Starting November 1, 2024, several significant financial changes will take effect across India, affecting everything from money transfers to credit card terms and LPG cylinder prices. Here’s what to expect:
1. RBI’s New Domestic Money Transfer Rule
The Reserve Bank of India (RBI) is implementing a new framework for Domestic Money Transfers (DMT). This initiative aims to enhance security and compliance with regulations, as highlighted in a July 2024 circular. With the rise in banking outlets and digital payment options, the RBI is keen on streamlining funds transfer processes for users.
2. SBI Credit Card Adjustments
State Bank of India (SBI) will revise its credit card policies, effective December 1, 2024. Unsecured SBI credit card holders will see an increase in finance charges to 3.75% per month. Additionally, a 1% fee will be imposed on utility payments exceeding ₹50,000 within a billing cycle .
3. ICICI Bank Credit Card Changes
ICICI Bank is set to modify its fee structure and rewards program starting November 15, 2024. Changes include the discontinuation of spa benefits, new thresholds for fuel surcharge waivers, and revised late payment fees. Notably, reward points for government transactions will no longer be offered.
4. Fixed Deposit Investments with Indian Bank
Investors have until November 30, 2024, to open special fixed deposit accounts with Indian Bank, offering interest rates up to 8.00% for super senior citizens. This includes options for 300 and 400-day fixed deposits, targeting amounts between ₹10,000 and ₹3 crore.
5. Advance Train Ticket Booking Changes
From November 1, Indian Railways will reduce the advance booking period for train tickets from 120 days to 60 days. This adjustment will not affect passengers who have already secured their tickets .
6. TRAI’s Message Traceability Regulations
The Telecom Regulatory Authority of India (TRAI) will enforce new rules for message traceability to combat spam and fraud. Messages failing traceability standards will be blocked, enhancing consumer protection .
7. LPG Cylinder Price Adjustments
LPG cylinder prices will be revised on November 1, impacting both domestic and commercial consumers. The exact changes in pricing have yet to be disclosed.
These updates reflect an ongoing effort to enhance financial transparency and security while also addressing the needs of consumers in a changing economic landscape.
