New Rules Impacting Train Tickets, Banking, Credit Cards from July 1st

From 1st July, several significant changes are about to take effect, directly impacting the common man's finances.

New Rules from 1 July 2024: Many rules, big and small, change every month. Several regulations are set to change from 1 July. New rules regarding instant ticket booking, PAN card applications, and credit card bill payments will come into effect from the first of July. These changes will directly impact the common person's finances. Let's understand what changes are coming into effect for ordinary citizens from 1 July.

Instant Ticket Booking Rules

From 1 July, the rules for instant ticket booking are changing. IRCTC (Indian Railway Catering and Tourism Corporation) has made complete preparations for this. According to CMI SK Thakur, OTP authentication will be required for instant tickets purchased through the IRCTC official website and mobile app. Your ticket will only be booked after you feed the OTP received on your mobile phone into the system.

New Rules for Credit Card Bill Payments

Some rules of public and private banks are going to change. In this regard, ICICI Bank has revised its service charges regarding charges levied on certain transactions. The bank has changed the terms and conditions associated with its credit cards.

New Charges on Online Gaming and Wallets

HDFC Bank has made changes to its credit card rules. According to the new rules, HDFC Bank will levy an additional charge of 1% if you spend more than ₹10,000 per month on gaming apps like Dream11, MPL, and Rummy Culture using your HDFC credit card. Similarly, a 1% charge will be levied if you load more than ₹10,000 in a month into third-party wallets (such as Paytm, Mobikwik, Freecharge, Ola Money).

Charges on Utility Bills

Banks are also going to charge for utility bills. An additional fee of 1% will be levied on HDFC credit card payments exceeding ₹50,000 per month for utility bills (electricity, water, gas, etc.). A 1% charge will also apply to fuel transactions exceeding ₹15,000.

New Rules for Credit Card Bill Payments

The Reserve Bank of India is implementing new rules related to credit cards from 1 July. According to the new rules, all credit card payments through the Bharat Bill Payment System (BBPS) will need to be revised. This order will affect major fintech platforms like PhonePe, CRED, BillDesk, and Infibeam Avenues. From 1 July, all credit card payments will be made through BBPS. So far, only eight banks have activated bill payments on BBPS.

Charges on ATM Transactions

ICICI Bank will charge its customers for withdrawing money from ATMs. Using another bank's ATM more than three times will incur a charge of ₹23 for financial transactions and ₹8.5 for non-financial transactions.

Aadhaar Now Mandatory for PAN Card Applications

If you do not have a PAN card and need to apply for one, an Aadhaar card will now be mandatory. The CBDT (Central Board of Direct Taxes) has stated that from 1 July 2025, an Aadhaar card will be required for new PAN cards. Those who have both PAN and Aadhaar cards must link them. Existing PAN card holders have until 31 December 2025 to link their Aadhaar without penalty.