Tag: personal finance

Deadline to file belated, revised income tax returns to end on Dec 31 — Key things

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The deadline to file the belated and revised income tax returns (ITRs) for FY 2021-22 (AY 2022-23) will end on December 31, 2022. This means taxpayers only have nine days left. Under income tax laws, an individual who has missed the last date to file an original income tax return can file a belated ITR.  Similarly, when someone files their return but later realises that they have missed some information or not disclosed something completely, they can file a revised return.

Filing belated returns

No penalty is levied for this, but if the assessing officer discovers that the error was intentional/fraudulent, revision of the return is not allowed, and a penalty may be levied.

This can be filed under Section 139(5) of the Income-tax Act. The process of filing is the same as filing an original ITR.

ALSO READ | How to file e-nomination for EPF account

Now, what happens if taxpayers miss these deadlines too?

If taxpayers miss the last date to file belated ITRs, they can file updated ITRs. The Finance Act of 2022 has introduced the concept of updated returns to allow a longer duration for an assessee to file the return of income. An updated return can be filed within 24 months from the end of the relevant assessment year (subject to certain conditions). It can be filed even after the expiry of time limits specified for the filing of a belated return or revised return of income.

An updated income tax return can be filed only after the end of the relevant assessment year. Hence, if taxpayers do not file belated ITRs now, then they will be allowed to file an updated ITR from April 1, 2023, only.

A penalty or fee is not levied upon a person who wishes to furnish an updated return. However, they will be required to pay an additional tax in accordance with Section 140B of the Income Tax Act.

A taxpayer will be liable to pay 25 percent additional tax on the tax dues if ITR-U for FY 2021-22 (AY 2022-23) is filed within the first relevant assessment year — i.e., between April 1, 2023, and March 31, 2024. However, if the ITR-U is filed between April 1, 2024, and March 31, 2025, then 50 percent additional tax on the tax dues will have to be given.

A taxpayer must furnish an updated return in those ITR forms which were notified for the respective assessment year for which an updated return is to be furnished. Such an ITR form will be filed along with the newly notified form ITR-U.

ALSO READ | ITR refund: Process to check status, reasons for delay and other details

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

NRIs not required to e-file Form 10F till March 2023 — How will taxpayers benefit?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Central Board of Direct Taxes (CBDT) has recently said that non-resident Individuals (NRIs) not having Permanent Account Number (PAN) are not mandatorily required to e-file Form 10F. They can instead do it manually. However, this relief has been granted till March 31, 2023 only and taxpayers will have to wait for future developments to know if e-filing will become mandatory post that.

“On consideration of the practical challenge being faced by non-resident (NR) taxpayers not having PAN in making compliance and with a view to mitigate genuine hardship to such taxpayers, it has been decided by the Competent Authority that certain category of Non-resident taxpayers who are not having PAN and are not required to have PAN as per relevant provisions of the Income-tax Act, 1961 read with Income-tax rules, 1962 are exempted from mandatory electronic filing of Form 10F till March 31, 2023,” the notification read.

“For sake of clarity, it is reiterated that such category of taxpayers may make statutory compliance of filing Form 10F till March 31, 2023, in manual form as was being done prior to issuance of the DGIT (Systems) Notifications no.3 of 20

So, what exactly is this Form 10F?

A person who earns income is required pay tax in the country he/she earns in as well as the country he/she resides in. In order to avoid this, India has signed Double Taxation Avoidance Agreements (DTAAs) with many countries so that the income is taxed only once. To claim this benefit, taxpayers are required to file Form 10F.

How to get this form?

This form has to be furnished online on the Income Tax e-Filing Portal. It can also be obtained from banks.

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How will NRIs benefit with the new notification?

NRIs faced compliance burden with mandatory e-filing of Form 10F. They were required to obtain a PAN card in India (also in cases where they don’t need to) and a digital signature certificate (DSC), which had to be renewed periodically. With this partial relief, NRI taxpayers who do not have a PAN card can still use the physical method of filing Form 10F.

