7 Major Financial Changes from November 1, 2024: Money Transfers, Credit Cards, LPG Prices, and More 

From November 1, 2024, many significant financial changes will be implemented for Indian consumers. Updates on rules related to domestic money transfer, credit card fees, LPG cylinder prices, and much more will come into effect. Entities such as RBI, Indian Bank, and TRAI are doing this to make services easier, more secure, and adjust interest rates. Here are the seven major updates you need to know:

1. RBI's New Domestic Money Transfer (DMT) Rule
The RBI begins to introduce a new DMT system from November 1st. This new rule tries to make it easier in terms of compliance with law and security of the end-user. The number of banking outlets has been very rapidly increasing, and facility for digital payment systems has enhanced. DMT upgradation ensures that fund transfer must be safe and easy at the same time during transferring without any kind of disruption across various parts of India, offering several digital choices with this revision in order to make the money transfer system stronger in India.

2. SBI Credit Card Fees to Change
SBI Card, the subsidiary of State Bank of India, is going to bring significant changes in the fee structure of its credit card, which is going to affect users of unsecured SBI credit cards. The finance charge will be charged at 3.75% per month. More importantly, utility payments above ₹50,000 in a billing period will attract a fee of 1%. It is going to be introduced from December 1, 2024.

ICICI Bank Credit Card Updates
ICICI Bank is going to alter its credit card charges and rewards scheme from November 15, 2024. It is doing away with spa benefits, withdrawing the fuel surcharge waiver on spends of ₹100,000 or more, and reward points on government transactions. Another new charge includes a 1% fee on payments made through third parties towards education, in addition to the changed late payment charges. The change affects several services, such as insurance and airport lounge access.

4. Indian Bank Special FD Maturity Date
Indian Bank provides a special FD scheme up to only November 30, 2024. At a general public interest rate of 7.05% and for seniors at 7.55% while for super seniors at 7.80%, the scheme is competitive. At 400 days tenure interest rates range at 7.25% for a general investor, 7.75% for senior, and 8.00% for super seniors. The minimum amount to be invested is ₹10,000 and the scheme is applicable for deposits up to ₹3 crore with callable options.

5. Reduces Time to Book Railway Tickets in India
Indian Railways, from 1st November 2024, has shortened the period of advance booking for tickets in trains to 60 days from the erstwhile period of 120 days. This change has no implications whatsoever on those who have already booked their tickets prior to 1st November. But, it shortens the planning period to book long travel.
 
6. TRAI Message Traceability Rule
In an attempt to curb spam and fraud, TRAI has introduced a message traceability rule wherein telecom companies will be mandated to track transactional and promotional messages. All such messages that fail the traceability criteria would be blocked from November 1, 2024, thereby making the messaging environment safe and more regulated for the users.

7. LPG Cylinder Price Update
Lastly, LPG cylinder rate will be revised on 1 November. It's to declare what will go into place. So always be updated about the new LPG rates as your budget is bound to hamper by its change that you face in spending from homes.

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