5 Personal Finance Changes To Impact You In February 2022

Personal finance changes impact our life and as it is Budget 2022 has been unveiled and there have been a slew of announcements which shall impact individuals life. Other than that there are usual changes:

1. Cut in LPG rates:

Month on month liquified petroleum gas used in cooking sees a price revision and likewise there has been announced a cut in LPG rates. The cut has been for 19 kg commercial cylinders for which the price has been slashed by Rs. 91.5 and the price subsequently for it has been brought to Rs. 1907 per cylinder in Delhi.

2. Cheque book changes at BOB:

The country's second largest lender in an SMS to its account holders has sent over a message which states that " As per RBI directives, Positive Pay (CPPS) system will be mandatory with effect from 01.02.2022 for Rs. 10 lakh and above issued cheque. Positive Pay has been introduced to curb any fradulent or unsolicited transaction in the customer's banking dealings. Herein, the bank authenticates a large value cheque details. This it does by verifying main details including cheque number, amount, account number etc.

How will the new clearing process at BOB for high value cheques work?

Henceforth BOB customers will be needed to sent over some of the crucial cheque related via electronic means for the bank to authenticate prior to the clearance of the same. The details sent over are then verified using the cheque Truncation System (CTS).

3. SBI IMPS charges raised for a particular slab:

The bank for the IMPS or Immediate Payment Service has created a slab for transfer of funds totalling to between Rs. 2 lakh to Rs. 5 lakh through the bank branch. The services charges for a transfer of this amount attracts service charge of Rs. 20 plus GST. Remember there are no changes will be levied for transferring payment below Rs. 2 lakh. Further the mentioned charges are not IMPS transaction executed through digital means of up to Rs. 2 lakh.

4. PNB announces to levy additional charges if any transaction given for a mandate fails due to insufficient balance:

The country's another PSB lender has tightened its noose around customers who have maintained mandate for debit transaction but do not maintain the similar amount. For every debit failure the bank shall henceforth charge Rs. 250. This is also true in case the customers goes to cancel the demand draft, the levy in this case shall be Rs. 150.

5. Things that get cheaper and expensive:

Yesterday the big bang budget was delivered that was primarily growth oriented and futuristic. Nonetheless there were tweaks made in customs duty and all that would render some items costlier and other cheaper. Consequently, headphones, loudspeakers, imitation jewellery with hike in custom duties will be made expensive. Also on products the custom duty was rationalised and hence there shall be reduction in their price such as cut and polished demands, frozen squids, asafoetida etc. For a complete picture on this click here.

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6. Annuity hiked for LIC policies

As per the press release by the largest insurer LIC, it has hiked the annuity rates of its 2 annuity plans namely Jeevan Akshay and Jeevan Shanti. The new revised rates shall apply from February 1, 2022.

 

NPS service fee changes from February 1, 2022

Also as per a PFRDA circular dated January 31, 2022, there has been NPS service fee revision at PoPs. The revised rates apply to all citizens and corporate.