As we approach the end of 2024, it’s time to address different financial responsibilities that need to be wrapped up before year-end.
Here are some key financial deadlines that you should be aware of in November 2024:
RBI Money Transfer Rule: The Reserve Bank of India (RBI) has introduced new guidelines for domestic money transfers (DMT), which took effect on November 1, 2024. These measures are designed to safeguard banking channels against fraudulent activities.
“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,” according to a recent RBI circular.
Advertisement
Deadline For Indian Bank’s Special Fixed Deposit: The deadline to invest in Indian Bank's two special fixed deposit plans, offering durations of 300 and 400 days, has been extended to November 30, 2024. The 300-day "Ind Supreme" plan provides a 7.30 per cent interest rate for general citizens, while the 400-day "Ind Super" plan offers 7.05 per cent. For senior citizens, both plans offer a higher rate of 7.55 per cent.
Revised Rule For Advance Train Ticket Booking: Starting November 1, 2024, the Indian Railways reduced the advance reservation period (ARP) for train tickets from 120 days to 60 days, excluding the day of travel. This change aims to streamline the ticket booking process while providing greater flexibility for travellers.
Advertisement
Revised SBI Credit Card Policy: The updated SBI credit card policy includes changes to the fee structure for utility bill payments and adjustments to finance charges, with varying effective dates. Starting November 1, 2024, finance charges on all unsecured SBI credit cards got revised to 3.75 per cent per month, excluding Shaurya and Defense cards. Additionally, from December, a one per cent fee will apply if total utility payments in a billing period exceed Rs 50,000.
Updated ICICI Credit Card Rules: ICICI Bank has revised its fee structure and reduced rewards on several credit cards, impacting services like insurance and grocery purchases, airport lounge access, fuel surcharge waivers, and late payment fees. Effective November 15, 2024, these changes apply to various credit cards. Updates include the discontinuation of spa benefits, no fuel surcharge waiver for spends above Rs 100,000, removal of rewards on government transactions, an annual fee spend threshold, a one per cent fee on education payments via third parties, and revised late payment charges.