What is required to fill Form 10F?

Form 10F requires basic information of the taxpayer and the Tax Residency Certificate (TRC), such as the legal status, address, country of incorporation/birth, PAN (if applicable), unique tax identification number in the country of residence and the period for which the TRC is applicable.

ALSO READ | How to plan tax savings investments for 2023? Check your options here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Last chance to buy RBI’s gold bond in 2022 | SGB opens today — Check details

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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If you want to invest in Sovereign Gold Bond (SGB) in 2022, this could be your last chance. The third tranche of the SGB 2022–23 has opened for subscription today, i.e. on December 19 and will be available till December 23. The date of issuance for the same is December 27, 2022. The issuance price is Rs 5,409 per gramme.  Online subscribers can, however, secure these bonds at a discount of Rs 50 per gram.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

How to plan tax savings investments for 2023? Check your options here

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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With just a few days left to usher in the New Year 2023, it is the time of the year when people go high on making resolutions for every sphere of life. Among New Year resolutions, financial pledges related to investments and tax planning of all sorts are generally high on most individuals’ promise lists including of near and dear ones.

So, here some quick tips on how to plan tax savings next year:

Do a careful planning

Careful planning is required through the year not only to ease the year-end pressure, but also to get better returns. An individual can avail deduction of up to Rs 1.5 lakh under section 80C of the Income Tax Act. There are various options available under this to avail the exemption. Some of them give fixed returns, while it may vary for others as they are market-linked instruments.

Identify the tax regime

Salaried people should further identify which tax regime is good for them (the old one or the new one). For better tax management, investors should calculate their tax liability under both tax regimes and opt for one involving the least tax outgo.

Budget 2020 introduced a new tax regime with a lower tax rate, in the interest of those who were unable to avail benefits under the older tax regime. However, this regime is optional.

So, what are the options?

While insurance is a must have in portfolio, more as a safety net, should definitely invest in Equity Linked Saving Scheme scheme or ELSS.

ELSS not only give the benefits under Section 80C, but also help in growing wealth. A mandatory lock in of 3 years in ELSS funds actually helps investors create a healthy corpus.

If there is the possibility of further investment beyond 80C then one should also invest in National Pension System or NPS.

As per experts, one should also claim all deductions like donations made during the year. If supported by the employer, the employees can also avail of LTC benefit by meeting the required conditions.

For individuals in mid 50s who don’t want to take risks, should opt for fixed return instruments such as fixed deposits, National Saving Certificate (NSC)  and Public Provident Fund (PPF) is a better option.

For people in the late 40’s, FD or NSC is a better option as the lock-in period is just 5 years as compared to PPF whose lock-in period is 15 years.

Individuals can also opt for a mix portfolio to have a balanced return with PPF providing the fixed benefit of 7-8 percent as decided by the government and using market-linked products like ELSS which can give 12-14 percent in the long term and have a lock-in period of 3 years.

ALSO READ | SIP contributions at record high as investors looks convinced with wealth creation opportunities

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Saving for your child’s higher education abroad? Here are key tips to follow

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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For a child from a middle-class family, the road to meeting study abroad dreams is filled with challenges and hurdles. Unlike affluent families (who face their share of difficulties), everyday folks and their goals are subject to adequate funds. Considering that the total expense of an international education degree can range anywhere from Rs 35 lakh to Rs 2 crore, financial backing is a pertinent factor in fulfilling one’s study abroad goals.

However, in a dilemma to figure out a solution, people usually ignore other vital steps necessary for a smooth overseas higher education journey.

Against this backdrop, CNBC-TV18 spoke to Prashant A Bhonsle, Founder at Kuhoo Fintech. Here’s a list of five broad steps that parents/guardians must take while preparing to send their children for the same:

Do meet education and financial expert early on

Given that the education and financial landscape are constantly changing, and it is often difficult to keep track of the changes (even with all the research), it is advisable to connect with experts.

