Significant changes are set to take effect in November 2024. These changes encompass modifications to SBI Card and ICICI Bank credit card regulations, new railway rules, RBI’s updated money transfer guidelines, and the deadline for Indian Bank’s special fixed deposit offer.
New SBI credit card rule
These changes involve adjustments to the fee structure for utility bill payments and finance charges. It’s important to note that the effective dates for these changes differ. SBI Card has revised the finance charges to 3.75% p.m. on all unsecured SBI Credit Card. However, this is not applicable to Shaurya, Defense. This is effective from November 1, 2024. If the total amount of utility payments made in a billing period exceeds Rs.50,000, a 1% fee will be applied. This is applicable from December 1, 2024.
ICICI Bank credit card rules changed
ICICI Bank has made changes to its fee structure and reduced rewards for several credit cards, affecting services such as insurance and grocery purchases, airport lounge access, fuel surcharge waiver, and even late payment fees. The changed rates are effective from November 15, 2024 and will be applicable to various credit cards.
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The rule change includes spa discontinuation, no fuel surcharge waiver for spends beyond Rs 100K, No rewards on government transactions, spend threshold for Annual Fee, 1% fee on education payment via third party, revised late payment charges.
New train ticket advance booking rule
The Indian Railways train ticket advance reservation period (ARP), which excludes the day of travel, would be shortened from 120 days to 60 days from November 1, 2024. This modification attempts to maintain traveler flexibility while streamlining the ticket purchasing process.
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RBI money transfer rule
The Reserve Bank of India (RBI) has announced new rules for domestic money transfers (DMT) that will come into effect on November 1, 2024. These rules aim to prevent the misuse of banking channels for fraud.
According to the RBI in a circular dated 24 July, 2024 said, “There has been significant increase in the availability of banking outlets, developments in payment systems for funds transfers, and ease in fulfilling KYC requirements etc., since then; and now users have multiple digital options for funds transfer. A review was recently undertaken of various services facilitated in the current framework.”
Indian Bank special FD deadline
The deadline for investing in Indian Bank’s two special duration plans, which are 300 and 400 days, has been extended until November 30, 2024. The 300-day (Ind Supreme Product) and 400-day (Ind Super Product) fixed deposit plans have interest rates of 7.30% and 7.05%, respectively for general citizens. For senior citizens, the rates offered are 7.55 % and 7.55 %.
