In July, significant changes will be made in our financial landscape. Key factors include the results of the Lok Sabha elections, which will influence economic policies and market confidence. Taxpayers need to be ready for the upcoming deadline to file their income tax returns to avoid penalties.
Additionally, credit card policies are being updated, such as reward programs and transaction fees. These changes will impact credit card users across the country. It’s crucial to stay informed about these developments to manage your finances effectively. As July approaches, staying updated will help you plan and secure your financial future.
Paytm Wallets Update
Paytm Payments Bank has issued a notice stating that starting from July 20, 2024, all Paytm wallets that have been inactive with no transactions and zero balance for over a year will be closed. This decision aims to streamline operations and maintain the efficiency of their services. Users with wallets meeting these criteria will receive a notification regarding the impending closure and a 30-day notice period. During this period, affected users are encouraged to initiate transactions or maintain a balance to keep their wallets active.
This proactive measure by Paytm Payments Bank highlights its commitment to maintaining a secure and effective platform for digital transactions. Users are advised to stay informed about these changes and take necessary actions to avoid inconvenience.
SBI Card Changes to Reward Points on Government Transactions
Starting July 1, 2024, SBI Card has announced that certain credit cards will no longer earn reward points on transactions related to government payments. This adjustment is part of SBI Card’s policy to modify reward point accruals, focusing on transactions not related to government payments.
Here’s a list of affected SBI Credit Cards:
- Air India SBI Platinum Card
- Air India SBI Signature Card
- Central SBI Select+ Card
- Chennai Metro SBI Card
- Club Vistara SBI Card
- Club Vistara SBI Card PRIME
- Delhi Metro SBI Card
- Etihad Guest SBI Card
- Etihad Guest SBI Premier Card
- Fabindia SBI Card
- Fabindia SBI Card SELECT
- IRCTC SBI Card
- IRCTC SBI Card Premier
- Mumbai Metro SBI Card
- Nature’s Basket SBI Card
- Nature’s Basket SBI Card ELITE
- OLA Money SBI Card
- Paytm SBI Card
- Paytm SBI Card SELECT
- Reliance SBI Card
- Reliance SBI Card PRIME
- Yatra SBI Card
ICICI Bank Credit Card Service Revisions
ICICI Bank has announced changes to its credit card services effective July 1, 2024.
Here’s what’s changing:
- Card Replacement Fee: The fee for replacing a credit card (excluding the Emerald Private Metal Credit Card) will increase from Rs 100 to Rs 200.
Discontinued Charges:
- Cheque / Cash Pick-up Fee: The Rs 100 fee per pick-up will be discontinued.
- Charge Slip Request Fee: The Rs 100 fee per charge slip request will be discontinued.
- Dial-a-Draft Transaction Fee: The 3% deduction of the draft value amount, with a minimum cost of Rs 300, will be discontinued.
- Outstation Cheque Processing Fee: The 1% fee of the cheque value, subject to a minimum of Rs 100, will be discontinued.
- Duplicate Statement Request Fee (beyond 3 months): The Rs 100 fee for duplicate statement requests will be discontinued.
ITR Filing Deadline
The deadline to file Income Tax Returns (ITR) for the Fiscal Year 2023-24 (Assessment Year 2024-25) is July 31, 2024. If you miss this deadline, you can still file a delayed return by December 31, 2024.
PNB Rupay Platinum Debit Card Lounge
Starting from July 1, 2024, PNB Bank has revised the lounge access program for all variations of the Rupay Platinum Debit Card:
- You will now get access to 1 domestic airport or railway lounge per quarter.
- Additionally, you can access 2 international airport lounges per year.
Citibank Credit Card Migration
Citibank has informed its credit card customers about migrating all relationships, including credit card accounts, to Axis Bank. This migration process is expected to be completed by July 15, 2024.
