Financial Changes in Budget Starting in December
We are nearing the conclusion of calendar year 2021 and the start of calendar year 2022. Nonetheless, because every month brings new financial changes, we've compiled a list of a few of them that will take effect in December 2021. Processing fee for SBI credit card EMI transactions: The credit card firm has advised customers via email that starting December 1, all EMI purchase transactions made with an SBI credit card would be charged Rs. 99 plus applicable taxes. Both in-store and online e-commerce transactions will be subject to the fees. The interest rate has been lowered on PNB Savings Account: According to the bank's website, from December 1, 2021, Saving Fund Account Balances below Rs. 10 lakh will receive a 2.8 percent interest rate, while those with balances of Rs. 10 lakh and above would receive a 2.85 percent interest rate. This applies to both local and non-resident Indian savings accounts. Increasing prices of FMCG, clothing, phones, and TV: Everything is becoming more costly, including food, eating out, electrical appliances, clothing, footwear, and personal care goods. This is due to an unheard-of increase in the price of raw materials. For example, because worldwide coffee costs are at a 10-year high and domestic supply has been hampered by excessive rain, the food item has become more expensive. Similarly, tomato prices have risen and will continue to do so for a few months more until the next harvest arrives. Commercial LPG cylinder rates rise: Oil marketing businesses examine and change LPG tariffs on a monthly basis, based on worldwide pricing. For the time being, pricing for residential LPG customers remain unchanged. The price of a non-subsidised 14.2 kg cylinder in Delhi is Rs. 899.5, while the price of a 5 kilogramme household cylinder is Rs. 502. However, pricing for commercial 19 kilogramme cylinders have increased by Rs. 103.5. From today, the price of this cylinder in Delhi is Rs. 2014, down from Rs. 2000.5 before. Term insurance costs rise: Premiums for pure life insurance, often known as term insurance, will rise. In the meanwhile, global reinsurance premiums have risen. The rise is also due to the continuing pandemic's increasing fatality rate. Importantly, this price spike has already been discounted in group term insurance premiums, which have risen by 30-100 percent, and will now be lowered in individual term insurance contracts. In the case of the death of the life assured, the candidates are entitled to the sum promised.