July 2024 financial alert: ITR deadline, credit cards rule changes, paytm wallets closure, and More

July 2024 is set to bring a wave of significant financial changes and deadlines that everyone needs to be aware of. From updates in credit card rules and charges to crucial deadlines for filing Income Tax Returns (ITR), it's essential to stay informed. Whether you're a credit card holder, a Paytm wallet user, or a taxpayer, these changes will impact your financial planning and management. Here¡¯s a detailed look at the key dates and what they mean for you.

Key Deadlines For July 2024:

• 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.

Paytm wallet closures

On July 20, 2024, Paytm Payments Bank will close wallets with NIL balances and no transactions for over a year. The bank's website states, "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 days' notice period, before closing their wallet."

SBI card credit card rule changes

From 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 the increase of the card replacement fee from Rs 100 to Rs 200 for all cards except the Emerald Private Metal Credit Card. Additionally, the following fees will be discontinued:

• 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 per cent of the draft value with a minimum of Rs 300
• Outstation cheque processing fee of 1 per cent of the cheque value with a minimum of Rs 100
• Duplicate statement request fee of Rs 100 for statements beyond three months

Income Tax Return (ITR) Deadline

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

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

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.

Disclaimer:

The information provided in this article is for general informational purposes only and should not be considered financial or legal advice. Readers are encouraged to consult with a professional advisor for specific financial or legal guidance related to their individual circumstances. The dates and details mentioned are subject to change, and it is advisable to verify any changes or updates from the official sources.

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