“While this may seem like an unnecessary investment, having an expert on-board with your preparation process can make things incredibly convenient and uncomplicated. An education expert can help your child create a balance between the subject/course that interests them and the possibility of lucrative job opportunities. Similarly, a financial expert can give you invaluable tips on planning your finances correctly (spoiler alert: it’s not just about saving money),” Bhonsle said.

Do not forget to choose the right country, university and course

Understand that simply having an international degree on your resume isn’t going to cut it in today’s highly competitive world.

Choosing the right course and university is paramount. At the same time, since planning finances are the central focal point of your preparation process, selecting the right country is crucial for budgeting. Therefore, don’t delay this step under any circumstances since it might create unwarranted chaos at a later stage, Bhonsle told CNBC-TV18.com.

Do research about scholarships and education loans

Given that adequate funds are pertinent for your child’s overseas higher education dreams, conducting thorough research about the most relevant scholarships and education loans is binding. Today, government entities and many universities offer amazing scholarships that cover tuition fees and provide allowance to selected students.

Do groundwork to explore details about immigration policies

If your child is planning for more than just an academic-oriented dream in a foreign land, having a thorough knowledge of immigration policies is essential. Over the past couple of years, Canada’s pro-immigration policies have attracted significant interest from Indian students, Bhonsle said.

Earlier this year, research revealed that between 2016 and 2019, the number of Indian students opting for Master’s and Engineering degrees in the United States dropped by approximately 40 percent. This drop has been attributed to former US President Donald Trump’s anti-immigration policy. Clearly, immigration policies can drastically affect people’s choice of a country to pursue higher education.

Do not underestimate the occurrence of currency fluctuations

While planning and preparing for your child’s study abroad aspirations, keeping currency fluctuations in mind is highly recommended. The depreciation or strengthening of the Indian rupee against the US Dollar/ foreign currencies can affect your financial planning. If the INR strengthens, that will be good news for Indian students staying abroad and paying tuition and living expenses (two critical components of a student’s expenditures), but the depreciation can lead to financial difficulties.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Fact Check | Are Rs 500 notes with green strip near Gandhi’s picture fake? Check here

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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PIB Fact Check, a fact-checking unit of the Press Information Bureau, has recently alerted people against the fake news about Rs 500 note circulating on social media. It said that all notes having a green strip near Gandhiji or the Reserve Bank of India’s (RBI’s) signature are valid. A message circulating on social media has been claiming that those Rs 500 currency notes are fake that have green strips near Gandhiji instead of the RBI Governor’s signature.

However, it is a fake claim as the central bank says that both currency notes are valid.

एक मैसेज में यह दावा किया जा रहा है कि ₹500 का वह नोट नकली है जिसमें हरी पट्टी आरबीआई गवर्नर के सिग्नेचर के पास ना होकर गांधीजी की तस्वीर के पास होती है।#PIBFactCheck

➡️यह दावा फ़र्ज़ी है।

➡️@RBI के अनुसार दोनों ही तरह के नोट मान्य होते हैं।

🔗https://t.co/DuRgmRJxiN pic.twitter.com/IEElFpaXf1

— PIB Fact Check (@PIBFactCheck) December 9, 2022

PIB also attached a PDF file provided by the RBI that helps people to differentiate between real and counterfeit currency.

The Rs 500 denomination banknotes in Mahatma Gandhi (New) Series bear the governor’s signature, RBI. The note has a ‘Red Fort’ motif on the reverse, depicting the country’s cultural heritage. The base colour of the note is stone grey. The note has other designs and geometric patterns aligning with the overall colour scheme, both are obverse and reverse, the document read.

