July 2024 brings important updates for credit card users, taxpayers, and digital wallet holders. Key changes include revisions in credit card services by ICICI Bank and SBI, the announcement of the Union Budget, and new rules for income tax returns and digital wallets.
Here’s a look at key changes and deadlines:
Income tax return (ITR) filing
The deadline for filing income-tax returns (ITRs) for the assessment year 2024-25 is July 31, 2024.
Taxpayers are advised to begin the filing process early to ensure a smooth and timely submission.
Credit card changes
ICICI Bank is discontinuing fees for various services, such as charge slip requests, cheque/cash pick-up, Dial-a-Draft transactions, outstation cheque processing, and duplicate bank statements.
However, a ₹200 fee for card replacements will be implemented.
SBI Cards will stop awarding reward points for government-related transactions on many cards starting July 15.
The migration of Citibank credit cards to Axis Bank will complete by July 15, with new card names and changes to reward points.
Additionally, the RBI mandates that all credit card payments be processed through the Bharat Bill Payment System (BBPS) from July 1, affecting several major banks and fintech platforms.
YES Bank has revised its lounge access rules, requiring a minimum spend of ₹35,000 per quarter for complimentary access.
Union Budget 2024
Finance Minister Nirmala Sitharaman is expected to announce the Union Budget 2024 this month.
Anticipated changes may include adjustments in income taxes, medical expense deductions, additional tax rebates, and pension benefits.
Paytm wallets
Paytm Payments Bank will close inactive wallets with nil balances and no transactions for the past year or longer, starting July 20, 2024.
Affected users will receive a 30-day notice before their wallets are closed.
Punjab National Bank (PNB) debit card changes
Starting July 1, 2024, PNB will update its lounge access program for RuPay Platinum Debit cardholders. The new rules provide:
One complimentary domestic airport or railway lounge access per quarter
Two complimentary international airport lounge accesses per year
An authorisation charge of ₹2 for airport lounge access
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