As the month of October draws to a close today, there are several significant updates that are awaiting the next month across the banking, finance, and consumer services starting from the first day of November 2024 which will reshape the everyday transactions and decisions.
With effective from November 1, there will be various changes from banking regulations to updated fees on credit cards and also to the changes in booking train tickets in advance.
Here’s a breakdown of some of the changes that will impact daily life in simple terms.
1. TRAI’s New Message Traceability Regulations
As the digital space is evolving continuously, it also with several advantages create some challenges as well. In order to address the spike in spam and fraud calls/messages, the Telecom Regulatory Authority of India (TRAI) will be introducing a new message traceability requirement.
This feature will be starting from November 1, 2024. To address this issues, all telecom companies must track and verify the source of transactional and promotional messages.
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As per this, messages that don’t meet these traceability standards will be blocked, with an aim to reduce spam and protect consumers from potentially fraudulent communications.
2. New Rules for Domestic Money Transfers by RBI
Effective from November 1, the Reserve Bank of India (RBI) will also be rolling out a new set of guidelines for Domestic Money Transfers (DMT).
This was introduced in an attempt to secure the online transactions even with mobile phone, which is at the time most preferred, to make digital transfers safer for everyone.
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3. Reduced Advance Booking Period for Train Tickets
Recently, the Indian Railway has announced of an update regarding the advance ticket booking.
Staring from November 1, Indian Railways will shortened the advance booking period for train tickets from 120 days to 60 days before the date of departure.
Although this updated announcement will not affect those who have already booked their tickets under the old time frame but it will be getting applied to new bookings.
4. MonthlyLPG Price Updates
As is customary, petroleum companies will announce updated LPG cylinder prices on November 1.
For those using LPG cylinders, the prices of commercial cylinders may see an adjustment. Domestic cylinder prices, however, are expected to remain stable in the near term.
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5. SBI Credit Card Charges Update
If you are a SBI credit card user, this is for you. From November 1, the State Bank of India will have some changes in its credit card charges.
This includes monthly finance charges on unsecured SBI credit cards surging to 3.75 per cent.
Apart of this, in case if your total utility payments on the card exceed Rs 50,000 in a billing cycle, you’ll be subject to a 1 per cent fee on those payments, beginning on December 1, 2024.
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6. ICICI Bank Credit Card Rewards and Fees Revised
Apart from the public sector bank, private sector Bank ICICI Bank will also be implementing a similar update.
From November 15, the banks credit card services user will see adjustments in various rewards and benefits which are as follows:
– Spa benefits are being discontinued.
– No fuel surcharge waiver for amounts spent beyond Rs 100,000.
– No reward points on government-related transactions.
– 1 per cent fee on education-related payments made via third-party transactions.
In addition to it, the users drawing these service should also note that if they tend to miss these due dates, the late payment fees have also been revised under the new update.
7. Special Fixed Deposit (FD) Deadline with Indian Bank
For Indian Bank customers, it is important to note that the bank's special fixed deposit (FD) plan, offering attractive interest rates, will remain available only until November 30, 2024.
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For those interested, here’s what’s on offer:
300-day tenure: General public – 7.05 per cent, Seniors – 7.55 per cent, Super seniors – 7.80 per cent.
400-day tenure: General public – 7.25 per cent, Seniors – 7.75 per cent, Super seniors – 8.00 per cent.