January 2023 is significant from a personal finance point of view as a bevvy of changes will come into effect ranging from new bank locker rules to revision in credit card reward points norms. These changes will directly impact the lives of the common people in India. Let's take a look at them:
The Reserve Bank of India (RBI) has mandated banks in the country to renew their locker agreements with existing locker customers by January 1. All the existing locker depositors must furnish proof of eligibility for a renewed locker arrangement. As per an RBI notification, the agreements must follow the model drafted by the Indian Bank Association (IBA).
“Banks shall ensure that any unfair terms or conditions are not incorporated in their locker agreements. Further, the terms of the contract shall not be more onerous than required in the ordinary course of business to safeguard the interests of the bank," it said.
New reward points rules for SBI Cards' users
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.
However, customers will continue to accrue 10X Reward Points on online spends at Apollo 24X7, BookMyShow, Cleartrip, EazyDiner, Lenskart and Netmeds.
Revision in credit card reward points for HDFC Bank customers
HDFC Bank has sent an SMS to certain credit card customers regarding the revision in the credit card reward points programme 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 has 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 cards, 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.
Carmakers like Kia, Maruti Suzuki, Jeep India and Tata Motors have announced a price hike across their model range from January 2023. Most of these companies have cited increased commodity prices as the major reason behind the hike.
India to provide free ration to poor people for one year under food law
The government presently supplies 5 kilograms of food grains to each person every month, under the NFSA, popularly known as the food law, at the cost of Rs 2-3 per kg. Antyodaya Anna Yojana (AAY)-covered families receive 35 kg of food grains each month. Under the NFSA, poor persons receive rice for Rs 3 per kg and wheat for Rs 2 per kg.