Here are the obverse features as mentioned by PIB (per RBI)

1. See-through register with the denominational numeral 500
2. Latent image with denominational numeral 500
3. Denominational numeral ५00 in Devnagri.
4. Portrait of Mahatma Gandhi at the centre
5. Micro letters ‘भारत’ and ‘India’
6. Colour shift windowed security threat with inscriptions ‘भारत’ and ‘RBI’. The Colour of the thread changes from green to blue when the note is tilted
7. Guarantee clause, Governor’s signature with promise Clause and RBI emblem towards the right of Mahatma Gandhi’s portrait
8. Mahatma Gandhi’s portrait and electrotype (500) watermarks
9. Number panel with numerals in ascending font on the top left side and bottom right side
10. Denominational numeral with Rupee Symbol in (₹500) in colour changing ink (green to blue) on the bottom right
11. Ashoka pillar emblem on the right

Features for the visually impaired

• Intaglio or raised printing of Mahatma Gandhi portrait (4) Ashika pillar emblem (11) circular identification mark with micro text Rs 500 on the right, five angular bleed lines of both the left and right sides.

Here are the reverse features as mentioned by PIB (per RBI)

• Year of printing of the note on the left
• Swachh Bharat logo with slogan
• Language panel
• Motif of Red Fort
• Denominational numeral ५00 in Devnagri.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Third-party vs comprehensive bike insurance: Which is better and why?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Choosing the best kind of bike insurance is important given the risks associated with riding two-wheelers in and around Indian cities. There are two types of bike insurance policies available in India — third-party insurance and comprehensive insurance.  The third-party two-wheeler policy provides basic coverage and is mandatory while driving on the Indian streets. On the other hand, the comprehensive bike policy offers wider coverage.

The table below will differentiate the two policies and help you in selecting the right policy for your bike:

(Source: Information made available by Kunal Jha, Head of Motor Product and actuarial at Go Digit General Insurance)

Some of the add-ons are explained below:

Zero depreciation cover 

In most cases, it is the car owner who pays for the depreciation and replacement of new spare parts after an accident. However, if one wants this expenditure to be covered by the insurance company, they can buy the nil or zero depreciation add-on to avail the benefits of this cover along with the existing insurance plan. The nil or zero depreciation plan covers repair and replacement costs of rubber, plastic, and fibre components of the vehicle, Kunal Jha told CNBC-TV18.com.

Consumables cover

At the time of claim, consumables like oil, nuts, bolts etc, may not be covered under insurance. With this add on, one can avoid paying for consumables. “This add on covers expenses towards consumables which are unfit for further use, arising out of damage due to an accident,” Jha said.

Engine and gear-box protection cover

In a standard car insurance policy, only damages that occur during the accident are covered. However, the engine could have consequential damages too post an accident.

“This add-on protects policyholders financially against damages caused due to that. This includes damages caused due to leakage of lubricating oil or times when water enters the engine because of natural calamities,” Jha told CNBC-TV18.com.

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Which is a recommended policy?

According to Jha, it is recommended to buy a comprehensive motor insurance cover to ensure complete protection of vehicle. “As mentioned above, such a plan covers damages caused due to multiple reasons including natural calamities, fire, riots, theft etc, in addition to a third-party cover,” he said.

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What is the average pricing for a comprehensive and third-party bike insurance?

Here are the typical ticket size:

(Source: Go Digit General Insurance)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Grip launches third Securitised Debt Instrument (SDI) — How it help investors in beating market volatility and inflation?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Grip, an alternative investment platform, is expanding its portfolio by introducing the third tranche of Securitised Debt Instruments (SDIs). Through the SDI issuances, Grip will enable individual investors to earn monthly rental income through similar operating lease contracts entered with identified lessees.

For the uninitiated, SDIs are fixed-return investment instruments introduced by Sebi in 2008.

How is Grip’s latest SDI tranche different from the first issuance?

Grip’s latest tranche offering is an investment-grade one rated by CRISIL, unlike the first SDI tranche.

