Major changes implemented starting July 1, From IT filing to credit card rules
Major changes implemented starting July 1, From IT filing to credit card rules
From July 1st, various institutions like ICICI Bank,SBI bank, the RBI, etc have rolled out new rules impacting credit card users and banking practices. These changes aim to enhance transparency, simplify processes, and protect customers from potential risks.
1)SBI Card is stopping the earning of reward points on government-related transactions for specific credit cards like the Air India SBI Platinum Card, Air India SBI Signature Card, Central SBI Select+ Card, and Chennai Metro SBI Card.
2)The lounge access program for all PNB Rupay Platinum Debit Card versions has been updated. Now, cardholders can enjoy one domestic airport/railway lounge access every quarter and two international airport lounge accesses per year.
3)ICICI Bank has upped the card replacement fee to Rs 200 for most cards, except the Emerald Private Metal Credit Card. They’ve also done away with various fees like the cheque/cash pick-up fee, charge slip request fee, dial-a-draft transaction fee, outstation cheque processing fee, and duplicate statement request fee. These changes are meant to simplify things for ICICI Bank credit card users.
4)Paytm Payments Bank will close inactive wallets with a zero balance and no transactions for more than a year on July 20.
5)The RBI has come up with new rules for credit, debit, and co-branded cards. Here’s a quick rundown:
– Card issuers must explain why they reject a credit card application.
– Insurance must be offered to cover fraud and other risks.
– Unsolicited cards and credit limit upgrades are banned without your say-so.
– You can close your credit card account through various ways, and it should be done in seven working days.
– Before converting credit card transactions to EMIs, the issuer must show the principal, interest, and upfront discount.
– Debit cards are only for people with savings or current accounts.
– Your permission is needed to adjust credit amounts over a certain limit.
– No sneaky charges or surprise credit card upgrades without your consent.
– You get a one-time chance to change the billing cycle to suit you.
6)Axis Bank has notified Citibank credit card customers about migrating all relationships, including credit card accounts, which is expected to be completed by July 15.
7)After getting a new SIM or swapping your old one, you have to wait seven days before requesting a unique porting code (UPC). If you ask for the UPC within seven days of a SIM swap, they won’t give it to you. This rule is to stop scammers from using fake SIM swaps to steal mobile numbers.
8)If you don’t use your bank account for a while, the bank might close it. Usually, if there are no transactions in a savings or checking account for three to five years, the bank could see it as abandoned and shut it down. Different banks may have slightly different rules, so it’s good to check with your specific bank.
