This month (November), new financial regulations will go into effect. There have been numerous changes, such as adjustments to the rules governing SBI and ICICI Bank credit cards, new railway restrictions, revised money transfer instructions from the RBI, and the deadline for India’s Bank’s special FD offer.
Time period for advance ticket booking for railways decreases
Now, travelers can book their train tickets two months in advance from 120 days earlier. In a circular dated October 16, Indian Railways informed that it has revised the advance train ticket booking rules. The current advance booking period is of 120 days.
The new rule by Indian Railways will come into effect from November 1, 2024. “It has been decided that w.e.f. from 01.11.2024, the existing time limit for advance reservations by trains will be reduced by from 120 days to 60 days (excluding the date of journey). The new rules for advance train ticket booking will not impact the already booked tickets.
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New SBI credit card rule
For all unsecured SBI credit cards, SBI Card has changed the finance rates to 3.75% each month. This does not, however, apply to Shaurya, Defense. This will take effect on November 1st, 2024. A 1% fee will be imposed if the total amount of utility payments made during a billing period over Rs. 50,000. This will take effect on December 1, 2024.
ICICI Bank credit card rules modifications
The cost structure and perks for a number of credit cards have been altered by ICICI Bank, impacting services like grocery and insurance purchases, access to airport lounges, waivers of fuel surcharges, and even late payment fines. The revised rates will apply to a number of credit cards and take effect on November 15, 2024.
Spas will no longer be offered, and there will be no fuel cost waiver for purchases exceeding Rs 100,000, no awards for government transactions, a 1% tax for paying for schooling through a third party, and updated late payment penalties.
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RBI new rules on money transfer
RBI has amended some changes for domestic money transfer (DMT). It aims to prevent the misuse of banking channels for frauds. It will come into effect from November 01, 2024.
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.”
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Indian Bank’s two special FDs deadline
November 30, 2024 is now the new deadline for investing in Indian Bank’s two special duration plans, which are 300 and 400 days. For common people, the interest rates on the 300-day (Ind Supreme Product) and 400-day (Ind Super Product) fixed deposit plans are 7.00% and 7.05%, respectively. The rates available for senior citizens are 7.55% and 7.55%.
