New Delhi: A new month means a host of changes and November is not an exception to this rule. There are going to be several changes from November, including modifications to the regulations of the SBI Card and ICICI Bank credit card. Also, there are going to be new rules in the Railways and RBI has updated guidelines for money transfer. Also, there is a deadline for the special fixed deposit offer of the Indian Bank.
All these changes are important as they are going to impact the common people directly. The likes of changes in the regulation of cards is something that a common reader must know. In this article, we will take a look at the changes that are going to be implemented from November.
SBI Credit Card: New rules
In the SBI credit card, the utility bill payments’ fee structure is going to be changed. The finance charges of the SBI card have been changed to 3.75 per cent per annum on all unsecured SBI Credit Cards except Shaurya, Defense. This will come into effect from November 1. Also, from December 1, if the total amount of utility payments made in a billing period exceeds Rs.50,000, there will be a 1 per cent fee.
ICICI Bank Credit Card: New rules
From November 15, there will be a fee structure in ICICI Banks. Also, for credit cards, there will be reduced rewards from the date. It will affect services like grocery purchases, insurance, access to the airport lounge, fuel surcharge waiver and even the payment of late fees. These changes are going to be applied to various credit cards.
Booking of new train tickets in advance
The advance reservation period (ARP) while booking a train ticket in the Indian Railways has been reduced to 60 days from 120 days. This modification will be implemented from November 1 to maintain the flexibility of a traveller while streamlining the ticket purchasing process.
RBI’s new rules for money transfer
From November 1, the new rules for domestic money transfers (DMT) will be implemented as announced by the Reserve Bank of India (RBI). It is being done to prevent fraudulent activities on banking channels. In a circular on July 24, the RBI mentioned a review of various services facilitated in the current framework.
FD deadline of Indian Bank
When it comes to Indian Bank, the deadline for investing in two special duration plans of 300 and 400 days, has been extended until November 30 this year. The fixed deposit plan of 300 days is the Ind Supreme Product and the FD plan of 400 days is the Ind Super Product. For general citizens, their interest rates are 7.30 per cent and 7.05 per cent, respectively and for senior citizens, the interest rates are 7.55 per cent and 7.55 per cent.
