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Important New Rules For LPG Prices And More From 1 December 2021

Check details on new rules from 1 December 2021 in lieu of LPG prices, SBI EMI transactions and more

Published
Tech and Auto
2 min read
Important New Rules For LPG Prices And More From 1 December 2021
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The first day of every month usually brings changes in most countries. Either an old law gets amended or new acts and laws are passed in the parliament. Hence, lets take a look at the various changes that are going to be implemented from 1 December 2021.

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Matches getting expensive after 14 years

  • The price of matches are increasing after a gap of 14 years in India. According to reports, the representatives of five major matchbox industry bodies have unanimously decided to increase the MRP of matchboxes from Rs 1 to Rs 2 from 1 December 2021.

  • It is after 2007 that the price of matches are getting revised. However, the consolation is that the number of matchsticks per box is also getting increased. From 36 matchsticks in a matchbox, customers will now be getting 50 matches with the increase in price of the matchboxes.

LPG prices expected to change

  • The price of LPG cylinders are reviewed on the first of every month by the Government oil companies retailing petrol and diesel.

  • Post the onset of COVID-19, the price of crude oil has fallen drastically. The price of Brent Crude fell by $10 per barrel, which is the biggest fall since April 2020.

  • Thus, keeping in mind such changes, it is expected that in the review of 1 December 2021, the prices of LPG cylinders may be be reduced.

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PNB savings account interest deduction

  • Punjab National Bank has announced its decision to cut savings account interest rate from 1 December 2021.

  • PNB had previously cut its interest rate on savings accounts on 1 September 2021. Therefore, the current interest rate for all savings fund accounts, (existing and new) is 2.90 percent per annum.

  • However, with the PNB savings account interest deduction said to be implemented from 1 December 2021, the interest rate shall be sliced to 2.80% p.a. for savings fund account balance less than Rs 10 lakh in savings account.

  • On the other hand, for the balance of Rs 10 lakh and above, the interest rate will be 2.85% per annum.

  • In addition people must note that these interest rates are applicable for both domestic and NRI savings accounts.

SBI Credit Card EMI Transaction Expensive

  • Customers purchasing products on SBI’s credit card EMI facility is going to become expensive from 1 December 2021. This is because SBI cards will now levy a processing fee of Rs 99 plus tax on all EMI purchase transactions from the said date.

  • Customers must note that the processing charges will be levied for all EMI purchase transactions done using SBI Credit Cards at merchant outlets, e-commerce websites and apps.

  • Customers must also note that the above mentioned processing fee is in addition to the interest amount charged by the card issuer on purchases made against credit card EMIs.

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

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