Check out these essential changes happening from November.
From November 1, a number of changes will come into effect that will affect the daily lives of people across the country. These changes span several areas, especially financial regulations, including RBI's new rule on domestic money transfers (DMT). Keeping track of these changes is critical to effective budget management and ensuring compliance with updated guidelines. These changes will also make life easier and safer for the country's people. Here's an overview of some of the most important changes you should be aware of.
RBI Domestic Money Transfer (DMT) rule
The Reserve Bank of India (RBI) has announced a new domestic money transfer (DMT) framework that will come into effect from November 1, 2024. These regulations are intended to ensure compliance with current financial legislation and improve the security of domestic money transfers.
According to the RBI, in a circular dated July 24, 2024, it said: “There has since been a significant increase in the availability of bank branches, developments in payment systems for money transfers and convenience in meeting KYC requirements etc.; and now users multiple digital options for money transfer A review of various services facilitated under the current framework has recently been conducted.”
SBI Credit Card Changes
From November 1, SBI Card, a subsidiary of the State Bank of India, will be making significant changes that will impact utility bill payments and finance charges for its credit card users. For unsecured SBI credit cards, the finance charges increase up to 3.75% per month. In addition, if the total amount of utility payments in a billing period exceeds Rs.50,000, a surcharge of 1% will be charged. This applies from December 1, 2024.
ICICI Bank Credit Card Changes
ICICI Bank has also made changes to its fee structure and credit card rewards programme. These changes will affect services such as insurance and groceries, airport lounge access, fuel surcharge waivers and even late fees. This applies from November 15, 2024.
The rule change includes discontinuation of spa benefits, no waiver of fuel surcharge for spend above Rs 100,000, no reward points on government transactions, spending threshold for annual fee, 1% fee for education payments through third parties and revised changes in late payments.
Indian Bank Special FD Deadline
The last date to invest in Indian Bank Special FD is November 30, 2024. Indian Bank will now offer 7.05% interest rates to general public, 7.55% to senior citizens and 7.80% to super seniors. For 400 days, Indian Bank will now offer 7.25% interest rates to the general public, 7.75% to senior citizens and 8.00% to super seniors.
According to the bank's website, “Special Retail Term Deposit Product” IND SUPER 400 DAYS”, which offers higher interest on investments above Rs.10000 to less than *3 Crore for 400 days in the form of FD/MMD with callable options .”
New rule for booking train tickets in advance
The Indian Railways has announced to reduce the existing time limit for advance booking of train tickets. Passengers can now book tickets only 60 days in advance, compared to the previous booking period of 120 days. The period of advance reservation does not include the day of departure of the train.
The new rule will come into effect from November 1, 2024 and will not affect passengers who have already booked their tickets.
TRAI's new rule
From November 1, telecom companies will implement message traceability as part of new regulations to combat spam and fraud. This measure will monitor and track the origins of transactional and promotional messages, and block messages that do not meet traceability standards.
LPG cylinder price update
As usual on the first of every month, oil companies will announce revised rates for LPG cylinders on November 1. While domestic users may see price adjustments, companies using commercial cylinders should remain alert to these fluctuations.