From cards to Paytm wallet: 8 changes that will impact your pocket in July

From July 1, 2024, RBI new regulation requires all credit card payments to be processed through the Bharat Bill Payment System (BBPS)

As we approach the second half of 2024, several significant financial changes are set to take effect from July 1. Here’s a rundown of the key deadlines and updates you need to be aware of:

Key dates

July 1, 2024: Changes to SBI Card credit card rules and ICICI Bank credit card charges become effective.

July 15, 2024: Completion of Citibank credit card migration to Axis Bank.

July 20, 2024: Paytm Payments Bank will close inactive wallets.

July 31, 2024: Deadline for filing Income Tax Returns for Fiscal Year 2023-24.

RBI mandate on credit card bill payments

From July 1, 2024, the Reserve Bank of India's (RBI) new regulation requires all credit card payments to be processed through the Bharat Bill Payment System (BBPS). This initiative aims to enhance payment efficiency and security. Currently, only eight out of the 34 banks authorised to issue credit cards have activated bill payments on BBPS, including SBI Card, BoB Card, Kotak Mahindra Bank, IndusInd Bank, and Federal Bank.

 

SBI Card credit card rule changes

Starting July 1, 2024, SBI Card will discontinue the accrual of reward points on government-related transactions for several credit cards. The affected cards include:

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 charge revisions

Effective July 1, 2024, ICICI Bank will implement changes to various credit card service charges. Notable updates include:

Increase in card replacement fee from Rs 100 to Rs 200 (excluding the Emerald Private Metal Credit Card).

Discontinuation of the following fees:

Cheque/cash pick-up fee of Rs 100 per pick-up.

Charge slip request fee of Rs 100.

Dial-a-draft transaction fee of 3% of the draft value with a minimum of Rs 300.

Outstation cheque processing fee of 1% of the cheque value with a minimum of Rs 100.

Duplicate statement request fee of Rs 100 for statements beyond three months.

PNB Rupay Platinum debit card lounge access changes

Punjab National Bank (PNB) has announced changes to the lounge access program for all Rupay Platinum Debit Card variations, effective July 1, 2024. The updated benefits include:

— One domestic airport or railway lounge access per quarter.

— Two international airport lounge accesses per year.

YES Bank lounge access rule changes

YES Bank has revised its lounge access rules, effective July 1, 2024. Cardholders must spend a minimum of Rs 35,000 in the previous quarter to qualify for complimentary lounge access in the following quarter. The number of complimentary lounge visits remains unchanged, contingent upon meeting the Rs 35,000 spending threshold.

Citi Bank credit card migration

Axis Bank has informed Citibank credit card customers that all accounts, including credit card relationships, will be migrated by July 15, 2024. Post-migration, new credit card names will be as follows:

Citi Rewards Credit Card → Axis Bank REWARDS Credit Card

IndianOil Citi Credit Card → INDIANOIL AXIS BANK PREMIUM Credit Card

Citi PremierMiles Credit Card → Axis Bank HORIZON Credit Card

Citi Cash Back Credit Card → Axis Bank CASHBACK Credit Card

First Citizen Citi Credit Card → AXIS BANK SHOPPERS STOP Credit Card

Citi Prestige Credit Card → Axis Bank OLYMPUS Credit Card

Citi Business Credit Card → Axis Bank REWARDS Credit Card

IndianOil CitiBusiness Credit Card → INDIANOIL AXIS BANK PREMIUM Credit Card

IKEA Family Credit Card by Citi → IKEA Family Credit Card by Axis Bank

Unredeemed points will be converted to Axis EDGE REWARD Points or EDGE Miles, retaining their never-expiring status pre-migration, but with a three-year expiration period post-migration.

Paytm wallet closures

On July 20, 2024, Paytm Payments Bank will close wallets with NIL balances and no transactions for over a year. According to the bank’s website, "Please note that all wallets which do not have any transactions for the last 1 year or more and have nil balance, shall be closed w.e.f. July 20, 2024. Communication will be sent to all impacted users and users will be given 30 days' notice period, before closing their wallet."

Income Tax Return (ITR) deadline

The deadline for filing Income Tax Returns for the financial year 2023-24 (Assessment Year 2024-25) is July 31, 2024. Taxpayers who miss this deadline can still file a delayed return by 31 December 2024.