Upcoming changes in banking, railways and telecom: What to expect from November 1 onward
By Ajay Joseph | First Published Oct 31, 2024, 2:53 PM ISTNew features that will be imposed to SBI Card users include charges on credit card payments especially on purchase of utilities. Finance charges for unsecured credit cards will rise to 3.75% per month.
Starting November 1, 2024, the following changes in regulation will take effect in India and touches most of the daily financial transactions and travel. Such first change includes the new regulation of money transfer within the domestic system by the RBI and secondly the credit card policies have also been under alteration to make the system more convenient and more efficient financially. Here's a summary of some key changes to be aware of:
RBI Domestic Money Transfer Rule (DMT):
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Beginning November 1, the RBI is introducing an updated framework for Domestic Money Transfers (DMT). The new rule reflects the growing availability of banking and payment options, improved KYC processes, and evolving digital transaction capabilities. This regulatory adjustment follows a recent review focused on modernising DMT services.
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SBI Credit Card Fee Adjustments:
New features that will be imposed to SBI Card users include charges on credit card payments especially on purchase of utilities. Finance charges for unsecured credit cards will rise to 3.75% per month. Additionally, a 1% fee will be levied on utility payments if the total amount in a billing cycle exceeds Rs.50,000. This charge on utility transactions will commence from December 1, 2024.
ICICI Bank Credit Card Updates:
ICICI Bank is also updating its credit card fee and reward structures, effective November 15. The changes affect airport lounge access, late fees, and fuel surcharge waivers. The bank will no longer offer spa benefits, limit the fuel surcharge waiver to expenses under Rs 100,000, and impose a 1% fee on educational payments made via third-party platforms.
Indian Bank Special Fixed Deposit (FD) Deadline:
The deadline for investing in Indian Bank's "Ind Super" special FD scheme is November 30, 2024. This scheme offers varying interest rates—7.05% for the general public, 7.55% for seniors, and 7.80% for super seniors on 300-day FDs. A special rate of 8.00% is available for super seniors on a 400-day FD.
Advance Train Ticket Booking Rule:
Beginning November 1, Indian Railways will shorten the booking period for advance reservations from 120 to 60 days. This change will not affect previously booked tickets.
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TRAI's New Message Traceability Rule:
The Telecom Regulatory Authority of India (TRAI) will require telecom companies to implement message traceability. Starting November 1, all transactional and promotional messages must adhere to traceability standards to reduce fraudulent messaging.
LPG Cylinder Price Update:
On November 1, LPG cylinder prices may see adjustments for both domestic and commercial users, in line with monthly reviews by petroleum companies.
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