On one hand, some of the new rules are bound to impact your monthly budget while some changes are for betterment and will reduce people's hassles.
Many rules related to banking, financial and related sectors have changed from today (December 1). On one hand, some of the new rules are bound to impact your monthly budget while some changes are for your betterment and will reduce people's hassles. But one thing is for sure that they are set to impact the day-to-day lives of every common man.
From India's biggest public sector bank, the State Bank Of India (SBI) to Punjab National Bank (PNB) and from life certificate for pensioners to price hike of everyday usage commodities, all are undergoing a change from December 1, 2021.
State Bank of India to charge processing fees
(Image Source: IANS)
India's largest State Bank of India is going to charge the processing fees on equated monthly installment (EMI) purchases or converting transactions into EMIs. SBI Cards and Payment Services Private Limited (SBICPSL), which manages SBI credit cards, informed that SBI cardholders will now have to pay a processing fee of Rs 99 along with the tax on EMI transactions.
Punjab National Bank savings deposit interest rates
(Image Source: IANS)
The nationalised Punjab National Bank (PNB) has slashed interest rates on savings accounts for balances less than 10 lakh to 2.80% per annum. PNB has also reduced the interest rates on saving accounts for balances more than 10 lakh to 2.85%. The public sector bank has reduced the savings rate by 10 bps and 5bps respectively.
Digital life certificate for pensioners
(Image Source: Twitter@rsprasad)
In order to ease the hassle for pensioners, retirees above the age of 80 will be able to submit their digital life certificate at any of the country's Head Post Offices' Jeevan Pramaan Centres. The life certificate is submitted to prove that the pensioner is still alive. If the rule is not complied with, the pension may get terminated.
Matchbox price hike
The prices of matchboxes will witness an increase after 14 long years because of the increase in the prices of raw materials. With revised prices, a single matchbox will now cost Rs 2 to a consumer from December 1, 2021.
LPG commercial cylinders hike
(Image Source: IANS)
The oil marketing companies have increased the rates of commercial cylinders across the country by Rs 103.50. With this, the price of a 19 kg cylinder in the national capital will cost Rs 2,104, which was earlier costing Rs 2,000.50. In Kolkata, the price of the LPG has been increased by Rs 1010 to Rs 2,174.5. Earlier, its price was Rs 2073.5 While in Mumbai, the price has gone up to Rs 2,051. Earlier the price was Rs 1,950. The new rates will be effective from December 21, 2021.
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