Delhi, October 31: Starting November 1, several regulatory updates will impact various aspects of daily life across India. Covering financial, banking, and transportation domains, these changes aim to improve security, simplify processes, and support compliance with new guidelines.

Staying informed about these changes is vital for managing budgets effectively. Here’s a closer look at the major adjustments to expect.

RBI Domestic Money Transfer (DMT) Rule

The Reserve Bank of India (RBI) is implementing a new Domestic Money Transfer (DMT) framework from November 1. This rule ensures enhanced security in money transfers within India, complying with the latest financial legislation. Highlighting the rise in digital payment methods and banking access, the RBI aims to make money transfers safer and more accessible for all users. November 2024 Festivals, Events and Holidays Calendar: Bhai Dooj, Children’s Day and Guru Nanak Jayanti – Complete List of Important National and International Days and Dates.

 

SBI Credit Card Fee Updates

SBI Card, the credit card subsidiary of State Bank of India, will update its fee structure for unsecured credit cards. The finance charge will increase to 3.75% per month. For those paying utility bills exceeding Rs. 50,000 in one billing period, a 1% fee will apply, effective December 1, 2024. This update emphasizes the importance of managing credit card usage and fees effectively. Bank Holidays in November 2024: From Diwali to Chhath, Banks To Remain Closed for 13 Days Next Month; Check Complete List of Bank Holiday Dates.

 

ICICI Bank Credit Card Revisions

ICICI Bank is also modifying its credit card policies starting November 15, 2024. Notable changes include discontinuing spa benefits, limiting fuel surcharge waivers beyond Rs. 100,000, and removing reward points on government transactions. Additionally, a 1% fee will apply to education payments via third-party platforms, and late payment fees will be revised.

Indian Bank Special FD Deadline

November 30, 2024, is the final day to invest in Indian Bank’s special fixed deposit (FD) scheme, “IND SUPER 400 DAYS.” Offering 7.05% interest for the general public, 7.55% for senior citizens, and 8.00% for super senior citizens, this FD program provides a lucrative option for fixed-term investment.

Advance Train Ticket Booking Rule Change

Effective November 1, Indian Railways will reduce its advance booking period from 120 days to 60 days for train tickets. Passengers with bookings beyond 60 days will not be affected by this update.

TRAI’s Message Traceability Regulation

The Telecom Regulatory Authority of India (TRAI) is enforcing new rules to improve traceability of messages to combat spam and fraud. Beginning November 1, telecom companies will trace the origins of transactional and promotional messages, blocking non-compliant ones to reduce spam.

LPG Price Revision

As of November 1, monthly LPG price adjustments by petroleum companies will reflect new rates for domestic and commercial cylinders, impacting both households and businesses.

Upcoming changes across sectors emphasise the need for awareness to adapt smoothly to new regulations affecting daily life in India. Staying informed will be key to managing finances, securing transactions, and adjusting to updated guidelines for greater convenience.

(The above story first appeared on LatestLY on Oct 31, 2024 04:29 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).