What changes on Sept 1: PNB KYC updation, lower insurance premium, and more

Several new or revised rules come into effect on the first day of each month, and September 2022 is no different. What you can expect from Thursday is a hike in toll fees on the Yamuna Expressway, costlier property in Ghaziabad, PNB KYC updation, and lower insurance premium, among others. 

The Yamuna Expressway Industrial Development Authority (YEIDA) has approved a hike in toll fee for travelling on the Yamuna Expressway stretch between Greater Noida and Agra, the busiest stretch on the 165-km long highway.

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The toll fares have been increased by ₹2.50-₹18.80 per km depending on the vehicle used. The toll fare for LMVs like car, jeep, van etc., has been increased by ₹2.50-₹2.65 per km. For commercial vehicles and minibuses, the fare has been increased from ₹3.90-₹4.15 per km. 

Costlier property in Ghaziabad

The circle rate or base price of property in Uttar Pradesh’s Ghaziabad has been hiked by up to 20 per cent. This is the first time since 2016 that property rates have been hiked in the city.

With a maximum hike of about 20 per cent and a minimum hike of about 6 per cent, the average hike comes somewhere between 10 and 12 per cent.

Properties will be the costliest in Kaushambi, where prices have risen from ₹72,500-₹79,700 per sq m to ₹82,000-₹1,13,000 per sq m.  In Vaishali and Indirapuram, the new rates will range between ₹77,000 and ₹1,00,000 per sq m, and ₹91,000 and ₹1,00,000 per sq m, respectively. 

PNB KYC updation

Those having an account with Punjab National Bank (PNB) are required to update their Know Your Customer (KYC) credentials on or before August 31 or the bank may restrict their account.

The rule applies to only those PNB customers whose account became due for KYC updation on March 31.

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As per the KYC compliance exercise, a customer needs to provide his/her updated information including PAN, most recent passport sized photo, address verification in the form of Aadhaar or passport and other important documents that may be requested by the bank.

For more information, a customer can contact PNB’s customer care service at 1800 180 2222/ 1800 103 2222 (toll-free)/ 0120-2490000 (tolled number).

Lower insurance premium

General insurance firms have been requested by the Insurance Regulatory and Development Authority of India (IRDAI) to limit agent’s commissions/charges. The agent’s commission will now be limited to 20 per cent, a considerable reduction from the earlier commission percentage of 30-35 per cent.

Also read: As LPG cylinder price shoots up, Ujjwala scheme loses lustre

Hence, one may get to pay a lower premium.

LPG gas cylinder price

LPG gas cylinder prices are revised on the first of every month. Therefore, there may be a price hike or price cut on September 1. If the consumer turns lucky, the prices may also remain unchanged.