This November, while you navigate seasonal deals and purchase gold for Dhanteras, keep an eye out for changes in the financial landscape

 This November, while you navigate seasonal deals and purchase gold for Dhanteras, keep an eye out for changes in the financial landscape

This month, the BSE will increase transaction costs for derivatives, banks will terminate exclusive high-rate savings accounts, and American Express cardholders' reward multiplier program will come to an end.

In November, pay close attention to both your spending and your assets, and make sure you find the correct balance.

Shopping centers and merchants have already scheduled sales and promotions, ranging on gold around Dhanteras, to consumer items like refrigerators, TVs, washing machines, and clothing, to mention a few. This November, the nation will be illuminated for the Festival of Lights.

You need to make sure you find the correct balance between your spending and investments the next month.

Let's take a deeper look at those adjustments that could squeeze your wallet in November 2023.

BSE increases the cost of trading equity derivatives.

The BSE is raising transaction fees in the equity derivatives market as of November 1. The S&P BSE Sensex Options would be the main target of the modifications, especially the contracts with the closest or earliest expiration dates.

For turnovers up to Rs 3 crore, the fees will be Rs 500 per Rs crore under the updated fee schedule. The costs would be Rs 3,750 per Rs crore for turnovers above Rs 3 crore and up to Rs 100 crore.

Charges of Rs 3,500 per crore would be imposed on turnovers between Rs 100 crore and Rs 750 crore. There will be fees of Rs 3,000 per crore for transactions with turnovers of more than Rs 750 crore and less than Rs 1,500 crore.

The fees would be Rs 2,500 per crore for turnovers beyond Rs 1,500 crore but up to Rs 2,000 crore. A transaction fee of Rs 2,000 per crore would be assessed for turnovers above Rs 2,000 crore.

Additionally, the changes are meant to make the fee structure easier to understand and more transparent for market players in this particular category.

Is this the last time to invest in unique fixed-rate bonds? 

Following the increase in repo rates during the most recent fiscal year, a number of banks began to raise their fixed deposit (FD) rates. They also launched special FD plans aimed at ordinary and older residents, with specified investment tenures.

A number of recently introduced FD programs from certain banks could be canceled in November. For example, the 375-day Amrit Mahotsav FD new program from IDBI Bank is only available till November 30. Senior residents who participate in this program get 7.60 percent interest annually, while investors in the general, NRE, and NRO categories earn 7.1 percent interest annually. In addition, seniors may get interest rates of 7.65% on the Amrit Mahotsav FD for 444 days, while general, NRE, and NRO customers can get interest rates of 7.15% till November 30.

AMEX cardholder reward multiplier program is coming to an end.

Since October 2023, AMEX has introduced a reward multiplier system in light of the holiday events. With this program, AMEX cardholders may buy at over 60 companies, including Apple, Croma, Dyson, Nykaa, Flipkart, MakeMyTrip, Tanishq, and more, and earn up to 5X extra points and additional e-vouchers worth up to Rs 12,000 each.

The AMEX cardholder incentive program expires on November 14th.

Modifications to the minimum amount due calculating process

Axis Bank has modified the credit card customers' minimum amount due calculating process as of November 10. Currently, the minimum amount required calculating method consists of 100% of interest charges, all fees, loans, and taxes, plus 5% of purchases and cash withdrawals.

The updated approach for calculating the amount owed will be 2% of purchases and cash withdrawals plus 100% of interest, fees, loans, and taxes.

Spend wisely throughout the holiday season.

Retail chains, local neighborhood retailers, and e-commerce platforms are launching holiday shopping promotions. Set spending limits and monitor your purchases throughout the festival season. Make a list of the gifts you must purchase in order to prevent impulsive purchases. To get extra savings and rewards, use credit cards issued by partner banks. Use reward points to get more discounts. Steer clear of zero-cost EMI agreements and buying for items you may not need right away since these are debt traps.

The ideal method for gold investment

In India, Dhanteras is particularly significant for buying gold. In India, buying gold has traditionally meant material possessions like jewelry, coins, and bars.

We have seen a rise in digital gold investing in recent years, which has become the newest thing in the nation. This change gained traction when the government introduced sovereign gold bonds (SGBs), which increase capital appreciation by providing an extra 2.5 percent yearly return.

The main risks associated with purchasing actual gold are those related to storage, theft, contaminants, etc. But digital gold ownership removes all of these doubts and hazards. Exchange-traded funds (ETFs), mutual funds, SGBs, and other digital investment vehicles are among the ways that one may invest in gold," said Deveya Gaglani, Research Analyst—Commodities at Axis Securities.