 "December 2024: Aadhaar, credit cards, FDs-financial changes to keep in mind")
Come December 2024, various financial deadlines and regulatory changes will come into effect. From Aadhaar updates to changes in credit card rewards and stricter rules for OTP traceability, here’s what you need to know.
Trai's new regulation on OTP traceability
To counter fraudulent OTP scams, the Telecom Regulatory Authority of India (Trai) has instructed telecom providers to enable message traceability by November 30, 2024. This directive was initially set for October but was extended after operators requested more time.
Do note that Trai's mandate on message traceability as part of curbing spams would not lead to any delay in delivery of messages nor disrupt timely receipt of one-time passwords.
Taking to X, TRAI dismissed as "factually incorrect" reports which suggested that OTP messages could get delayed from December 1.
"This is factually incorrect. TRAI has mandated the Access Providers to ensure message traceability. It will not delay delivery of any message," Telecom Regulatory Authority of India (TRAI) wrote on X.
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Free Aadhaar updates: December 14 deadline
Aadhaar cardholders can update their details online for free via the myAadhaar portal until December 14, 2024. After this date, charges will apply:
Current charges:
Offline updates at Aadhaar centres: Rs 50.
Online updates via the portal: Remain free until the deadline.
Special fixed deposit schemes closing on December 31
Several banks are offering limited-period fixed deposit schemes with attractive interest rates. These include:
IDBI Bank Utsav FDs:
300 days: 7.05% (7.55% for senior citizens).
375 days: 7.25% (7.75% for senior citizens).
444 days: 7.35% (7.85% for senior citizens).
700 days: 7.20% (7.70% for senior citizens).
Punjab & Sind Bank special FDs:
222 days: 6.30%.
333 days: 7.20%.
444 days: 7.30%.
555 days (Callable): 7.45%.
777 days: 7.25%.
999 days (Callable): 6.65%.
These schemes will end on December 1, 2024.
Changes to credit card terms starting December
Several banks are revising the terms and benefits of their credit cards.
YES Bank: From December 1 YES Bank will cap the number of rewards points that can be redeemed for flights and hotels.
Cardholders can use their YES Rewardz points to cover up to 70% of the total invoice or a maximum monthly limit, whichever is lower.
The monthly limits are as follows:
YES Private & Private Prime Cards: 6,00,000 points.
MARQUEE Cards: 3,00,000 points.
RESERV Cards: 2,00,000 points.
Other YES Bank Credit Cards: 1,00,000 points.
This cap on redemption is in addition to an existing limit that allows cardholders to use only 50% of available points for gift vouchers and statement credits.
SBI credit card: From December 1
Those who use their SBI credit cards for transactions related to digital gaming platforms or merchants will no longer earn reward points. This new rule will affect all SBI credit cardholders who engage in digital gaming transactions.
AU Small Finance Bank's updated policies: From December 22
The Ixigo AU credit card by AU Small Finance Bank will see changes in its reward point system:
No reward points for education, government services, rent, or BBPS transactions.
- Reward points on international spends will also be withdrawn as the bank introduces a 0% forex markup from 23 December.
Axis Bank credit card updates: From December 20
Axis Bank is revising fees and charges on its credit cards:
Finance charges: Increased to 3.75% per month from 3.6%.
Cheque return/dishonour fee: Minimum charge revised to Rs 500 (up from Rs 450), with no maximum cap.
Cash payment fee: Increased to Rs 175 from Rs 100.
Belated income tax return deadline
For taxpayers who missed filing their income tax returns on time, the deadline to submit a belated return is December 31, 2024. Penalties and interest on unpaid taxes may apply.
LPG price revision on December 1
Oil marketing companies revise LPG prices on the first of every month. While October saw a Rs 48 increase in commercial LPG cylinder prices, domestic gas rates remained unchanged. Adjustments for December are expected on the 1st.