From IRCTC Ticket Booking To SBI, ICICI Credit Card Updates, And LPG Rates: 7 Key Changes That Come Into Effect From November 1

The Reserve Bank of India (RBI) has introduced a new framework for Domestic Money Transfers (DMT). According to a circular released in July 2024, the RBI noted a significant increase in banking outlets, advancements in payment systems, and improvements in KYC (Know Your Customer) processes. This development allows users to choose from multiple digital options for transferring funds.

Starting November 1, 2024, the Indian Railways will modify its advance ticket booking system. Passengers will be able to reserve train tickets 60 days before departure, reducing the previous advance booking period of 120 days.

This change is designed to alleviate issues for passengers whose trains get canceled after booking far in advance. Importantly, this new rule will not affect tickets that have already been booked. 

 

As of November 1, LPG cylinder prices have been revised, impacting both domestic consumers and businesses. 

The deadline to invest in Indian Bank's special fixed deposit (FD) is November 30, 2024. The bank will offer the following interest rates:

-7.05% for the general public -7.55% for senior citizens -7.80% for super senior citizens on the Ind Super 300 Days FD

For a 400-day term, the rates will be:

-7.25% for the general public -7.75% for senior citizens -8.00% for super senior citizens.

Effective November 1, SBI Card (a subsidiary of the State Bank of India) will implement significant changes regarding utility bill payments and finance charges. For unsecured SBI credit cards, the finance charge will rise to 3.75% per month. Additionally, a 1% fee will be applied on total utility payments exceeding Rs. 50,000 within a billing cycle, starting from December 1, 2024.  

ICICI Bank is also revising its fee structure and credit card rewards program, effective November 15, 2024. These adjustments will affect various services, including:

Insurance Grocery purchases Airport lounge access Fuel surcharge waivers Late payment fees

Changes include the removal of spa benefits, the discontinuation of fuel surcharge waivers for spending over Rs100,000, no reward points for government transactions, a new spend threshold for annual fees, a 1% fee on education payments made via third-party services, and updated late payment policies. 

Telecom Regulatory Authority of India (TRAI) has mandated new regulations for telecom companies, introducing message traceability to combat spam and fraud. Under this rule, both transactional and promotional messages will be monitored and traced, with any messages failing to meet traceability standards being blocked. (Image Credit: File Photo)