Things to change in bank, gold, auto, from Jan 2020

Posted byonly30secPosted inNewsTags:, , , , , ,

First of all, a very happy new year to all of you. In this new year, there are going to change many things for all of us in many sectors, in which some changes are good for individual and our society but some changes might hurt us financially, emotionally etc.

year 2020

So, the changes from new year Jan 2020 are many like:

  • SBI has introduced OTP on registered mobile, for money withdrawal from ATM. This OTP is required only between 8 PM to 8 AM and for more than Rs.10,000/-.
change in ATM withdrawal for OTP in mobile
https://www.businessinsider.in/finance/news/new-banking-rules-2020-january-insurance-premium-hike-otp-based-withdrawal/articleshow/73044740.cms
  • SBI has lowered the Home loan rate to 7.90 % from 8.15 % for new customers, so less EMI.
reduction in home loan rate by sbi
  1. Debit cards with magnetic strip has to be replaced with EMV chip-based cards to use for banking. EMV stands for Europay, Mastercard and Visa, which is the global standard for payment.
change in card as magnetic strip cards are out
Magnetic strip card – OUT
change in card as EVM cards are in
EMV chip – IN
  • NEFT transactions will be free of charge and 24 x 7.
  • You can lower your PF contribution in your salary from 12% to your decision, creating room for more intake salary.
change in PF rule as employees decide on contribution by self
  • Insurance premium may increase 10-15 % due to higher cost of Re-insurance premiums.
  • LIC has waived off the charge for premium payment from credit card.
change in LIC premium and waive off on charge from credit card
  • Hallmarking for jewelry is mandatory from 15th Jan, 2020, giving this sector boost of transparency and trust to customers.
change in hallmark of jewelry rule, mandatory from 15th jan
  • Fastag implementation is mandatory from 15th Jan, 2020, otherwise you have to pay double in cash. How to apply Fastag or charges, discount etc, details are here in FAQ.
change in fastag date, but mandatory from 15th jan
  • Aadhaar – PAN linking deadline date is now 31st March, 2020, extending from 31st Dec, 2019 from Income-tax department.
change in Aadhar-pan link deadline,as it is now 31st Mar 2020
  • Senior citizen savings scheme Lock-In period is now 5 years in the new year, but won’t be applicable on old accounts.
Senior citizen savings lock-in period is now 5 years
  • Cars, SUVs, MUVs etc. like vehicles may be costly in the new year due to implementation of BS-VI norms.
change in BS norms - Cars may be costly due to implementation of BS-VI norms.
  • Railways has increased fare from 1 paisa (Second class) to 4 paise (AC class) per KM for most of the trains except season tickets from 1st Jan, 2020.
Change in fare of Railways as it has increased fare from 1 paisa (Second class) to 4 paise (AC class) per KM

Also, many of the above details can be accessed at https://www.newsstate.com/utilities/news/happy-new-year-2020-these-10-major-changes-are-implemented-from-1-january-2020-today-read-them-first-and-remember-122693.html

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