7 Big Changes from Nov 1: Money Transfer Rules, Credit Card Updates, FD Rates & LPG Prices

7 Big Changes from Nov 1: From tomorrow (November 1, 2024) onwards several changes will happen, RBI’s new rule for domestic money transfers (DMT), credit card changes and LPG cylinder prices as per NDTV report.

Reserve Bank of India (RBI) has announced a new Domestic Money Transfer (DMT) framework which will come into effect from November 1 to ensure better compliance and security of users.

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“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 wrote 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."

SBI Card which is a subsidiary of State Bank of India will be introducing new changes wherein unsecured SBI credit cards, finance charges will be 3.75% per month.

Also if total utility payments in a billing cycle is more than ₹50,000 a 1% fee will be applicable. But this is applicable from December 1, 2024.

ICICI Bank has changed its fee structure and credit card reward program for services like insurance, grocery, airport lounge access, fuel surcharge waivers, late payment fees.

This is applicable from November 15, 2024.

Spa benefits are discontinued, fuel surcharge waivers are discontinued for spending above ₹100,000, government transactions reward points are discontinued, annual fee has a spending threshold, 1% fee on education payment via third party, late payment charges are revised.

Indian Bank’s special FD can be invested only by November 30, 2024 as that’s the last date.

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Interest rates are 7.05% for general, 7.55% for senior citizens and 7.80% for super senior citizens for Ind Super 300 Days.

For 400 days the bank will offer 7.25% for general, 7.75% for senior citizens and 8.00% for super senior citizens. This is for investments above ₹10,000 to ₹3 crore in the form of FD/MMD with callable options.

Indian Railways has announced that it will reduce the current advance booking time for train tickets. Passengers can now book tickets only 60 days in advance as against 120 days earlier.

This is exclusive of the departure day. This will come into effect from November 1, 2024 but will not affect passengers who have already booked tickets.

Telecom companies will roll out message traceability as per new rules to check spam and fraud.

So transactional and promotional messages will be monitored and tracked. All which fail traceability standards will be blocked.

LPG cylinder prices will be revised on November 1 for both domestic and commercial.

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