Latest Financial & Credit Card Updates – Tata NeuPass, RBI Rate Cut, SGBs, EPFO ATM & More

Tata Neu Introduces 4 NeuPass Tiers (Effective 6th Feb 2025)

Tata Neu has launched four membership tiers: Explorer, Insider, Elite, and Legend. These tiers are determined based on spending, transaction frequency, or NeuMoney usage.

• Explorer: Earn 1% NeuCoins and enjoy brand benefits up to ₹5,000.

• Insider (₹5,000 spend or NeuMoney upgrade): Earn 2% NeuCoins, enjoy benefits up to ₹8,000, and IHCL Silver membership.

• Elite (3 orders + ₹20,000 spend): Earn 3% NeuCoins, get benefits up to ₹12,000, IHCL Silver, and a birthday bonus.

• Legend (5 orders + ₹40,000 spend): Earn 5% NeuCoins, enjoy benefits up to ₹15,000, IHCL Silver, birthday bonus, and 85% off on 1mg care plan.

NeuMoney Tier Upgrades:

• Legend: TRV ₹3 lakh, total loans ₹3 lakh, or home loan ₹20 lakh.

• Elite: Total loans ₹1.5 lakh.

• Insider: Total loans ₹50,000.

UNI Gold X Credit Card Launched

• 1% Gold on all spends.

• Zero Forex Fee on international transactions.

• Lifetime Free (No joining or renewal fee).

SBI UNI Pay Update

SBI Unipay has removed the option to use other bank debit cards for credit card bill payments.

IndusInd Legend Credit Card Update

IndusInd Bank has announced that lounge access on its Legend Credit Card will be discontinued from March 7, 2025, as part of a re-evaluation of offerings.

RBI Cuts Repo Rate to 6.25% After 5 Years

• Rate Cut: RBI reduced the repo rate by 25 bps to 6.25%, marking the first cut since 2019.

• Growth Projection: India's GDP growth for FY26 has been revised to 6.7%.

• Inflation Outlook: Inflation expected to be 4.2% in FY26.

• Policy Context: This move follows personal tax cuts introduced in the federal budget.

• The decision, announced in the latest MPC meeting led by Governor Sanjay Malhotra, aims to boost economic growth.

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HDFC Bank Credit Cards: February 2025 Spend-Based Offers

HDFC Bank has introduced spend-based offers for February 2025, available only to eligible cardholders via official communication.

• RuPay Credit Cardholders: Get a ₹250 voucher on ₹2,000 spends (valid for retail & UPI transactions, till February 28, 2025).

• Other Credit Cardholders: Get a ₹2,000 voucher on ₹1,84,000 spends (valid for retail transactions, till February 28, 2025).

Offer Terms:

• Voucher codes will be issued by May 31, 2025.

• Rent payments and EMI transactions are excluded.

• Corporate, commercial, dealer, distributor, business, Value Plus, and staff cards are not eligible.

• Registration is mandatory to avail of the offer.

Sovereign Gold Bonds (SGBs) Discontinued – Best Gold Investment Options Now?

The Indian government has discontinued Sovereign Gold Bonds (SGBs) due to high borrowing costs. Gold prices have surged past $2,800 per ounce internationally, with Indian gold prices reaching ₹84,900 per 10 grams. Alternative investment options include:

• Gold ETFs

• Digital Gold

Tax Rebate on ₹12 Lakh Income: STCG Income Not Included

Budget 2025 increased the Section 87A rebate limit under the new tax regime from ₹7 lakh to ₹12 lakh, reducing tax liability for many taxpayers. However, the rebate does not apply to special rate incomes like Short-Term Capital Gains (STCG) from equities and mutual funds.

EPFO ATM Withdrawals (From Jan 2025)

EPFO subscribers can now withdraw their provident fund directly from ATMs under the EPFO 3.0 initiative.

How to Withdraw Provident Fund from ATMs:

1. Link UAN to your bank account and update KYC details.

2. Visit an EPFO-enabled ATM.

3. Select the EPF withdrawal option.

4. Enter your UAN and withdrawal amount.

5. Authenticate using OTP verification.

6. Receive cash.

Kotak Mahindra MF Launches India’s First MSCI India ETF

Kotak Mahindra Mutual Fund has introduced India’s first ETF tracking the MSCI India Index. The ETF, targeting both domestic and international investors, is managed by Kotak International.

NFO Dates: January 29 – February 12, 2025.

AmEx Platinum Charge Card Dining Offers

Locations:

• Comorin (Gurgaon) & Hosa (Goa)

• Free welcome drink & dessert (Valid: Jan 23 - Dec 31, 2025).

Offer Terms:

• Available only for AmEx Platinum Charge Cardholders.

• Reservation via Platinum Concierge Services required.

• Limited tables available per day.

ICICI Bank RuPay Credit Card Cashback Offer (Feb 1 - Mar 31, 2025)

• ₹150 cashback on spends of ₹10K-25K.

• ₹250 cashback on spends of ₹25K-35K.

• ₹500 cashback on spends of ₹35K-50K.

• ₹750 cashback on spends above ₹50K.

Terms:

• Targeted offer; Amazon Pay ICICI not eligible.

• Maximum cashback capped at ₹750.

HDFC 5X Rewards on Forex Card Loads

Eligible on Regalia, Infinia, Diners Black & more.

• Minimum load transaction: ₹15,000.

• Maximum bonus: 15,000 Reward Points.

Example Earn Rate:

• HDFC Infinia Metal: 5 RP/₹150 + 20 RP bonus = 25 RP/₹150.

Beware of Smishing Attacks (Fake SMS Fraud)

Signs:

• Misspellings, urgent action demands, fake links.

Protection Tips:

• Avoid clicking unknown links.

• Use Multi-Factor Authentication (MFA) & SMS filtering.

• Never store sensitive info on phones.

• Report scams to cybercrime authorities.

RBI Directs NBFCs to Disclose Loan Charges & Seek Board Approval

• NBFCs must disclose all charges (interest, insurance, processing fees, etc.).

• Board approval required for maximum rates across loan categories.

Impact on NBFCs:

• Increased accountability.

• Restricts arbitrary rate hikes.

• May affect profit margins in high-risk lending.

RBI Fines Equitas SFB & India Post Payments Bank for Compliance Lapses

• Equitas SFB fined ₹65 lakh for improper foreclosure charges and non-compliance with collateral-free agricultural loan rules.

• India Post Payments Bank fined ₹26.7 lakh for customer service compliance issues.

Analysis:

• RBI is tightening compliance to protect customers.

• Stronger enforcement of fair lending and service norms.

• Small finance and payments banks must enhance regulatory compliance.