A number of financial changes will take place from tomorrow onwards (November 1, 2024) such as RBI’s new rule for domestic money transfers (DMT), credit card changes, and LPG cylinder prices, according to an NDTV report.
RBI’s new Domestic Money Transfer (DMT) rule
The Reserve Bank of India (RBI) announced a new Domestic Money Transfer (DMT) framework which will come into effect on November 1, to enhance adherence to rules and security of users.
“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,” the RBI wrote in a July 2024 circular. “Now users have multiple digital options for funds transfer. A review was recently undertaken of various services facilitated in the current framework.”
New SBI credit card changes
SBI Card which is a subsidiary of the State Bank of India will be introducing new changes wherein unsecured SBI credit cards, finance charges will increase to 3.75% per month.
Also, if the total amount of utility payments in a billing period exceeds ₹50,000, a 1% fee will be applied. However, this specifically is applicable from December 1, 2024.
New ICICI Bank credit card changes
ICICI Bank has made changes to its fee structure and credit card reward program, affecting services like insurance, grocery purchases, airport lounge access, fuel surcharge waivers, and even late payment fees.
This is however, applicable from November 15, 2024.
Now spa benefits are discontinued, fuel surcharge waivers are also discontinued for spending beyond ₹100,000, reward points for government transactions no longer exist, there is a spending threshold for annual fee, there is a 1% fee on education payment via third party, and late payment charges are revised.
GST Changes
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Indian Bank special FD deadline
Indian Bank’s special fixed deposit (FD) can only be invested into by November 30, 2024 as that’s the last date.
The interest rates are 7.05% for the general public, 7.55% for seniors, and 7.80% for super senior citizens on Ind Super 300 Days.
Specifically for 400 days, the bank will also offer a 7.25% interest rate for the general public, 7.75% for seniors, and 8.00% for super senior citizens. This is for investments more than ₹10,000 to less than ₹3 crore in the form of FD/MMD with callable options.
Advance train ticket bookings
The Indian Railways has announced that it would reduce the current time limit for advance train ticket booking with passengers now able to book tickets only 60 days in advance compared to 120 days previously.
This advance reservation period is exclusive of the departure day.
The will come into effect from November 1, 2024, but won’t impact passengers who have already booked tickets prior.
TRAI’s new rule
Telecom companies will roll out message traceability as part of new regulations to check spam and fraud.
With this, transactional and promotional messages will be monitored and tracked. All those which fail traceability standards will get blocked.
LPG cylinder price update
LPG cylinder rates will be revised on November 1 which will affect both domestic consumers and businesses.
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