However, unlike the previous tranches, which were backed by a pool of four lessees and diversified across industries, this offering has been backed by a single CRISIL-rated lessee, said Nikhil Aggarwal, Founder & CEO at Grip.

How will it benefit retail investors?

Retail investors are often hard-pressed to find investment options covering the entire risk-reward spectrum and invest predominantly in instruments such as FDs, which offer low yields. The corporate bond market has yet to become deeper and offers products targeted to retail investors.

“We launched the third SDI offering as our debut investment-grade offering backed by corporate credit of the largest fleet operator of cars on Uber’s India platform,” Aggarwal said.

“Today, retail investors are dealing with many hurdles during the investment due to high inflation and volatile stock markets, to name a few. High inflation, unfortunately, reduces the real value of returns. When the rate of inflation exceeds the rate of return, it spells trouble for investors as the money invested continues to lose its purchasing power over the investment period. As the interest on fixed-return instruments – like fixed deposit (FD), recurring deposit (RD), taxable bonds etc. – is generally taxable, people investing in such instruments suffer even more after the tax outgo brings the returns further down,” he said.

SDIs can be helpful here.

What will be the total amount aggregated, the expected YTM time, and the expected returns?

As per Aggarwal, they have aggregated over Rs 25 crore in investments in the SDI products, including this tranche. The SDI is a CRISIL-rated investment-grade instrument listed on NSE and offered in line with SEBI regulations.

ALSO READ | Equity inflows lowest since April 2021— SIP contributions hit record high in November

The new SDI opportunity enabled Rs 8+ crore in investments in less than [48] hours and is expected to offer 16 percent+ IRR over a tenure of 36 months.

How does SDI stay safe from market volatility?

The SDI instrument is not only completely insulated from stock market volatility and conditions but also falls into the fixed-income debt category with contracted monthly EMI-style repayments from operating lease transactions with identified lessees.

“This allows investors to buy high-yielding corporate credit from their favourite start-ups in an NSE-listed tradable instrument – similar to buying and selling a stock! Unlike a debt MF, where the investors depend upon the fund manager to identify the debtors and yields can vary, investors can decide upfront if the debtors are acceptable and target a fixed return,” Aggarwal said.

Additionally, SDI is quite distinctive from the run-of-the-mill debt investment options like corporate NCDs as most such debt investment options return capital only at the end of the tenure, and investors are on the hook for the entire tenure, i.e. payback period is equal to the full term of the NCD.

In the case of SDI, however, 40-45 percent of the capital gets returned every year, and the investment keeps getting de-risked as the tenure passes. The payback period is about 66 percent of the tenure of the transaction, Aggarwal told CNBC-TV18.com.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

RBI repo hike — Home loan EMIs set to rise as these banks increase interest rates

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A number of lenders, including HDFC Bank and Bank of India, hiked their benchmark lending rates after Reserve Bank of India (RBI) announced a repo rate hike by 35 basis points. As a result, the equated monthly installments (EMIs) of these banks will get expensive for those who avail consumer loans such as home and auto loans against the benchmarks.

Here are the banks that have revised their loan rates after RBI’s announcement:

HDFC Bank

Private sector HDFC Bank has hiked its marginal cost of funds-based lending rate (MCLR). The one-year MCLR, which acts as benchmark for many consumer loans, has increased by 50 basis points to 8.60 percent, HDFC Bank website said.

The overnight MCLR is 8.30 percent from 8.20 percent, an increase of 10 basis points (bps). The MCLR for one month tenor is 8.30 percent up from 8.25 percent, an increase of 5 bps, according to the bank. HDFC bank’s three-month and six-month MCLR stands at 8.35 percent and 8.45 percent, respectively.

(Source: HDFC Bank)

Indian Overseas Bank

Indian Overseas Bank (IOB) has hiked the MCLR by 15 basis points to 35 basis points across tenures. The bank has also revised its repo-linked lending rate to 9.10 percent. These will be effective from December 10, 2022.

