Why ULIP mis-selling has become rampant ?
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The last month of the year has brought some new money matters came into our lives. These changes have an impact on our savings. Money9 gives you top four of those money changes which are taken into effect from December 1.
Credit card EMI is costlier
India’s largest lender State Bank of India (SBI) is now charging a processing fee of Rs 99 plus GST for every EMI transaction of any amount starting from December 1, 2021. SBI Cards and Payment Services Private Limited, which manages SBI credit cards, has said that for EMI transactions, SBI credit cardholders now have to pay a processing fee of Rs 99 along with GST.
PNB cuts savings interest rates
The country’s second largest public sector bank Punjab National Bank (PNB) has slashed interest rates on savings deposits with effect from December 1. PNB has reduced interest rate on savings account by 10 basis points for account balance less than Rs 10 lakh and by 5 basis points for account balance of Rs 10 lakh and above to 2.80% pa and 2.85% pa respectively.
ITR filing deadline
The income tax return (ITR) deadline for FY 2020-21 is December 31, 2021. The deadline was extended till December 31 due to the glitches on the new income tax portal which had made it difficult for many taxpayers to complete their ITR filing.
This is the second time this fiscal year that the government extended the ITR filing deadline for individuals.
Price hike after 14 years
From December 1, a matchbox would cost Rs 2 from the current price of Rs 1, an increase that comes after a gap of 14 years. However, from 36 matchsticks in a matchbox, customers will now be getting 50 matches with the increase in the price of the matchboxes.
Important things
Besides these four important changes which were taken into place from December 1, some very important things are also there.
Life certificate for government pension holders must be submitted before December 1, otherwise the pension would stop from December onwards. Besides, linking of UAN and Aadhaar must be done before the same date.
Failing to do this might cause a big impact since your employer will be unable to submit monthly EPF contributions into your EPF account from December onwards.