In the month of December, there are a few personal finance-related changes that one should be aware of as it will have a direct impact on one’s money.
Here is a look at 5 money-related changes that will come into effect in December.
1) SBI Credit Card EMI transactions to become costlier
From December 1, SBI credit cardholders will be charged a processing fee of Rs 99 in addition to the tax for EMI transactions.
Starting December 1, 2021, India’s largest bank, State Bank of India (SBI), will charge processing fees on EMI transactions. Processing fee will be levied for all EMI purchase transactions done at merchant outlets, e-commerce websites and app using SBI credit cards.
The credit card company, in an email sent to customers today, has said: Dear Cardholder, We would like to inform you that with effect from 01 Dec 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. Please click here to know more about Merchant EMI Processing Fee.
2) PNB cuts interest rate on savings accounts
PNB has lowered the interest rate on savings account deposits by 10 basis points (bps) for account balances less than Rs 10 lakh and by 5 basis points (bps) for account balances of Rs 10 lakh and above, respectively, to 2.80 percent p.a. and 2.85 percent p.a. From December 1, 2021, the new interest rates will be in effect. These interest rates apply to both domestic and NRI savings accounts.
3) Last date for submitting Jeevan Pramaan Patra
The deadline for government pensioners to submit their yearly life certificate (or Jeevan Pramaan Patra) is November 30. For private-sector employees receiving a pension from the Employees’ Provident Fund Organisation (EPFO) under the Employees’ Pension Scheme (EPS) of 1995, the deadline for submitting the life certificate is different. For those receiving pension from EPS, the life certificate is valid for one year from the date of submission.
In order to continue receiving benefits, retirees must submit their yearly life certificates before the deadline each year; if they do not do so by the deadline, their payments will be terminated the following month.
4) Aadhaar-UAN linking deadline
Employees’ Provident Fund (EPF) account holders must link their UAN with their Aadhaar number in order for their employer to deposit EPF contributions into their account. If your UAN is not linked to Aadhaar by November 30, 2021, your employer will be unable to submit monthly EPF contributions into your EPF account. Also, withdrawals from your EPF account will be restricted until your UAN has been confirmed and linked to your Aadhaar number. Click here to check how to link your Aadhaar and UAN.
5) ITR filing deadline
The income tax return (ITR) deadline for FY 2020-21 is December 31, 2021. Deadline was extended till December 31 due to the glitches on the new income tax portal which had made it difficult for many taxpayers to complete their ITR filing process.
This is the second time this financial year that the government has extended the ITR filing deadline for individuals whose accounts are not required to be audited. Earlier, due to the second wave of the Covid-19, the ITR filing deadline was extended by two months from the usual deadline of July 31 to September 30, 2021.
