Financial Rules Change From July 2024: Important Financial Deadlines and Regulatory Changes in July 2024

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Neha Kumari
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Financial Rules Change From July 2024

Financial Rules Change From July 2024: As July approaches, it's essential to be aware of upcoming financial deadlines and regulatory changes. Here are five key changes to note for the month:

1. Closure of Inactive Paytm Wallets

Paytm Payments Bank has announced that on July 20, 2024, all inactive wallets with NIL balances and no transactions in the past year or longer will be closed. According to the Paytm Payments Bank website, "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." Affected users will receive communication and a 30-day notice period before their wallets are closed.

2. Changes to SBI Card Credit Card Reward Points

Starting July 1, 2024, SBI Card will discontinue the accrual of reward points on government-related transactions for certain credit cards. As per the SBI Card website, the following cards will no longer earn reward points on government-related transactions effective from July 15, 2024:

  • 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

3. Impact on Affected Users

The changes in reward points accrual will significantly impact users who frequently make government-related transactions with the listed SBI credit cards. Cardholders are advised to review their spending patterns and consider alternative payment methods for such transactions to maximize their rewards.

4. Communication and Notice Period

Both Paytm Payments Bank and SBI Card have committed to notifying their affected users in advance. Paytm wallet users will receive a 30-day notice period before the closure of inactive wallets, ensuring they have ample time to address any concerns or activate their accounts. Similarly, SBI Cardholders will be informed about the changes to their reward points policies, allowing them to adjust their usage accordingly.

5. Preparing for the Changes

As these deadlines approach, it's crucial for Paytm wallet users and SBI Cardholders to stay informed and take necessary actions to avoid any disruptions. Checking account activity, understanding the new reward points policies, and planning transactions can help users adapt to these upcoming changes effectively.

Stay updated with these important financial changes to ensure a smooth transition and continued optimal use of your financial services.

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Financial Rules Change From July 2024