This November the country will be lit up for the festival of lights and shopping malls and retailers have already lined up discounts and offers, including on gold around Dhanteras, to consumer goods like refrigerators, televisions, washing machines and apparel to name a few.
Next month you not only have to focus on your investments but also on your expenses and make sure you strike the right balance.
Let's look a little closer at those changes in November 2023 that could pinch your purse.
BSE raises transaction fees on equity derivatives
Effective from November 1, the BSE is increasing transaction charges in the equity derivatives segment. The changes will primarily be levied on S&P BSE Sensex Options, particularly the nearest or immediate expiry contracts.
Under the revised fee structure, the charges will be Rs 500 per Rs crore for turnovers up to Rs 3 crore. For turnovers of more than Rs 3 crore and up to Rs 100 crore, the charges levied will be Rs 3,750 per Rs crore.
Meanwhile, for turnovers in the range of Rs 100 crore to Rs 750 crore, charges of Rs 3,500 per crore will be applied. Transactions with turnovers between more than Rs 750 crore and Rs 1,500 crore will have charges of Rs 3,000 per crore.
For turnovers above Rs 1,500 crore up to Rs 2,000 crore, the fees will be Rs 2,500 per crore. For turnovers above Rs 2,000 crore, a transaction fee of Rs 2,000 per crore will be charged.
The revisions are also aimed at simplifying the fee structure and improving transparency for market participants within this segment.
Also read | Invest in FDs through Moneycontrol and earn up to 8.5 % p.a.
Last chance to invest in special high-rate FDs?
With the hike in repo rates in the last financial year, several banks started increasing their FD rates and also introduced special FD schemes for specific investment tenures, targeting regular and senior citizens.
November may see several newly-launched FD schemes from select banks being discontinued. For instance, IDBI Bank’s Amrit Mahotsav FD new scheme of 375 days is valid up to November 30. In this scheme, senior citizens earn 7.60 percent interest per annum, and general, NRE and NRO category investors earn 7.1 percent interest per annum. Besides this, the existing Amrit Mahotsav FD for 444 days offers interest rates of 7.65 percent to senior citizens and 7.15 percent to general, NRE, and NRO customers till November 30.
Reward multiplier scheme to end for AMEX cardholders
On account of the festive occasions, AMEX had announced a reward multiplier scheme since October 2023. Under this scheme, AMEX cardholders are earning up to 5X bonus points and additional e-vouchers worth up to Rs 12,000 while shopping from more than 60 brands like Apple, Croma, Dyson, Nykaa, Flipkart, MakeMyTrip, Tanishq, etc.
This reward scheme for AMEX cardholders ends on November 14.
Changes in minimum amount due computation methodology
Effective November 10, Axis Bank has changed the minimum amount due computation methodology for credit card users. The existing minimum amount due computation method is 5 percent of purchases and cash withdrawals plus 100 percent of interest charges, all fees, loans and taxes.
The revised amount due computation method will be 2 percent of purchases and cash withdrawals plus 100 percent of interest charges, all fees, loans and taxes.
Also read | Festive shopping offers from Amazon and Flipkart kicks in: How to make the most of shopping credit cards
Spend smartly this festive season
E-commerce websites, retail chains, and independent neighbourhood stores are rolling out festive shopping offers. Make a budget and track your shopping expenses during the festival season. Prepare a list of gift items that you need to buy and, thus, avoid impulsive spending. Use cards from partner banks for additional discounts and cashbacks. Redeem reward points for additional savings. Avoid shopping for things you may not use immediately and zero-cost EMI schemes as they are debt traps.
The best way to invest in gold
Dhanteras holds a special significance in India for the purchase of gold. For generations, gold acquisition in India predominantly involved physical assets such as coins, bars, and jewellery.
In recent years, we have witnessed a surge in digital gold investment emerging as the latest trend in the country. This shift gained momentum following the introduction of sovereign gold bonds (SGBs) by the government, which offer an additional annual return of 2.5 percent, augmenting its capital appreciation.
“Buying physical gold comes with a lot of risk, the primary being the risk of storage, theft, impurities, etc. However, owning gold in digital form eliminates all these risks and uncertainties. One can invest in gold digitally in forms such as mutual funds, SGBs and exchange-traded funds (ETFs), among others,” said Deveya Gaglani, Research Analyst— Commodities at Axis Securities.
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