Bank Rules 2021: State Bank of India (SBI) will charge processing fees on EMI transactions starting from December 1, 2021
New Delhi: The rules pertain to banking, financial and related sectors have a direct bearing on the pocket of the common man. Many such rules, will be changed from today, December 1. State Bank Of India (SBI) has decided to charge a processing fees on EMI transactions and Panjab National Bank has decided to further cut their interest rates. Also, pensioners can now submit a digital life certificate at the Head Post Offices, according to reports.
For us, as consumers, it is necessary to know these changes in-detail. This will not only help us in following them better but also to get the intended benefit out of them.
Here are major changes in banking rules that will take effect from December 2021:
State Bank of India (SBI) Processing Charge
India’s largest public sector bank, State Bank of India (SBI), will charge processing fees on EMI transactions starting from December 1, 2021. The processing fees will be charged on equated monthly instalment (EMI) purchases or converting transactions into EMIs. SBI Cards and Payment Services Private Limited (SBICPSL) said that for EMI transactions, SBI credit cardholders will now have to pay a processing fee of Rs 99 along with the tax.
Punjab National Bank (PNB) Savings Account Interest Rate
In a step that can dampen the sentiments of small savers, Punjab National Bank (PNB) has decided to slash the interest rates on savings deposits. The interest rate on savings account deposits will be cut by 10 basis points (bps) to 2.80 per cent per annum for account balance less than Rs 10 lakh and by 5 basis points (bps) 2.85 per cent per annum for account balance of Rs 10 lakh and above. The new interest rates will be effective from December 1, 2021.
Digital Life Certificate For Pensioners
In a step that can ease the hassle for pensioners, the retirees above the age of 80 will now 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. The life certificate has to be submitted to prove that the pensioner is still alive. If the rule is not complied with, the pension may get terminated.
