7 Major Financial Changes from November 1, 2024

1. RBI’s Domestic Money Transfer (DMT) Framework

  • The Reserve Bank of India introduces a revised DMT framework to improve compliance and security in money transfers. This update builds on increased digital payment availability and simplified KYC norms, allowing users more options for transferring funds securely.

2. SBI Credit Card Changes

  • SBI Card will raise finance charges on unsecured credit cards to 3.75% per month. From December 1, a new 1% fee will apply if monthly utility payments exceed ₹50,000. Cardholders should check details for their specific cards and update repayment plans to avoid extra costs.

3. ICICI Bank Credit Card Modifications

  • Starting November 15, ICICI Bank will revise its credit card rewards and fee structure. Notable changes include:
    • Removal of reward points for government transactions.
    • Removal of fuel surcharge waivers for high spends over ₹100,000.
    • Discontinuation of spa benefits.
    • Revision of late payment charges.
    • Introduction of a 1% fee on third-party educational payments.

4. Indian Bank Special Fixed Deposit Deadline

  • Indian Bank’s special fixed deposit rates are available only until November 30. Interest rates on the Ind Super 300 Days scheme stand at 7.05% for the general public, with higher rates for senior and super senior citizens. A special 400-day deposit also offers competitive rates, beneficial for those seeking short-term investments.

Additional Financial Changes

5. Advance Train Ticket Bookings

  • Indian Railways has reduced the advance booking period to 60 days, which may affect travel planning.

6. Telecom Regulatory Updates

  • TRAI’s new traceability rules aim to reduce spam and fraud, monitoring promotional messages.

7. LPG Cylinder Price Revisions

  • Expect changes in LPG cylinder prices on November 1, affecting domestic and business users.

These changes impact credit card holders, investors, and regular consumers, making November an essential month for financial updates.