees
Retirees over the age of 80 will be able to submit their digital life certificate at any of the Jeevan Pramaan centers at the main post offices nationwide. The completion date has been set for November 30, 2021. This life certificate is proof that the pensioner is still alive. If you do not comply, your pension may be terminated. Thus from December 1, if you have not submitted your life certificate, your pension could be affected.
Matchbox prices to increase after 14 years
The prices of matchboxes will increase after 14 years in a context of rampant inflation which has raised the prices of raw materials. With the upcoming revision, the retail price of matchboxes will be doubled to Rs 2 from the current price of Rs 1 from December 1, 2021. Matchbox prices were last increased in 2007 from 50 paise to 1 Rs per box.
LPG bottle price
Prices for liquefied petroleum gas (LPG) cylinders have been increased from current rates as of December 2021. CMOs have increased the price of commercial cylinders although prices for domestic cylinders remain the same.
Commercial 19kg bottles in Delhi will cost Rs 2,104 as of today, which used to cost Rs 2,000.50 previously. The price of the commercial gas cylinder in Kolkata has increased from Rs 101 to Rs 2,174.5. Previously, its price was Rs 2,073.5. The price of commercial gas in Mumbai has risen to 2,051 rupees. Previously the price was Rs 1,950. There has been an increase of Rs 101 here. At the same time, the price of a 19 kg commercial gas cylinder in Chennai has increased to 2,234.50 rupees. Previously, the price was 2,133 rupees.