Many new rules will come in effect from November 1 (Photo Credit: Composite Image PTI/Pixabay)
There are lot of things that will change from November 1. Many new rules with significant impact on your life will come into play from the beginning of this month. New rules in relation to banks and its interest rates are coming into effect while other rules in regards to traders and merchants are also going to be applicable from this day too. These rules will effect bank customers, businesses and common man. While some changes will provide relief, some will increase the load on your pocket. Let's take a look the signicant events and rule changes that will come in effect from November 1.
SBI Reduces Interest Rate On Savings Up To Rs 1 Lakh
State Bank of India (SBI) has decided to reduce the interest rate on deposits in saving accounts up to Rs 1 Lakh by 0.25 per cent to 3.25 per cent. This new decision of SBI would affect 42 crore customers in India. If you have more than Rs 1 Lakh in your account than your interest rate will be linked to repo-rate from now on. Currently, it is at 3 per cent.
No MDR On Digital Payments To Large Business Establishments
In some good news for customers, large businesses (with annual turnover of more than Rs 50 crore) will have to offer digital payments from 1 November. Also, no charges or merchant discount rate (MDR) -- charge that payment systems and banks impose on commercial transactions-- will be levied on either customers or merchants
Same Timing For All Banks
In Maharashtra, a uniform timetable for all PSU banks will be applicable for November. The bank timings in Maharashtra will change from 10 am to 5 pm to 9 am to 4 pm. Some banks will work from 9 am to 3 pm. In August this year, it was decided that public sector banks across the country will have standard operating hours as part of the government's reform agenda for the PSBs.
LPG Prices Increased From November 1
The price of Liquefied Petroleum Gas (LPG) has increased all across India. The price of 14.2 kg LPG cylinder has been increased by Rs 76.5. The price of 14.2 kg cylinder without subsidy in Delhi has gone up to Rs 681.50. In Kolkata, the price of non-subsidized domestic cylinders has gone up to Rs 706. Domestic gas cylinders in Mumbai have been priced at Rs 651 per cylinder. In Chennai, the price per cylinder is 695 rupees. The new prices have become effective from 1 November.
Car, Bike Discounts To Disappear
Soon Many of the bumper discounts and offers on cars and motorcycles is expected to end from the start of this month. Most companies had offered discounts and deals during the festive season. However, companies are saying it is not sustainable for a long time.