From Banking, Credit Card To ITR Deadline: 6 Big Rule Changes From July 2024

New Delhi: Come July and several rules pertaining to banking, financial and other sectors are going to change. Meanwhile, some deadlines are also going to end in July. Since these new rules are set to impact the day-to-day lives of a common man hence it is important to know more about these changes in detail.

Check out the key financial changes that would impact your everyday life from 1 July, 2024

1. Paytm Wallet

Paytm Payments Bank has said that certain types of wallets will be closed with effect from 20th July. In a notice on its website, Paytm Payments Bank has announced the dates for Closure of inactive Paytm Payments Bank wallets with nil balance.

"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," said the PPBL notice.

2. ICICI Bank Credit Card

ICICI Bank has said that with effect from July 1, 2024 it will charge Rs 200 as Card replacement fee as against current charges of Rs 100 for all cards. Exception is Rs 3500 for Emeralde Private Metal Credit Card vis-a-vis Exception Rs 199 for ICICI Bank Expressions Credit Card) and Rs 3500 for Emeralde Private Metal Credit Card.

ICICI Bank is going to discontinue Cheque/Cash pick-up fee of Rs 100 per pick-up from July 1, 2024. Other charges that the bank is going to discontinue from July 1, 2024 are Charge slip request of 100 per charge slip; Outstation cheque processing fee of 1 percent of the cheque value, subject to a minimum of Rs 100; and Duplicate statement request (beyond 3months) of Rs 100.

3. ITR Deadline

The last date to file the income tax return (ITR) for the Financial Year 2023-2024 (Assessment Year 2024-25) is July 31.

4. SBI Credit Cards 

SBI Cards has announced that for certain SBI Credit Cards, reward Points will not be applicable on Government related transactions w.e.f. 15 July 2024.

5. PNB Rupay Platinum Debit Card

From 1 July, PNB Rupay Platinum Debit Card for lounge access program will be revised. This will allow:

a. 1 (One) Domestic Airport / Railway lounge access per quarter.

b. 2 (Two) International airport lounge access per annum.

6. Citi Bank Credit Cards Migration

Axis bank has said that the migration of card(s) will be completed by 15-07-2024. The bank has added that it will keep customers duly informed of any changes to this timeline. Upon completion of the migration, i.e., 15-07-2024 onwards, customers can start enjoying the benefits of their new Axis Bank card(s) on their existing Citi-branded card(s). The Citi-branded card(s) will continue to work seamlessly till customers receive their new Axis Bank card(s) within a few months after the migration, it added