Deadline for India's income tax payments extended; modifications made to PAN requirements
Swagger in, because as of July 1st, your bank's gonna hit you with some significant changes, especially when it comes to credit cards, ATM transactions, and a whole host of banking services from banks like SBI, HDFC, and ICICI. Here's the lowdown:
SBI Budget Blowout
Starting July 15th, SBI Card is revamping their Minimum Amount Due (MAD) calculation and scrapping complimentary air accident insurance on certain premium cards. The MAD will now include total GST, EMI amounts, fees, finance charges, and 2% of the unpaid balance. Plus, they're ditching the insurance on cards like SBI Card ELITE, Miles ELITE, and PRIME (sucks for existing holders too, not just newbies).
HDFC Bank: Hand Over the Cheddar
HDFC Bank is stepping up their fee game with new charges on credit card transactions kicking in starting July 1st. It's the new cool costing you a 1% fee on rent payments, gaming spends over ₹10,000, utility bill payments over ₹50,000, and wallet reloads over ₹10,000, all capped at ₹4,999 per transaction. Plus, they'll be dishing out reward points on insurance payments – up to 10,000 points a month – and updating fees on ATM usage, cash deposits, withdrawals, IMPS transactions, and demand drafts.
ICICI Bank: Coin Shortage
Not to be outdone, ICICI Bank is jumping on the bandwagon with revised fees on ATM and banking services, effective July 1st. First off, ICICI ATMs: the first five transactions are still free, but after that, you'll be shelling out Rs 23 per transaction. Non-ICICI ATMs aren't off the hook either; in metro cities, the first three transactions remain free for both financial and non-financial transactions. Beyond that, it's Rs 21 plus 18% GST per financial transaction, and Rs 8.50 plus 18% GST per non-financial transaction. International ATM transactions won't cost pennies either; it's now Rs 125 per withdrawal and Rs 25 for non-financial transactions. Seniors have the edge with fee exemptions, but that's it.
ATM Cash Runs Dry; IMPS Money Walks the Plank
As for ICICI Bank's cash transactions, things are getting tight. Starting July 1st, only three free cash transactions will be allowed per month at branches or cash recycler machines. After that, a fee of Rs150 per transaction will apply. And deposits exceeding Rs100,000 in a month will attract a fee of Rs150 or Rs3.50 per ₹1,000 – whichever is higher. For third-party cash deposits or withdrawals, the transaction limit remains at Rs25,000.
So there you have it! Start saving, because as of July 1st, it'll cost you more to do less at your favorite banks. Still own a pet hamster? Better grab a spare pillowcase to avoid those unexplained aging mystery wrinkles!
- In addition to the banking changes, SBI Card is modifying the Minimum Amount Due (MAD) calculation from July 15th, and will no longer offer complimentary air accident insurance on certain premium cards like SBI Card ELITE, Miles ELITE, and PRIME.
- HDFC Bank is introducing new fees on credit card transactions starting July 1st, including a 1% fee on rent payments, gaming spends over ₹10,000, utility bill payments over ₹50,000, and wallet reloads over ₹10,000, as well as updating reward points and fees on ATM usage, cash deposits, withdrawals, IMPS transactions, and demand drafts.
- ICICI Bank is upping their fees on ATM and banking services from July 1st, with ICICI ATMs charging Rs 23 per transaction after the first five free transactions, while non-ICICI ATMs will cost Rs 21 plus 18% GST per financial transaction, and Rs 8.50 plus 18% GST per non-financial transaction. Meanwhile, ICICI Bank is also limiting cash transactions to three free transactions per month at branches or cash recycler machines.
