Five significant changes are to happen from the 1st of December 2021. These changes are related to the banking and financial sector and will directly or indirectly impact a common man.
SBI Card levies processing fees
India’s one of the largest banks, the State Bank of India (SBI), would start charging processing fees on purchases that get converted into EMI transactions (equated monthly instalments). SBI credit cardholders will be levied nominal processing fees of Rs.99 plus applicable taxes.
PNB savings account interest slashed
Punjab National Bank (PNB) has reduced the interest rate of the savings account holders. PNB has reduced the interest rate on savings accounts by ten basis points for the account holders maintaining the balance of less than Rs.10 lakh and five basis points for the balance above Rs.10 lakh. The interest rate will be effective from the 1st of December,2021.
| Account Balance | Rate of Interest (annual) |
| < Rs.10 Lakh | 2.80% |
| > Rs.10 lakh | 2.85% |
LPG Cylinder Price
The price of LPG (liquified petroleum gas) will be increased from the current rates starting from December 2021. The rise will be in the cost of the commercial LPG cylinders, whereas the prices of the domestic LPG cylinder has not been increased.
The price of 19kg commercial LPG cylinders, on average, have increased by Rs. 101 in all the states like Delhi, Mumbai, Kolkata, Chennai. Previously the price of a 19kg commercial cylinder ranged between Rs.1950-Rs.2050 in different states, which will now see an average hike of Rs. 101 across the country.
Life certificate for pensioners
A life certificate is a mandatory document to be submitted by the pensioner to the authorised pension distributor, which also proves the existence of a pensioner. Failure to submit the ‘life certificate’ before the due date interrupts the pension income.
Now, obtaining a life certificate requires the physical presence of the pensioner. This rule becomes a problem for many older people due to which the Centre has come up with the digital life certificate where the entire procedure is done digitally. The pension earners above the age of 80 can submit their digital ‘Life certificate’ at the country’s Post Offices’ or Jeevan Pramaan Centers.
The due date for submission of the life certificate is the 30th of November, 2021. In case of non-compliance, your pension may be terminated starting onwards 1st of December 2021.
Matchbox price to rise
After 14 years, matchbox prices will increase from Rs.1 per matchbox to Rs.2 per matchbox starting from the 1st of December 2021. This is because of the soaring inflation that has increased the price of raw materials. Before this, matchbox prices were increased from 50 paise to Rs.1 per box in 2007.
With the rise in inflation in the country, consumers are witnessing an increase in the cost price of all the consumables. Inflation remains a concern for all sectors, and the government needs to take corrective measures to bring it under control.
For any clarifications/feedback on the topic, please contact the writer at jyoti.arora@cleartax.in
I am a Chartered Accountant by profession with 4+ years of experience in the finance domain. I consider myself as someone who yearns to explore the world through travelling & Reading. I believe, the knowledge & wisdom that reading gives has helped me shape my perspective towards life, career and relationships. I enjoy meeting new people & learning about their lives & backgrounds. My mantra is to find inspiration from everyday life & thrive to be better each day.
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