1. Reduction of LPG rates:
Month by month, the price of liquefied petroleum gas used in cooking is reviewed and a cut in LPG rates has also been announced. The cut has been for 19kg commercial cylinders for which the price has been reduced by Rs. 91.5 and the price has subsequently been pushed to Rs. 1907 by cylinder in Delhi.
2. Checkbook changes in BOB:
The country’s second largest lender in an SMS to its account holders sent a message stating that “As per RBI directives, Positive Payment System (CPPS) will be mandatory from 01.02.2022 for Rs. 10 lakh and premium issued checks.Positive Pay has been introduced to curb any fraudulent or unsolicited transactions in customer banking.Here, the bank authenticates the details of a high value check.It does this by verifying the primary details including the number check, amount, account number, etc.
How will the new clearing process work at BOB for high value checks?
Going forward, BOB clients will need to send some of the related crucial checks electronically for bank authentication prior to settlement. The submitted details are then verified using the Check Truncation System (CTS).
3. SBI IMPS fees charged for a particular slab:
The bank for the IMPS or Instant Payment Service has created a slab for the transfer of funds totaling between Rs. 2 lakhs to Rs. 5 lakh through the bank branch. Service charges for a transfer of this amount attract a service charge of Rs. 20 plus GST. Remember that no changes will be applied for transferring payments below Rs. 2 lakhs Also, the mentioned charges are not IMPS transactions executed through digital means up to Rs. 2 lakhs
4. PNB announces that it will charge additional fees if any transaction granted for a mandate fails due to insufficient balance:
The other PSB lender in the country has tightened its noose around customers who have maintained the mandate for the debit transaction but do not maintain the similar amount. For each debit failure, the bank will charge Rs. 250. This is also true in case the customers are going to cancel the draft at sight, the levy in this case will be Rs. 150.
5. Things that become cheaper and more expensive:
Yesterday the big bang budget was delivered which was primarily growth oriented and futuristic. However, adjustments were made to customs duties and all of this would make some items more expensive and others cheaper. Consequently, headphones, speakers and costume jewelry with increased customs duties will become more expensive. Also on products, the customs duty was rationalized and, therefore, there will be a reduction in their price, such as cut and polished demands, frozen squid, asafetida, etc. For a full picture of this, click here.
6. Increased annuity for LIC policies
According to the press release of the largest insurer, LIC, it has increased the annuity rates of its 2 annuity plans, namely Jeevan Akshay and Jeevan Shanti. The new revised rates will apply from February 1, 2022.
NPS Service Fee Changes Effective February 1, 2022
Also according to a PFRDA circular dated January 31, 2022, there has been a review of the NPS service fee at PoPs. The revised rates apply to all citizens and businesses.