Key Changes May Impact Your Finances In December. Know All Details Here

There are a few changes in the financial space that may impact your money this month (December) starting from reduction in savings rate to EMI transaction charges

December is usually the best time of the year to review your finances before you ring into the new year. There are a few changes in the financial space that may impact your money this month. It’s always better to take stock of market-related changes and plan your financial life accordingly.

Check the latest changes below that can impact your finances.

Costlier EMI transactions for SBI credit card

This month onwards your EMI transactions for SBI credit card customers will become costlier as the lender will charge a processing fee of Rs 99. In an email notification to the customers, the bank informed them about the processing fee to be charged from December. "Dear Cardholder, We would like to inform you that with effect from December 1, 2021, Processing Fee of Rs 99 + applicable taxes will be levied on all Merchant EMI transactions done at Merchant outlet/website/app. We thank you for your continued patronage," the statement stated.

PNB slashes interest rates on savings account

The Punjab National Bank (PNB) has slashed the interest rate on its domestic and NRI savings account for balances below Rs 10 lakh to 2.80 per cent per annum, according to the bank website. The bank has also cut the interest rates on savings account for balances above Rs 10 lakh to 2.85 per cent. The savings rate has been cut by 10 bps and 5bps on accounts having less than Rs 10 lakh and more than Rs 10 lakh respectively.

The revised domestic and NRI savings account interest is applicable from December to both existing and new customers.

Other than this, PNB has also revised the procedure to withdraw money using the bank's debit card. Now, after inserting the card in the machine, you will receive a one-time password (OTP) on your registered mobile number. Enter this OTP to withdraw the cash. Also, your ATM PIN will still be required.

Bank holidays in December

Public and private sector banks across the country will remain non-operational for almost 12 days this month, including the weekends and second and fourth Saturdays. The holidays are declared by the Reserve Bank of India depending on the occasion as well as the importance of it in various states and cities.