Major Financial Changes in July: What You Need to Know

Financial Changes

As we step into July, several significant financial changes are set to take place that could impact your finances. From the announcement of the Union Budget to updates in credit card policies, here’s a rundown of what to expect:

1. Union Budget 2024

This July, Finance Minister Nirmala Sitharaman will present the first Union Budget of the newly elected government. Anticipate potential changes in income taxes, medical expense deductions, increased tax rebates, and enhanced pension benefits. The specifics of these changes will be revealed in the Union Budget 2024.

2. Income-Tax Returns

The deadline for filing your income-tax returns for the assessment year 2024-25 is July 31. To avoid last-minute hassles, it is advisable to begin the filing process well ahead of the deadline.

Financial Changes

3. SEBI on Joint Mutual Fund Portfolios

The Securities and Exchange Board of India (SEBI) announced that mutual fund portfolios and demat accounts will not be frozen for non-submission of nominations. This means investors holding securities in physical form will continue to receive dividends, interest payments, and redemption payments, as well as have the ability to lodge grievances.

4. Citibank Credit Cards Transition to Axis Bank

By July 15, Citibank credit cards will be fully migrated to Axis Bank. Axis Bank has introduced new card variants to accommodate Citi credit card users. Notably, the card PIN, number, expiry date, and CVV of existing Citi cards will remain unchanged.

5. YES Bank Credit Card Updates

Starting July 1, YES Bank credit cardholders can unlock complimentary domestic lounge access by spending ₹35,000 or more in a calendar quarter. Eligible cards include YES Marquee, YES SELECT, YES Reserv, YES First Preferred, YES Bank ELITE, YES BYOC, and YES Wellness Plus.

6. Paytm Wallet Closures

From July 20, 2024, Paytm Payments Bank will begin closing inactive wallets with nil balances and no transactions for over a year. Affected users will receive a 30-day notice before their wallets are deactivated.

7. HSBC Bank Credit Card Changes

Effective July 1, certain transactions will no longer accrue reward points for HSBC Bank credit cardholders. These transactions include education and government-related payments, insurance premiums, e-wallet loading, fuel transactions, tax payments, and utility transactions.

Financial Changes

8. PNB Debit Card Updates

Starting July 1, 2024, Punjab National Bank (PNB) will update its lounge access program for RuPay Platinum Debit cardholders. The new program offers:

  • One complimentary domestic airport or railway lounge access per quarter
  • Two complimentary international airport lounge accesses per year
  • An authorization charge of ₹2 for airport lounge access

These changes highlight the dynamic nature of financial policies and their potential impact on your daily transactions and overall financial planning. Stay informed and plan accordingly to make the most of these updates.

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