New rules from September 1; changes on SBI cards, postal services
New rules will impact household budgets, with revised charges for credit cards, mandatory silver hallmarking, and the merger of registered and speed post
Many significant changes are set to take effect across the country from September 1, likely to have a direct impact on household budgets and the common man’s expenses.
From silver hallmarking and SBI credit card rules to LPG price revisions, ATM charges, and possible adjustments in fixed deposit rates, several new measures will come into force, affecting consumers directly.
Also Read: Explained: UPI rule change, tax relief, and GST update from April 1
Revised terms for SBI cardholders
From September 1, State Bank of India (SBI) cardholders will face updated rules. A 2% penalty will be imposed on auto-debit failures, while international transactions may attract extra charges. Customers have been advised to monitor spending closely to avoid penalties.
Fuel purchases and online shopping could also see higher fees. As per SBI guidelines, reward points will no longer apply on certain cards for spending on digital gaming platforms, specific merchants, and government transactions.
Holders of Lifestyle Home Center SBI Card and Lifestyle Home Center SBI Card Select will not receive reward points on payments made towards government portals or digital gaming platforms.
Action on fraudulent calls
New measures to curb fraudulent calls and messages will also roll out from September 1.
Under TRAI’s directive, telemarketing will transition to a blockchain-based system by September 30 to strengthen security and reduce spam.
Merger of postal services
Changes are also expected in postal services. The government has announced a merger of registered post with speed post, effective from September 1.
This means that from September 1, all registered posts will be sent via speed post. A separate registered post service will no longer exist, consolidating all posts under the speed post category.
Hallmarking for silver jewellery
From September 1, the government is likely to introduce mandatory hallmarking for silver jewellery, similar to gold. The move aims to bring transparency and uniform standards to silver purity and pricing.
While the step is expected to boost consumer confidence, experts suggest it may also influence silver rates. Those planning to buy or invest in silver should take note of the new rules.
LPG gas cylinder prices
As is routine on the first of each month, oil companies will announce new LPG cylinder prices on September 1. Revisions are also expected for CNG and PNG gas rates.
On August 1, the price of a 19-kg commercial LPG cylinder was cut by Rs 33.50, while domestic LPG prices remained unchanged.
Future adjustments will depend on global crude oil trends and company calculations. A hike would burden households further, while a reduction could provide relief.
Also Read: India Post to phase out Registered Post; what does it mean for secure postal delivery?
ATM charges and FD rates
Several banks will implement new norms for ATM withdrawals starting September. Customers exceeding the monthly withdrawal limit will face higher transaction charges.
At the same time, many banks are reviewing fixed deposit interest rates. Currently, most lenders offer between 6.5 per cent and 7.5 per cent.
However, speculation suggests rates may be revised downward. Savers looking to invest in FDs may benefit from locking in current rates before changes take effect.