Important notice for bank customers, especially those using credit cards. New regulations governing banking transactions and credit card billing will take effect from July 1. Major banks like SBI, HDFC Bank, and Citibank are overhauling their credit card services with significant changes.
SBI, HDFC Bank, and Citibank have announced major revisions to their credit card offerings, impacting reward points, retention charges, benefits, and card valuations. Effective July 1, 2024, SBI Credit Cards will discontinue reward points for government-related transactions across 22 types of credit cards. Similarly, ICICI Bank will adjust its credit card services, increasing the card replacement fee from Rs. 100 to Rs. 200 for all cards except the Emerald Private Metal Credit Card, effective July 1.
HDFC Bank Ltd. has introduced new fees for credit card rental payments via platforms like Cred, Paytm, Cheque, MobiKwik, and Freecharge. Starting August 1, customers will incur a 1% fee per transaction, capped at Rs. 3,000.
Citibank has notified its credit card holders through email, outlining a complete migration of all relationship-related services, including cards, to Axis Bank by July 15. Existing Citibank branded cards will remain operational until the transition to Axis Bank cards is completed smoothly.
Additional changes include discontinuing fees for cheque/cash pick-up and charge slip requests, reducing transaction fees on Dial-a-Draft transactions by 3% with a minimum of Rs. 300, and adjusting outstation cheque processing fees to 1% of the cheque value with a minimum cancellation fee of Rs. 100. ICICI Bank has also revised its policies to provide enhanced benefits for customers.