Credit cards have become an indispensable part of modern financial management, offering a convenient and secure way to make purchases, earn rewards, and build credit. With a wide range of options available in the Indian market, choosing the best credit card for your specific needs can be a daunting task. To help you make an informed decision, here’s a comprehensive guide to the best credit cards in India for 2024:

1. HDFC Bank Regalia Credit Card

Key Features:

• Welcome bonus of 20,000 bonus points worth INR 2,000
• 4 reward points per INR 150 spent on dining, movies, and online shopping
• Up to 10% cashback on dining and movie transactions
• Complimentary access to airport lounges and priority boarding

2. SBI Card Elite

Key Features:

• Welcome bonus of 10,000 bonus points worth INR 5,000
• 10 reward points per INR 100 spent on dining, groceries, and fuel
• Up to 5% cashback on online shopping and bill payments
• Complimentary insurance coverage and concierge services

3. ICICI Bank Sapphiro Credit Card

Key Features:

• Welcome bonus of 75,000 bonus points worth INR 7,500
• 5 reward points per INR 100 spent on dining, travel, and entertainment
• Up to 15% cashback on dining and travel transactions
• Complimentary access to airport lounges and golf courses

4. Axis Bank Magnus Credit Card

Key Features:

• Welcome bonus of 50,000 bonus points worth INR 5,000
• 2.5 reward points per INR 150 spent on all purchases
• Up to 10% cashback on dining and movie transactions
• Complimentary insurance coverage and concierge services

5. Citi PremierMiles Credit Card

Key Features:

• Welcome bonus of 10,000 bonus miles worth INR 10,000
• 1 mile per INR 125 spent on all purchases
• Unlimited access to airport lounges
• Global concierge services and travel assistance

6. American Express Platinum Travel Credit Card

Key Features:

• Welcome bonus of 100,000 bonus points worth INR 10,000
• 5 reward points per INR 100 spent on travel and dining
• Complimentary access to airport lounges worldwide
• Global concierge services and travel assistance

7. HSBC Premier Mastercard Credit Cards

Key Features:

• Welcome bonus of 20,000 bonus points worth INR 2,000
• 2 reward points per INR 150 spent on all purchases
• Up to 5% cashback on dining and travel transactions
• Complimentary insurance coverage and concierge services

Factors to Consider When Choosing a Credit Card:

1. Fees and charges: Annual fees, late payment fees, and other charges can significantly impact the overall cost of using a credit card.
2. Interest rates: The interest rate charged on outstanding balances can add up quickly, so it’s important to choose a card with a low APR.
3. Rewards and benefits: Credit cards offer a wide range of rewards, such as cashback, points, and travel miles. Choose a card that aligns with your spending habits and lifestyle.
4. Credit limit: The credit limit determines the maximum amount of money you can borrow on the card. Ensure that the limit is sufficient for your needs.
5. Customer service: Responsive and helpful customer support is essential for resolving any issues or queries related to your credit card.

Choosing the best credit card in India for 2024 depends on your individual needs and preferences. By considering the factors discussed above, you can select a card that provides you with the optimal combination of rewards, benefits, and value. Remember to use your credit card responsibly and pay your bills on time to avoid unnecessary debt and maintain a good credit score.

FAQ

RBI’s Decision: Credit Card Payments May Face Service Closure

The Reserve Bank of India (RBI) has issued a directive that could potentially lead to the closure of certain services related to credit card payments. This move has raised concerns among consumers and businesses alike.

In August 2022, RBI issued a circular prohibiting non-bank entities from storing payment data of customers. This includes card-on-file (CoF) data, which is the sensitive information stored by merchants to facilitate recurring payments on behalf of customers.

Impact on Services

The RBI’s directive affects services that rely on CoF data storage, such as:

Subscription-based services: Businesses that offer subscriptions, such as streaming services, online retailers, and gym memberships, may be unable to process recurring payments automatically.
Auto-pay services: Services that allow customers to set up automatic payments for bills, such as utilities, insurance, and rent, may be disrupted.
One-click payments: Merchants that offer one-click payment options for repeat purchases may no longer be able to do so.

Consequences for Consumers and Businesses

The closure of these services could have significant consequences for consumers and businesses:

Convenience: Consumers will lose the convenience of recurring payments and one-click purchases.
Security: The removal of CoF data storage may improve data security, but it could also lead to increased fraud risk as merchants will need to re-authenticate customers for each transaction.
Business revenue: Businesses that rely on subscription-based or auto-pay services may experience a loss of revenue.

