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November has come to an end with just three days left in the month. As the new month approaches, Indians will see several changes in various sectors. From banking to household items, price and interest rates will be slashed or increased.

Here are the changes coming into effect from December 1, 2021, that will impact the lives of common people.

  • SBI will charge a processing fee on EMI transactions

On all EMI transactions made through its credit cards, the State Bank of India (SBI) will charge a processing fee as well as tax. SBI Cards & Payment Services Private Limited (SBICPSL) will charge a processing fee of Rs 99, plus taxes, beginning December 1.

This processing fee will be applied to all equated monthly instalment (EMI) transactions made at retail stores and e-commerce sites like Amazon, Flipkart, and Myntra.

  • PNB to slash interest rates

Punjab National Bank (PNB), a public sector bank, has lowered interest rates on savings account deposits. The interest rate on savings account deposits has been reduced by 10 basis points (bps) for balances under Rs. 10 lakh and by 5 basis points (bps) for balances of Rs. 10 lakh and above, respectively, from the previous rate of 2.90 percent.

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The revised Domestic and NRI Savings Account Interest Rates will apply to both existing and new savings account customers beginning December 1, 2021.

The bank will pay 2.80 percent p.a. on Saving Fund Account Balances of less than Rs. 10 lakh and 2.85 percent p.a. on Saving Fund Account Balances of more than Rs. 10 lakh starting December 1, 2021.

  • LPG price could be slashed

On the first of every month, government oil companies that sell Diesel-Petrol review the price of LPG cylinders. Meanwhile, the price of crude oil has plummeted dramatically. The price of Brent Crude fell by $ 10 per barrel on Friday, the largest drop since April 2020. In this situation, it is expected that LPG cylinder prices will be reduced in the December 1 review.

  • Matchbox price to double

As the cost of raw materials rises due to high inflation, the price of a matchbox is expected to nearly double what it is today, after nearly 14 years. From December 1, 2021, the selling price of matchboxes will increase to Rs 2 from the current price of Rs 1.

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