Your money life is set to change in 5 ways; from profit to loss, what you need to know
The month of October has started and in its wake, it is bringing a number of changes that will affect your money life - mostly for the worse, but there is a silver lining of sorts too. At least for those who invested in some small schemes.
1. Increase in interest rates: From October to December interest rates on small savings will be increased. The interest rates on Sukanya Samriddhi Yojana, National Savings Certificates (NSC), Public Provident Fund (PPF), Kisan Vikas Patra (KVP) and on many post office saving schemes will be increased up to 0.40 per cent then before. Image Source: Reuters
2. Taking loans just got pricier: Punjab National Bank (PNB), HDFC to SBI all have increased their rates. PNB increased its interest rates by 0.2 per cent on short-term and long-term loans. After this taking personal loans and auto loans from most banks would be expensive as others are expected to follow this example. Image Source: Reuters
3. Online Shopping would be expensive: Under the rule of Goods and Services Tax (GST), the provision of Tax deduction at Source (TDS) and Tax Collected at Source (TCS) would be applied. For the collection of TCS e-commerce companies must register their selves in the states where their suppliers operate. Image Source: Reuters
4. Penalty on call drops: In an initiative to stop call dropping Telecom Regulatory Authority of India (TRAI) said that telecom companies would be charged a penalty if came under new perimeters. The definition of call dropping has been changed after 2010. Image Source: Reuters
5. Donations To Political Parties: To donate funds to political parties you can buy electoral bonds, the process for which would be on till October 10. State Bank of India had been permitted to issue electoral bonds. Image Source: Reuters