RBI’s Rationale

RBI has stated that its decision is aimed at enhancing the security of payment systems and protecting customer data. The bank believes that storing CoF data by non-bank entities poses a potential risk to data breaches and fraud.

Alternative Solutions

Merchants and payment service providers are exploring alternative solutions to address the RBI’s directive. These include:

Tokenization: Tokenization involves replacing sensitive payment data with a unique token that can be used for transactions without exposing the underlying data.
Mandate-based payments: Merchants can obtain a mandate from customers to debit their accounts directly for recurring payments.
Dynamic linking: This involves creating a unique payment link for each transaction, eliminating the need for CoF data storage.

RBI’s decision to prohibit CoF data storage by non-bank entities has significant implications for credit card payments. While the directive aims to enhance security, it may also lead to the closure of certain services and inconvenience for consumers and businesses. Alternative solutions are being explored to mitigate the impact of the directive.

Reserve Bank of India i.e. RBI has taken action on 3 banks including the country’s largest government bank SBI and imposed a fine of more than Rs 4 crore.

RBI has said that Indian Bank, Punjab and Sindh Bank and SBI have violated the regulation norms, after which this action has been taken. At the same time, a heavy fine has also been imposed on NBFC Fedbank Financial. RBI has said that this action will not affect the transactions or validity of customers.

The Central Reserve Bank has said that it has imposed penalty on SBI and Indian Bank and Punjab and Sindh Bank for violation of various regulatory norms. This action has been taken by RBI for non-compliance of certain instructions of ‘Statutory and Other Restrictions on Loans and Advances’ and ‘Guidelines on Management of Intra-Group Transactions and Exposures’.

RBI has imposed a penalty of Rs 1.3 crore on State Bank of India for non-compliance with certain instructions of the Management Guidelines on Loans, Advances and ‘Intra-Group Transactions and Exposures’. RBI said that ‘A fine of Rs 1.62 crore has been imposed on Indian Bank for violation of certain instructions related to loan and advance rules, KYS.

RBI said a penalty of Rs 1 crore was imposed on Punjab and Sind Bank for non-compliance with certain provisions of the Depositor Education and Awareness Fund Scheme. RBI has imposed a fine of Rs 8.80 lakh on FedBank Financial Services Ltd for non-compliance with certain provisions of the directions on monitoring of frauds in NBFCs.

RBI said the penalty on banks and NBFCs is based on deficiencies in regulatory compliance and is not intended to affect the validity of any transaction or agreement entered into by them with their customers.

SBI SO Specialist Officer Online Form 2023 Apply Online Registration Direct Link State Bank of India (SBI) has released notification for the recruitment of SBI SO Specialist Officer Online Application Form 2023 Notification for 439 posts, The candidates who are preparing for the SBI SO Specialist Officer 2023 Bharti Online Registration Form has started from 16 September to 16 October 2023 who have Degree in Computer Science/ Information Technology/ Electronics Communication Engineering/ Software Engineering or other equivalent qualification from any recognized board or university of India can apply online for SBI SO Specialist Officer Vavancy 2023 can apply through the official website of the Authority Check SBI SO Specialist Officer 2023 Syllabus, Salary, Result, Qualification, Notification, Exam Date, The candidates who are interested for the SBI SO Specialist Officer Jobs 2023 completed all eligibility criteria. Before you Apply Online SBI SO Specialist Officer Application Form 2023 Kindly Read the Full SBI SO Specialist Officer Vacancy 2023 Notification PDF Download Link.

The candidates who want to Apply Online for SBI SO Specialist Officer Vacancy Jobs Registration 2023, can also apply from the official website of the Authority sbi.co.in can also online apply for the SBI SO Specialist Officer 2023 Vacancy Apply Online in few minutes we are providing a direct link to apply SBI SO Specialist Officer Registration Form 2023 Link. Candidates should go to the official website of SBI SO Specialist Officer Bharti 2023, however before applying, please read the complete information regarding to this sbi.co.in SBI SO Specialist Officer Vacancy 2023, which is mentioned below. Below in our article with the help of direct link candidates can online apply directly.

