From Credit card, savings a/c to Pension: 5 major rules changing from December 1

From Credit card, savings a/c to Pension: 5 major rules changing from December 1

New Delhi: Several rules pertaining to banking, financial and other sectors are changing from today, December 1.  Since these new rules are set to impact the day-to-day lives of a common man and hence it is important to know more about these changes in detail.

Here are 5 major rules impacting common man that will change from December 2021

State Bank of India (SBI) credit card 

India’s largest State Bank of India (SBI) charging processing fees on EMI transactions starting from December 1, 2021. SBI will charge the processing fees on equated monthly instalment (EMI) purchases or converting transactions into EMIs. SBI Cards and Payment Services Private Limited (SBICPSL), which manages SBI credit cards, has said that for EMI transactions, SBI credit cardholders will now have to pay a processing fee of Rs 99 along with the tax.

Punjab National Bank savings deposit interest rates

In what could dampen the spirit of account holders of small savings account, Punjab National Bank (PNB) has slashed interest rates on savings deposits.

PNB has reduced interest rate on savings account deposits by 10 basis points (bps) for account balance less than Rs 10 lakh and by 5 basis points (bps) for account balance of Rs 10 lakh and above to 2.80% p.a and 2.85% p.a respectively. The new interest rates will be effective from December 1, 2021.

Rate Of Interest
Saving Fund Account Balance below Rs. 10 Lakh 2.80% p.a.
Saving Fund Account Balance of Rs. 10 Lakh & above 2.85% p.a.

Life certificate for pensioners

Those retirees above age of 80 will be able to submit their digital life certificate at any of the country’s Head Post Offices’ Jeevan Pramaan Centers. The completion date of this has been fixed for November 30, 2021. This life certificate is a proof that the pensioner is still alive. If you do not comply, your pension may be terminated. So from December 1, if you have not submitted your life certificate, your pension might be affected.

Matchbox prices to rise after 14 years

Matchbox prices will be seeing a hike after 14 years amid soaring inflation that has increased the prices of the raw materials. With the upcoming revision, the retail price of matchboxes will be doubled to Rs 2 from the current price of Rs 1 starting from December 1, 2021.  Matchbox prices were last hiked in 2007 from 50 paise to Rs 1 per box.

LPG Cylinder Price

The rates of liquefied petroleum gas (LPG) cylinders have been hiked from the current rates from December 2021. OMCs have hiked the price of  Commercial cylinders though domestic cylinder prices remain the same.

Commercial cylinders of the 19 kg in Delhi will cost Rs 2,104 from today onwards which was costing Rs 2000.50 earlier. The price of commercial gas cylinder in Kolkata increased by Rs 101 to Rs 2,174.5. Earlier its price was Rs 2073.5. The commercial gas price in Mumbai has gone up to Rs 2,051. Earlier the price was Rs 1,950. There has been an increase of Rs 101 here. At the same time, the price of 19 kg commercial gas cylinder in Chennai has gone up to Rs 2,234.50. Earlier the price was Rs 2,133.