Key Personal Finance Deadlines And Rule Changes In July

Come July, you need to be aware of the personal finance deadlines and rule changes that will impact your daily life.
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Personal Finance Deadlines, july, Deadlines

The first six months of 2024 are already gone, and as we step into July which marks the beginning of the rest of the year, it’s important to be aware of the personal finance deadlines and rules. 

Here are key personal finance deadlines and rule changes in July: 

Paytm Wallet: According to Paytm Payments Bank (PPB), a few types of wallets will be closed with effect from July 20. PPB has informed in a notice on its website that all the inactive payments bank wallets with nil balances will be closed. 

Says the PPB notice: “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 20th, 2024. Communication will be sent to all impacted users and users will be given 30 day's notice period, before closing their wallet.” 

SBI Credit Card Rules: From July 1 onwards, for certain credit cards, accrual of reward points on government-related transactions will be discontinued, according to the SBI card announcement. According to the SBI card website, here is the list of SBI credit cards where reward points will not be applicable on government-related transactions: 

  • 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 

    Also read; Digital Dilemma: Is It Safe To Use Finance Tracking Apps for Personal Budgeting?

Citibank Credit Card Migration: 

Post the Axis Bank’s acquisition of Citibank India’s consumer banking business, Axis Bank has informed that the migration of cards is set to be completed by July 15. It has also said that it would keep the customers duly informed of any changes to this deadline. Post the completion of the migration, from July 15 onwards, customers can start enjoying the benefits of their new Axis Bank credit cards. 

ICICI Bank Credit Card Changes: From July 1 onwards, there will be several revisions to different credit cards, according to the ICICI Bank announcement. There is a revision of the card replacement fee from Rs 100 to Rs 200 on all cards, apart from the Emerald Private Metal Credit Card. 

Here is a list of all the credit card charges that would be discontinued: 

  • Rs 100 per pick-up fee to be discontinued

  • Rs 100 per clip fee to be discontinued

  • Rs 100 fee for duplicate statement to be discontinued

Deduction of three per cent of the draft value amount, with a minimum cost of Rs 300, to be discontinued

One per cent of the cheque value, for a minimum of Rs 100, to be discontinued

PNB Rupay Platinum Debit Card: For all PNB Rupay platinum debit card holders, lounge access has faced revisions. From July 1 onwards, the new rules will be applicable. While domestic airport/railway lounge access would be one per quarter, it is two for international airport lounge access per year. 

ITR deadline: July 31 is the new income tax return (ITR) filing deadline for the fiscal year 2023-2024 (AY 2024-2025). However, in case you fail to submit it by the deadline, you could still file a delayed return by December 31, 2024. 

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