Starting November 1, a series of significant changes will come into play, impacting the daily lives of citizens nationwide. These changes cover a range of areas, particularly focusing on financial regulations, including the Reserve Bank of India’s (RBI) new Domestic Money Transfer (DMT) guidelines. Staying informed about these updates is essential for effective budgeting and compliance with the latest regulations, ultimately aiming to enhance the convenience and security for the populace. Here’s a summary of the key changes to keep in mind:
The Reserve Bank of India (RBI) is introducing a new framework for Domestic Money Transfer (DMT) effective November 1, 2024. This initiative aims to ensure compliance with existing financial laws and improve the security of domestic money transfers.
As per an RBI circular dated July 24, 2024, “There has been a 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.”
Beginning November 1, SBI Card, a branch of the State Bank of India, will implement crucial changes regarding utility bill payments and finance charges for credit card holders. For unsecured SBI credit cards, the finance charge will rise to 3.75% per month. Moreover, a 1% fee will be introduced for utility payments exceeding ₹50,000 in a billing cycle, starting December 1, 2024.
ICICI Bank will revise its fee structure and credit card rewards program, affecting various services, including insurance, grocery purchases, airport lounge access, fuel surcharge waivers, and late payment fees, effective November 15, 2024. Key changes include the elimination of spa benefits, removal of the fuel surcharge waiver for spending above ₹100,000, no reward points on government transactions, and an updated late payment fee structure.
Investors should note that the deadline for investing in Indian Bank’s special fixed deposit (FD) is November 30, 2024. The bank is offering interest rates of 7.05% for the general public, 7.55% for senior citizens, and 7.80% for super senior citizens on the Ind Super 300 Days FD. For the 400-day option, the rates are 7.25% for the general public, 7.75% for seniors, and 8.00% for super seniors.
According to the bank’s website, “Special Retail Term Deposit Product ‘IND SUPER 400 DAYS’, offering higher rate of interest for investment starting from Rs.10000 to less than *3 Crore for 400 days in the form of FD/MMD with callable options.”
The Indian Railways is reducing the advance booking window for train tickets from 120 days to just 60 days, effective November 1, 2024. This change does not affect passengers who have already purchased tickets, and the advance reservation period does not include the day of travel.
From November 1, telecom companies will implement message traceability regulations aimed at curbing spam and fraud. This initiative will track the source of transactional and promotional messages, preventing the delivery of those that do not comply with traceability standards.
As is standard practice, petroleum companies will revise LPG cylinder prices on November . While domestic users may experience price changes, businesses using commercial cylinders should stay vigilant regarding these adjustments.
