4 changes from first January ... what?
The year 2017 has called a mess, and today the first January is starting from Monday to the new year 2018. At the new year, you are going to get some gifts from the government, and some shocks ... In fact the government has decided to introduce some new rules from January 1, 2018, which will give both benefits and losses to you. These decisions of the central government have a direct impact on you. So, let's know what the new government has given you on the start of the new year.
Linking with home-based mobile simcard support.
Since January 1, 2018, you have the facility of linking your home to your mobile SIMcard base. Usually this facility was to start from December 1. But due to the completion of the telecom companies' preparations, this time limit has been increased by a month. Now you will be able to link Symcard with home based support from OTP and other media from 1 January.
SBI reduced rate
If you have taken a loan at Base Rate from State Bank of India, there is a news of relief for you. SBI reduced its Base Rate from 8.95% to 8.65%. Similarly, the bank reduced base rate by 0.30 per cent. New rates have been implemented from today. The base rate reduction would benefit the bank's old home, auto or personal loan customers. Since April 1, 2016, all banks are financing a marginal cost landing rate. Let us tell you that the Reserve Bank has started MCLR for determining interest rates.
Debit card payments will be easy
It is cheaper to pay a debit card from January 1, 2018. Because the new MDR charge announced by the RBI in the new year will apply. MDR means that the Merchant Discount Rate charge, which is payable by a debit card, on the shopkeeper. This charge is not to be given to the customers, but some shopkeepers charge 2% of the charge from the debit card transaction customers. According to RBI's rules, for the people who have annual turnover up to Rs 20 lakh per transaction, the MDR does not exceed 200 rupees. For the people with more than 20 lakh turnover, the MDR per transaction will not be more than 1000 rupees. So the government has decided to buy the MDR government on purchase of up to Rs 2,000.
EPF turn rate has reduced now
The central government has recently reduced interest rates on public provident fund (PPF) from 7.8 percent to 7.6 percent. Deduction in interest rate on PPF can be severe on EPF. When the Employee Provident Fund Organization (FPF) sits on the EPF to determine interest rates in January 2018, it will be forced to maintain a balance between interest rates and EPF interest rates on PPF. Interest rate between PPF and EPF has increased to 105 basis points. In the event of this, EPFO may have to raise millions of PF members as low interest rates. That means the interest rate can be reduced on EPF for 2017-18. Last year EPF was declared 8.65% interest.