So, from RTGS, LPG cylinder price, new Railway trains to policy premiums, here what all is going to change for you and how it is going to affect you from December 1, 2020.
Come December 1 and there will be many things that will not remain the same for you as far as your household chores are concerned. In fact, many things will change for the better as more benefits are coming and greater easing will be done in actually being able to take those services. So, from RTGS, LPG cylinder price, new Railway trains to policy premiums, here what all is going to change for you and how it is going to affect you.
1) RTGS will be 24X7
In its October Monetary Policy announcements, the Reserve Bank of India (RBI) Governor Shaktikanta Das said that the RTGS facility will be implemented round-the-clock on all days of the year. RTGS or Real-time Gross Settlement is an online fund transfer system to transfer money from one bank account to another. This is a popular transfer mode along with NEFT and IMPS systems. In the existing system the RTGS facility is available between 8 am and 7:55 pm. The banking regulator has already allowed NEFT transfers 24X7 since December, last year.
2. LPG Cylinder price
The prices of LPG cylinders get updated on the first day of every month. The prices may or may not go up. Customers could expect a price revision on 1 December.
3. Insurance Premium Change possible now
An insurance policy holder will now be able to reduce his premium by 50 per cent after 5 years. This means that he will be able to continue with the policy even at half the premium.
4. New trains to be scheduled
From 1 December, many new trains will be introduced that will be helpful for the passengers. Snice the onslaught of the coronavirus pandemic, the train services have been hit. The Indian Railways is now working towards normalising the operations and making it more commuter friendly. It has increased the number of special trains. Many new trains will start running from 1 December (Tuesday).
5. Your insurance policy will not stop on non-payment of instalments
Many people have lost their job because of the coronavirus pandemic, which hit the country in March. As a result of this, many people have defaulted on their instalment payments. It may also happen that due to some unforeseen expenses, the policy holders are unable to pay their instalments. Non-payment results in policy getting lapsed. This results in their money getting stuck. The insurance companies have made changes to this effect. Under the new rules, a policy holder can reduce the premium on their policies by 50 per cent.