Here’s the revised MCLR:

(Source: Indian Overseas Bank)

As per the regulatory filing, the 1-year MCLR is hiked by 20 basis points to 8.25 percent from the current 8.05 percent. The 2-year MCLR will rise by 25 basis points to 8.35 percent from the present 8.10 percent. The 3-year MCLR rate will increase by 30 basis points to 8.40 percent from the current 8.10 percent.

Bank of India

Bank of India (BOI) increased the rate for repo-based loans by 35 basis points. The effective Repo Based Lending Rate (RBLR) is 9.10 percent as per the revised repo rate of 6.25 percent.

Why are loans impacted by RBI’s decision?

Generally, when RBI hikes the repo rate, it increases the cost of funds for banks. Banks will have to pay more for the money they borrow from RBI. Consequently, banks pass on the cost to borrowers by increasing their loan interest rates, making EMIs costlier.

As a result, new and existing borrowers witness increased loan interest rates.

What revision has been announce by RBI?

RBI has hiked the repo rate by 190 bps in the past four policies. The first hike was to the tune of 40 bps in May and then 50 basis points in June. It again raised the repo rate by 50 bps in August and then again by 50 bps in September. Considering the recent hike of 35 bps, the total rise comes to 225 bps.

While some banks have increased lending rates, other banks are expected to follow suit. It is just a matter of time when banks would undertake External Benchmark based Lending Rate (EBLR) and Repo-Linked Lending Rate (RLLR) hikes in line with the repo rate.

ALSO READ | Will fixed deposit interest rates rise in wake of repo rate hike?

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

New reward points rule for credit card users — Here’s what changes for SBI Card, HDFC Bank customers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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SBI Cards, the pure-play credit card company, will revise its reward points rule soon. From January 1, the SBI-backed company will slash the accrual reward points on online spends at Amazon to 5X reward points. The company will further allow Cleartrip vouchers to be redeemed in a single transaction only. Users will not be able to club it with any other offer or voucher with effect from January 6, 2023.

As per the notice on its website, SBI Card said, “with effect from January 6, 2023, the Cleartrip voucher issued to SimplyCLICK Cardholders on reaching online spend milestone should be redeemed in a single transaction only and cannot be clubbed with any other offer/ voucher.”

Further, SBI Card’s notice stated that “acrual of 10X Reward Points on online spends at Amazon.in with SimplyCLICK/SimplyCLICK Advantage SBI Card will be revised to 5X Reward Points with effect from 01 Jan’23.”

However, customers will continue to accrue 10X Reward Points on online spends at Apollo 24X7, BookMyShow, Cleartrip, EazyDiner, Lenskart and Netmeds.

Other banks such as HDFC Bank and ICICI Bank have also revised certain charges related to credit card spends.

HDFC Bank

HDFC Bank has sent SMS to certain credit card customers regarding revision in credit card reward points program and fee structure with effect from January 1, 2023.

The bank has said rent payments will not earn reward points, and redemption of reward points on various cards have been capped in certain segments.

According to the SMS sent to its select customers, the redemption of reward points for flights and hotel bookings on the bank’s SmartBuy portal will be capped per calendar month at 1,.50,000 reward points for Infinia cards, 75,000 reward points for Diners Black card, and 50,000 reward points for all other cards. Similarly, the redemption of reward points for Tanishq vouchers would be capped at 50,000 reward points per calendar month for Infinia cards.

ICICI Bank

ICICI Bank credit card customers are now required to pay 1 percent charge as a fee for paying rents. So far, no fee was being levied by any bank or credit card company on such transactions. ICICI bank was the first to introduce a fee on rent payments done through its credit cards and others are expected to follow.

It is meant for cardholders who use their credit cards to pay house rent through platforms like Cred, RedGiraffe, Mygate, Paytm and Magicbricks, among others.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow