A number of financial changes are set to take place from today onwards, i.e. November 1, such as Reserve Bank of India's (RBI) new rule for domestic money transfers (DMT), credit card changes, and LPG cylinder prices, NDTV has reported.
Notably, the central bank announced a new Domestic Money Transfer (DMT) framework to ensure adherence to rules and security of users. “There has been significant increase in the availability of banking outlets, developments in payment systems for funds transfers, and ease in fulfilling KYC requirements etc,” the RBI remarked in a July 2024 circular.
"Now users have multiple digital options for funds transfer. A review was recently undertaken of various services facilitated in the current framework." it added.
SBI to introduce new changes
SBI card, a subsidiary to the State Bank of India, will introduce a set of new changes under which unsecured SBI credit cards, finance charges will increase to 3.75% per month, as per the report.
In addition, a 1% fee will be applied if the total amount of utility payments in a billing period exceeds Rs 50,000. However, this will be applicable from December 1, 2024.
Indian Bank special Fixed Deposit deadline
As per the new set of rules, Indian Bank's special fixed deposit (FD) can only be invested into by November 30, 2024, which is the deadline. Moreover, the interest rates are 7.05% for the general public, 7.55% for seniors, and 7.80% for super senior citizens on Ind Super 300 Days.
The bank is also going to offer a 7.25% interest rate for the general public, 7.75% for seniors, and 8.00% for super senior citizens, specifically for 400 days.
Indian Railways to reduce current time limit for advance ticket booking
The Indian Railways has announced that it would reduce the current time limit for advance train ticket booking, i.e., passengers are now able to book tickets only 60 days in advance as against 120 days previously.
Pertinent to note that this new rule will not impact passengers who have already booked their tickets in advance.
LPG price update
LPG cylinder prices are to be revised today, which will impact both domestic consumers and businesses.
TRAI's new rule
Telecom companies will also introduce message traceability as part of new regulations to keep a watch over spam and fraud. Accordingly, transactional and promotional messages will be tracked and monitored.
