Big Financial Changes From September:As of September 1, 2023, changes of various sorts will be introduced in India. The variety of new changes from the LPG cylinder price adjustments to ATM withdrawal fees to FD rates, will impact your monthly budgets. Below are 5 key changes you need to be aware of.
Big Financial Changes From September
1. LPG Price Hike
From September 1, expect adjustments in LPG (liquefied petroleum gas) cylinder prices. Oil marketing companies have been reportedly planning to adjust the prices of their domestic and commercial cylinders, which will affect both households and businesses. Although exact amounts are subject to variations depending on locations and fluctuations in the global price of oil, there is a lot to watch when it comes to this monthly adjustment period.
2. ATM Withdrawal Fee
A fresh RBI-backed update will alter your ATM experience. From September 1, you’ll likely still get three free ATM transactions per month in metro areas and five in non-metros but beyond that, fees could climb up to ₹23 per transaction (plus GST). It’s wise to monitor your withdrawals and default to your own bank’s ATMs for savings.
3. Fixed Deposit (FD) Rates Updates
There are reports that banks will be further slashing FD interest rates on and after September 1. This is largely due to ongoing reductions in RU rate that the RBI has been undertaking over the past year or so. As a fixed income retiree, these adjustments could have a serious impact on your earning potential due to subsequently lower interest paid on your FDs.
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4. Silver Hallmarking Fees
Brace for additional charges if you’re buying or selling silver. From September 1, hallmarking fees or potential mandatory hallmarking norms will likely be introduced, increasing costs for both buyers and sellers.
5. SBI Card Fee Hikes
If you’re an SBI credit cardholder, you may see fees go up. Starting September 1, the bank will be enforcing increased fees. This could include charges to annual fees, renewal fees, or certain service fees. Be sure to check your card terms or any communications you get.
