As we step into July 2024, several critical financial changes and deadlines are set to take effect. From updates in credit card rules to the closure of inactive Paytm wallets, and the looming Income Tax Return (ITR) deadline, it’s essential to stay informed. Here are the six major financial changes and deadlines to note this month.
1. SBI Card Credit Card Rule Changes – Effective July 1, 2024
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 popular options like Air India SBI Platinum Card, Club Vistara SBI Card PRIME, and Paytm SBI Card SELECT. This change will impact how cardholders accumulate reward points on specific transactions, making it crucial to review your card’s reward structure.
2. ICICI Bank Credit Card Charge Revisions – Effective July 1, 2024
ICICI Bank is set to implement changes to various credit card service charges from July 1, 2024. Significant updates include:
- Increase of the card replacement fee from ₹100 to ₹200 (excluding the Emerald Private Metal Credit Card).
- Discontinuation of several fees, such as 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 aim to streamline fee structures and may affect your credit card usage costs.
3. Citi Bank Credit Card Migration – Deadline July 15, 2024
Axis Bank has announced that all Citibank credit card accounts will be migrated by July 15, 2024. This migration includes all credit card relationships, meaning Citibank customers will need to transition to Axis Bank systems and services. Ensure you’re prepared for this shift and understand any changes to your account management and benefits.
4. Paytm Wallet Closures – Effective July 20, 2024
On July 20, 2024, Paytm Payments Bank will close wallets with NIL balances and no transactions for over a year. Users with inactive wallets will receive a 30-day notice before closure. To avoid disruption, ensure your Paytm wallet has a balance or recent transaction activity if you wish to keep it active.
5. Income Tax Return (ITR) Deadline – July 31, 2024
The deadline for filing Income Tax Returns for the Fiscal Year 2023-24 is July 31, 2024. Missing this deadline means you can still file a delayed return by December 31, 2024, but it’s best to file on time to avoid penalties and interest on unpaid taxes. Ensure all your financial documents are in order and file your ITR promptly.
6. PNB Rupay Platinum Debit Card Lounge Access Changes – Effective July 1, 2024
Punjab National Bank (PNB) will update the lounge access benefits for all Rupay Platinum Debit Card variations from July 1, 2024. The revised benefits include:
- One domestic airport or railway lounge access per quarter.
- Two international airport lounge accesses per year.
Cardholders should note these changes to maximize their travel benefits.
Conclusion
July 2024 is a month of significant financial updates and deadlines. From changes in credit card rules and charges to the closure of inactive Paytm wallets and the crucial ITR filing deadline, staying informed will help you manage your finances effectively. Mark these dates on your calendar and ensure you’re prepared for these changes to avoid any disruptions or penalties.
