Come May 1, 2019, people of India should brace up for five big reforms which will be effected in the country and with it also learn to keep the home fire burning on a shoestring budget.
- The largest bank in the country – State Bank of India (SBI) – will implement new rules for its savings account holders. The deposit rate as well as the loan rate of SBI will be brought at par with the Reserve Bank of India (RBI) benchmark.
If this rule is implemented, then SBI customers will get less interest rate against their savings account.
However, this rule will apply only for those customers who have deposits of more than Rs 1 lakh in their savings account.
The SBI mentioned in its website – sbi.co.in – that interest rates on deposits above Rs 1 lakh will stand at 3.25 per cent, which will be 2.75 per cent below the repo rate.
Earlier this month, Reserve Bank of India (RBI) cut the repo rate by 25 basis points from 6.25 per cent to 6 per cent. Repo rate is the interest rate at which the central bank lends money to commercial banks such as SBI.
From May 1, 2019, the banking major will link its short-term loans, key pricing decisions and saving bank deposits to the repo rate of RBI.
The lending major says that the steps are being taken for quick transmission of changes in RBI’s policy rates and the concerns of rigidities in the balance sheet structure.
- One of the largest public sector bank – Punjab National Bank (PNB) – will discontinue one of its services – ‘PNB Kitty’ – from May 1, 2019.
Under PNB Kitty service, customers could make payments using the money stored in the wallet instead of using credit or debit cards or going in for Internet banking.
Under this facility, customers were able to purchase items online. The bank has alerted its customers – “Dear PNB Kitty User, Bank has decided to discontinue the wallet. Please transfer amount lying in wallet by login into application by 30.04.2019 and close your wallet. HO PNB.”
- After the heartbreaking news, here is a piece of good news for train passengers – Indian Railways has allowed passengers to change boarding point four hours prior to departure from May 1 next. This facility extends even for tatkal ticket holders.
This passenger-friendly move is aimed at helping passengers who could not board the trains at originating stations due to some kind of emergency.
- Air India is also becoming passenger-friendly – the carrier has decided that from May 1, 2019, it will charge no fee on cancellation, change in ticket within 24 hours of booking.
However, this facility will be available only if the flight is scheduled seven days after the booking date.
- Last but not the least, LPG cylinders will cost dearer from May 1, 2019. There was a rise in the price of LPG cylinders even in the month of April this year.