Discover these essential changes which will take place from November.

Starting November 1, a number of changes will come into effect that will affect the daily lives of citizens across the country. These changes encompass various areas including financial regulation which includes the RBI’s new rule for domestic money transfers (DMT). Tracking these changes is crucial for effective budget management and ensuring compliance with updated guidelines. These changes will also make life easier and safer for the people of the country. So here’s a look at some of the major changes you need to be aware of.

RBI National Money Transfer (DMT) Rule

The Reserve Bank of India (RBI) has announced a new framework on domestic money transfers (DMT) which will come into effect from November 1, 2024. These regulations are designed to ensure compliance with existing financial laws and enhance security national money transfers.

According to the RBI, in a circular dated July 24, 2024, “there has been a significant increase in the availability of banking outlets, developments in payment systems for fund transfers and ease in fulfilling KYC requirements , etc., since then; and now users have multiple digital options for transferring funds. A review has recently been undertaken into various services facilitated under the current framework.

SBI Credit Card Changes

From November 1, SBI Card, a subsidiary of State Bank of India, will implement significant changes affecting the payment of utility bills and finance charges of its credit card users. For unsecured SBI credit cards, finance charges will increase to 3.75% per month. Additionally, if the total amount of utility payments made during a billing period exceeds Rs.50,000, a 1% fee will be applied. This is applicable from December 1, 2024.

ICICI Bank Credit Card Changes

ICICI Bank has also made changes to its fee structure and credit card rewards program. These changes will affect services such as insurance and grocery purchases, access to airport lounges, fuel surcharge waivers and even late payment fees. This is applicable from November 15, 2024.

The rule change includes removal of spa benefits, no fuel surcharge waiver for spending above Rs 100,000, no reward points on government transactions, spending threshold for annual fees, 1% fee on payment for education through a third party and revised late payment changes.

Indian Bank FD Special Deadline

The last date to invest in Indian Bank Special FD is November 30, 2024. Indian Bank will now offer interest rates of 7.05% to general public, 7.55% to senior citizens and 7.80% to super senior citizens during the Ind Super 300 Days. For 400 days, Indian Bank will now offer interest rates of 7.25% to general public, 7.75% to senior citizens and 8.00% to super senior citizens.

According to the bank’s website, “Special Term Deposit Product “IND SUPER 400 DAYS”, offering higher interest rate on investments ranging from Rs.10,000 to less than *3 Crore for 400 days in form FD/MMD with redemption options. “.

New rule for advance booking of train tickets

The Indian Railways has announced that it will reduce the current deadline for advance booking of train tickets. Passengers will now be able to book their tickets just 60 days in advance, compared to 120 days previously. The advance booking deadline does not take into account the day of train departure.

The new rule will come into force on November 1, 2024 and will not impact passengers who have already booked their tickets.

The new TRAI rule

From November 1, telecommunications companies will implement message traceability as part of new regulations aimed at combating spam and fraud. This measure will make it possible to monitor and track the origin of transactional and promotional messages, blocking those that do not meet traceability standards.

Updated price of LPG cylinders

As is usual on the first of every month, oil companies are expected to announce revised rates for LPG cylinders on November 1. While domestic users may see price adjustments, businesses that use commercial cylinders should remain attentive to these fluctuations.