As the deadline for filing Income Tax Returns (ITR) on July 31, 2024, approaches, several important financial deadlines and regulatory changes are coming into effect. Here are some key dates and changes to be aware of:
### Key Deadlines
The month of July 2024 is brimming with essential financial deadlines and regulatory updates that individuals should be aware of:
**July 1, 2024:** This date marks the implementation of new rules for SBI Card credit card users and alterations in ICICI Bank credit card service charges.
**July 15, 2024:** The migration of Citibank credit card customers to Axis Bank will be completed.
**July 20, 2024:** Paytm Payments Bank will deactivate wallets that have remained inactive for over a year.
**July 31, 2024:** This is the final date to file Income Tax Returns for the Fiscal Year 2023-24.
### Paytm Wallet Closures
On July 20, 2024, Paytm Payments Bank will take stringent actions by closing wallets that have a zero balance and have been inactive for more than a year. According to the bank’s official statement, “All wallets that have not had any transactions for the last year or more and have a nil balance will be closed effective July 20, 2024. A communication will be sent to all impacted users, who will be given a 30-day notice period before the closure of their wallet.” This move aims to streamline the bank’s digital wallet services and improve their efficiency.
### SBI Card Credit Card Rule Changes
Starting from July 1, 2024, SBI Card will introduce significant changes to its credit card reward point policies. Under the new rules, reward points will no longer be accumulated on government-related transactions for several types of credit cards including:
– 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
These adjustments are aimed at maintaining a streamlined loyalty rewards system that aligns with the bank’s overall strategic changes.
### ICICI Bank Credit Card Charge Revisions
ICICI Bank is set to revise multiple credit card service charges effective July 1, 2024.
. Here are the significant updates:
– The card replacement fee will see an increase from Rs 100 to Rs 200 for all cards except the Emerald Private Metal Credit Card.
– Several fees will be discontinued, including:
– The cheque/cash pick-up fee, previously Rs 100 per pick-up
– The charge slip request fee, formerly Rs 100
– The dial-a-draft transaction fee, which was 3% of the draft value (with a minimum of Rs 300)
– The outstation cheque processing fee, which was 1% of the cheque value (minimum Rs 100)
– The duplicate statement request fee, which was Rs 100 for statements older than three months
By making these adjustments, ICICI Bank aims to simplify its fee structure and provide better clarity to its customers.
### Income Tax Return (ITR) Deadline
The looming deadline for filing Income Tax Returns for the Fiscal Year 2023-24 (Assessment Year 2024-25) falls on July 31, 2024. Taxpayers who fail to meet this deadline still have an opportunity to file a delayed return until December 31, 2024. However, late filing may attract penalties and interest, so it’s advisable to file within the stipulated period.
### PNB Rupay Platinum Debit Card Lounge Access Changes
Punjab National Bank (PNB) has announced updates to its lounge access program for Rupay Platinum Debit Cardholders, effective from July 1, 2024. The new benefits will include:
– One domestic airport or railway lounge access per quarter
– Two international airport lounge accesses per year
These changes aim to enhance the travel experience for PNB’s valued cardholders.
### Citibank Credit Card Migration
In a major transition, Axis Bank has informed Citibank credit card customers that all accounts, including credit card relationships, will be migrated by July 15, 2024. This migration marks the final step in the acquisition process of Citibank’s consumer banking business by Axis Bank.
In summary, July 2024 is a critical month for financial deadlines and regulatory changes, impacting everything from credit card fees to digital wallets and income tax filings. Staying informed and adhering to these deadlines will help ensure financial compliance and efficiency.
