From credit card to savings to EPFO Pension: These 5 major rules change from December 1

From credit card to savings to EPFO Pension, many rules which have made a major impact in the lives of common man are going to change from December 1. These rules pertain to banking, financial and other sectors. 

Let’s see these rules…

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

2. PNB reduces interest rate on savings account deposits by 10 basis points (bps) for account balance with 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.

3. Life certificate for pensioners including 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. So from December 1, if you have not submitted your life certificate, your pension might be affected.

4. Matchbox prices will see hike after 14 yrs amid soaring inflation due to increased prices of raw materials. With upcoming revision, retail price of matchboxes will double to Rs 2 from Rs 1 from Dec 1, 2021. Matchbox prices were hiked in 2007 from 50 p to Rs 1 per box.

5. The rates of liquefied petroleum gas (LPG) cylinders are expected to change from December 2021.