Many rules related to rupee-money are going to change from June 1. These include changes in cut-off time of overnight mutual fund transactions. SEBI has changed this cut-off time. The interest rate is also expected to decrease next week. The RBI will introduce a monetary policy on 6 May. He can reduce the repo rate by 25 basis points. Axis Bank and Kotak Mahindra Bank have made changes in the rules of credit cards, which will affect the customers’ pockets.
Changes in cut-off time of overnight mutual funds
Sebi Has introduced a new cut-off time for overnight mutual funds for improvement in operational efficiency and fund management. Actually, the market regulator wants to make process related to mutual funds according to international best practice. The new cut-off time will be applicable from June 1. It has been said in the new rule that if the application is received by 3 pm, then the net asset value of the previous day will be applicable. The next day’s net asset value will be implemented after the application is received after 3 pm. Apart from this, if the application is submitted online, then the overnight fund scheme will be considered a cut-off time at 7 pm.
RBI interest rate will reduce 25 basis points
RBI has reduced the repo rate twice this year. For the first time, he reduced the repo rate 25 basis points in February. The second time he had a shortage of 25 basis points in it in April. Due to this, the repo rate which was 6.5 per cent earlier this year has come down to 6 per cent. Economists believe that RBI may reduce the repo rate on June 6 and reduce 25 basis points. The reason for this is that retail inflation is below RBI’s 4 % medium term target.
Axis Bank changed the rules of credit cards
Axis Bank has announced a change in the terms and conditions of its many types of credit cards. These will come into effect from June 20. Facilities have been reduced on cards such as Magnus for Burgundy and Flipkart, while facilities have been increased on cards such as select and privatege. The bank has officially informed the customers about this. Customers of Axis Bank Credit Cards need to know this properly.
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Kotak Mahindra’s credit card rules will also change
Kotak Mahindra Bank has also changed the terms and conditions of its credit cards. The new rules will be implemented from June 1. The bank has reduced reward points on credit cards. The value of cashback redemption has also been reduced. Apart from this, reward points of transactions on education, utilities and online gaming have been reduced. Apart from this, the cashback redemption value of points will also be reduced now.