SBI SO Specialist Officer Recruitment 2023 Apply Online

Short Details of Notification

SBI SO Specialist Officer Online Application Form 2023 Apply

WWW.CBPACS.COM

SBI SO Specialist Officer Bharti 2023 Eligibility, Vacancy Total : 439 Posts

How to SBI SO Specialist Officer Registration 2023 Apply Online

Frequently Asked Questions (FAQ)

Q.1 What is the SBI SO Specialist Officer Registration 2023 Start Date?
Ans. 16 September 2023.

Q.2 What is the Official Website for SBI SO Specialist Officer Jobs 2023 Apply Form?
Ans. sbi.co.in.

Q.3 What is the SBI SO Specialist Officer Registration Form 2023 Last Date?
Ans. 16 October 2023.

 Cheque bounce Rules Change: In today’s time, bank transactions are common. Most of the people take the help of Cheque book for payment of money. This is one of the oldest methods of payment and it is also considered very safe.

You also get to hear the news of Cheque bounce in between. In view of the increasing cases, it is expected that the government can soon tighten the reins and change the rules related to it.

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Expert committee has been formed , the government is working fast to bring new rules related to Cheque bounce. For this, the government has formed an expert committee of the Supreme Court, which suggests rules related to it. Apart from this, the Finance Ministry also held a high-level meeting some time ago for the new rules.

Money will be deducted from another account

If the account holder does not have enough money in his account and still he issues a cheque, then in this situation the incident of Cheque bounce comes to the fore. In such a situation, new rules can be implemented to prevent this, under which the Finance Ministry can deduct money from other bank accounts of the account holder if there is not enough balance in the account. Along with this, taking strict steps, there is also talk of imposing penalty in the form of legal action.(ads2)

Will not be able to open another account

If a person’s Cheque bounces after the implementation of new rules of Cheque bounce, then after that he will not be able to open any other bank account. The government is hopeful that with the introduction of this rule, a reduction in the bounce rate can be seen.

Will not be able to take any loan

With the new Cheque bounce rules, there can also be a problem in taking a loan because the Cheque bounce can be shown as a loan default. If this happens, the CIBIL score of the defaulter may deteriorate and there may be problems in getting loans in future.

Nirmala Sitharaman on Banking System: Are you trying to take a loan from any bank and are troubled by going around the bank, then you will definitely get relief from this news.

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Yes, an order has been given by Union Finance Minister Nirmala Sitharaman to simplify the banking system. It was said on behalf of the Finance Minister that banks should make banking operations simple according to the needs of the customers.

With this, more and more customers will be able to connect with them. The Finance Minister suggested in the meeting The Union Finance Minister said last days that banks should pay attention to the facilities of the customers. This will make the process easier for the borrowers.

Read Also : Gas Cylinder will be available in just Rs 500, government gave big information.

On behalf of the Finance Minister, it was also told to the banks that the standards of giving loans should be correct. This suggestion was made a few days ago in a meeting between industry representatives and the Finance Minister.(ads2)

During this, Nirmala Sitharaman asked all the big banks to implement it. Following this suggestion given by the Finance Minister will benefit the customers of all banks including ICICI Bank, SBI and HDFC Bank. The Finance Minister also said that there is a need to make the banking system more and more customer friendly. You have to take care of the facilities of the customers.

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New Delhi: Recently there was news that the Reserve Bank of India (RBI) is reviewing the Unified Payment Interface (UPI) and may levy charges on payments made through UPI.

Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

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What is UPI

Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

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Credit Card: If you use a credit card, then you have to deposit many types of bills including electricity bill every month. In such a situation, if you have forgotten to pay your credit card payment on the due date, then you may have to pay a heavy fine.

But as per the new rules, you can save yourself from paying penalty charges even if you don’t make the payment on the due date. Reserve Bank of India (RBI) has provided the option of payment to the customers without any charge after the due date is out.

RBI has told banks and credit card issuers that they can take penalty only after three days of due date. It means to say that if you have missed the credit card payment due date, then you can make the payment within 3 days of the due date.

Three days chance

According to the master direction for credit cards and debit cards issued on 21 April 2022, the RBI has said that the credit information companies (CICs) that issue the cards will show the credit card account as past due. Penalty charges, late fee or other charges on delay will be applicable only then. When the credit card account remains outstanding for more than three days. That is, if you make the credit card payment within three days after the due date, then you can avoid the penalty.(ads2)

Credit score will not be affected

In such a situation, if you have missed the credit card payment due date, then you can make the payment within three days of the due date. In this, you can also avoid the penalty imposed on late payment. If you pay within three days, your credit score will not be affected.

