6 major financial deadlines, rules change in July 2024: Credit cards, Paytm wallets, ITR deadline

As the deadline for filing ITR, 31 July 2024, approaches, several significant financial deadlines and regulatory changes are set to take effect. Here are some crucial last dates to remember.

Key Deadlines:

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 ₹100 to ₹200 for all cards except the Emerald Private Metal Credit Card. Additionally, the following fees will be discontinued:

Cheque/Cash pick-up fee of ₹100 per pick-up

Charge slip request fee of ₹100

Dial-a-draft transaction fee of 3 per cent of the draft value with a minimum of ₹300

Outstation cheque processing fee of 1 per cent of the cheque value with a minimum of ₹100

Duplicate statement request fee of ₹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.