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.
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/-.
- SBI has lowered the Home loan rate to 7.90 % from 8.15 % for new customers, so less EMI.
- 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.
- 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.
- 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.
- Hallmarking for jewelry is mandatory from 15th Jan, 2020, giving this sector boost of transparency and trust to customers.
- 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.
- Aadhaar – PAN linking deadline date is now 31st March, 2020, extending from 31st Dec, 2019 from Income-tax department.
- Senior citizen savings scheme Lock-In period is now 5 years in the new year, but won’t be applicable on old accounts.
- Cars, SUVs, MUVs etc. like vehicles may be costly in the new year 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.
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