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- By Aditya Pratap Singh
- Fri, 01 Nov 2024 12:51 PM (IST)
- Source:JND
Money transfer new guidelines: With the commencement of November, a range of financial rules have changed that will have an impact on household budgets, transportation, banking, and investments. Every month India witnesses some sort of change, Below are what citizens need to know about how these changes will affect their everyday lives.
Railways reduce advance ticket booking period
Travellers planning their journeys will need to adjust to a new rule from the Indian Railways. Starting today, the booking period for train tickets has been reduced from 120 days to 60 days. Passengers who have already booked tickets need not be concerned because the rule will not affect existing bookings.
RBI issues new guidelines for domestic remittances
The Reserve Bank of India's updated rules for domestic remittances came into effect today. These new guidelines aim to improve security and simplify compliance with evolving financial standards, reflecting the Reserve Bank of India's ongoing efforts to keep the Indian banking system safe and efficient for customers.
LPG and price increases
Oil marketing companies have announced a price increase for commercial LPG cylinders, which will have an impact on businesses and small enterprises throughout the country. The price of a 19kg cylinder has risen by Rs 62, bringing the cost in Delhi to Rs 1,802, while a 5kg cylinder has seen a price increase of Rs 15. Thankfully, the domestic 14.2kg cylinder has remained unchanged, providing some relief to households. However, petrol and diesel prices have also increased, adding to the strain on commuting and transportation expenses.
SBI credit cards become more expensive
Starting today, SBI credit cardholders will see a change in their finance charges. Finance charges for unsecured credit cards are now 3.75% per month, which means that customers may face higher costs if they carry a balance. Another change is scheduled to take effect on December 1, 2024: SBI will implement a new 1% fee on utility bill payments exceeding Rs 50,000 in a billing cycle. This change may require cardholders to consider alternative methods of managing high-value utility expenses.
ICICI Bank revises credit card fees and rewards
ICICI Bank is also revamping its credit card fees and rewards structure. Starting November 15, 2024, users will experience changes across several services. Spa benefits will no longer be offered, and fuel surcharge waivers will only apply to spends below Rs 100,000. Late payment fees and adjustments to other benefits will also have an impact on some cardholders, particularly those who frequently use these services.
Special FD Scheme Deadline
Investors looking for good returns on their savings until November 30, 2024, can take advantage of Indian Bank's special fixed deposit scheme, which offers high interest rates. The rates include 7.05% for regular customers, 7.55% for senior citizens, and 7.80% for senior citizens on deposits of 300 days. For 400 days, the rates increase to 7.25%, 7.75%, and 8.00%, respectively. The scheme applies to deposits ranging from Rs 10 lakh to Rs 3 crore and caters to a wide range of investors looking for growth in a safe savings instrument.