Have to pay late fees

Banks and credit card companies usually levy pre-determined late payment charges based on the outstanding balance. This results in late fees increasing in proportion to the size of the outstanding balance. The higher the amount of the bill. The more late fees are charged.

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The Reserve Bank of India (RBI) has amended bank locker rules, which will take effect on January 1, 2023. Know the changes in regulations for locker facilities.

The Reserve Bank of India (RBI) has amended the bank locker rules, which include providing customers with updated locker agreements. The rules will take effect from January 1, 2023.

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,” the notification on August 18, 2021, reads. 
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It also asked the banks to renew their customer locker agreements by January 1, 2023.
In light of these changes, social media is abuzz with queries. For instance, one user asked: “My wife and sister-in-law jointly hold a locker in a bank where my sister-in-law has a savings account. Can we request the bank to delink my sister-in-law’s savings account (with her consent) from the locker and make my wife the sole owner? Or do we need to close the locker and apply for a new one in my wife’s name?” 

The Solution

Shreejith Menon, chief operating officer, operations, customer service & facilities at Fincare small finance bank, says, “A customer can get the joint holder removed from the locker facility without closing the locker and continue the facility with a single name.”

Further, Sanchay Sinha, country head and senior general manager of retail banking at South Indian Bank Limited, adds the holders must submit a joint request letter to delink their names from the locker.

Opening A Bank Locker

Opening a bank locker isn’t a daunting task, but the availability of safes in the desired branch is a concern. Every branch has a list of available lockers and a waitlist for lockers.

So when one applies for a locker, the bank branch acknowledges the customer’s application and assigns one or gives him a waitlist number if no lockers are available.

Sinha adds, “Customers don’t need to open a savings account in the same bank for availing lockers.” The facility is offered to all KYC-compliant customers regardless of their relationship with the bank. One year Locker Rent is collected from the customer in advance, he said.

Customers must have valid KYC documents, fill out the application accompanied by a passport-size photograph, and a signed and stamped locker agreement document (in IBA specified format), and pay the locker rent for the entire year in advance. 

“Due diligence is carried out for all customers. All locker holders need to execute the locker agreement in the latest IBA format,” adds Sinha.

Things To Keep In Mind

In a notification in August 2021, the RBI stated that banks must obtain a term deposit from the customer at the time of locker allotment to save them from a potential situation where the customer neither operates the locker nor pays the rent. The term deposit would cover rent for three years and charges to break open the vault if the need arises.
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“Banks, however, shall not insist on such term deposits from existing locker holders or those who have satisfactory operative accounts,” the notification said. 

The nominee will get full access to the locker if the original keeper dies without a will. “In cases where there is a valid nomination/clear survivorship clause, the claim from the nominees should be settled based on nomination clause,” said Sinha.

Suppose there was no nominee or a will. In that case, the legal heirs must comply with specific rules like submitting a signed claim application, death certificate of the locker holder, and KYC documents, among others, to claim the locker. 

Banks have been collecting the locker rent in advance as a rule for the past year. So if one surrenders the locker before time, a proportionate amount of advance rent will be refunded by banks.

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Many big changes are going to happen in the new year, which will directly affect the common man. This includes changes related to buying a car from a bank locker.

Let us see what are the rules applicable from the first of the next month.5 big changes are going to happen from the first date. One of these is the increase in the price of vehicles. Maruti Suzuki, Hyundai Motor, Tata Motors, Mercedes-Benz, Audi, Renault, Kia India and MG Motor will increase the price of their vehicles from January 1, 2023.

The second change is related to the bank locker. You need to ensure that you have signed the new Locker Agreement for using the Bank Locker from 1st date onwards

Apart from this, the rules related to some bank credit cards are also going to change. For example, HDFC Bank will change the rewards point and fee structure of the credit card. Along with this, SBI has also changed some rules for its Simply CLICK card holders.

GST rules will also change from January 1. It will now be necessary for businessmen with an annual turnover of more than 5 crores to generate e-invoices.(ads2)

It also includes a change related to the phone. From 1st date, registration of IMEI number of every phone will be necessary for every phone manufacturer and its import and export company.