From rule for pre-booking train tickets to new money transfer guidelines – November 1 will bring significant changes. Checklist

From November 1, 2024, a series of important changes will affect the daily lives of citizens across India. These updates cover several sectors, especially financial regulation, including a major new rule from the Reserve Bank of India (RBI) governing domestic money transfers.

Staying abreast of these developments is essential for effective financial planning and compliance. Here’s an overview of the most notable changes to look out for.

LPG cylinder prices are under review

Oil marketing companies today announced an increase in the prices of commercial LPG gas cylinders. The cost of a 19kg commercial LPG cylinder has increased by ₹62, which makes the retail price in Delhi ₹1,802. Moreover, the price of 5kg FTL cylinders has also increased ₹15, while the rates for 14.2 kg cylinders remain unchanged.

SBI Credit Card Updates

From November 1, SBI Card, part of the State Bank of India, will be rolling out crucial changes for credit card holders, especially in utility bill payments and finance charges.

The finance charges for unsecured SBI credit cards will increase to 3.75% per month. Additionally, a new 1% fee will be applied to utilities that cross the line ₹50,000 in a billing cycle, effective December 1, 2024.

Restructuring of ICICI Bank Credit Card Charges

ICICI Bank is also revamping its credit card fee structure and rewards program, which will impact several services including insurance, grocery shopping and airport lounge access.

These changes will come into effect from November 15, 2024 and include the discontinuation of spa benefits, the abolition of the exemption from fuel surcharges for expenses exceeding ₹100,000, and adjustments to late fees.

RBI’s new framework for domestic money transfers

The RBI’s new guidelines for domestic money transfers (DMT) will also come into effect on November 1. This initiative aims to improve security in domestic money transfers and ensure compliance with updated financial regulations.

In a circular dated July 24, 2024, the RBI noted: “There has been a significant increase in the availability of bank branches and the ease with which KYC requirements can be met… users now have multiple digital options for money transfer.”

IRCTC: New rule for advance booking of train tickets

The Indian Railways has announced a reduction in the advance booking period for train tickets, which will now be limited to 60 days instead of the previous 120 days. This rule will apply from November 1, 2024, but will not affect passengers who have already secured their tickets.

Indian Bank Special Fixed Deposit Deadline

Investors have until November 30, 2024 to take advantage of Indian Bank’s special fixed deposit program, which offers attractive interest rates. The bank will provide 7.05% for general public, 7.55% for seniors and 7.80% for super seniors on deposits for 300 days. For a term of 400 days, the rates are 7.25%, 7.75% and 8.00% respectively.

According to the bank’s website, “the Special Term Deposit Product for Individuals ‘IND SUPER 400 DAYS’ offers higher interest rates for investments from ₹10,000 to ₹3 million.”

TRAI’s new message traceability regulation

Telecom companies will implement new regulations from November 1 to improve message traceability in a bid to combat spam and fraud. This new measure will monitor the origin of both transactional and promotional messages, effectively blocking messages that do not meet traceability standards.

These changes mark a crucial shift across several sectors, and if they are properly informed, citizens can navigate these updates effectively.