As the new financial year commences on April 1, prepare for 6 significant changes that will have a direct impact on your finances. These entail revisions in credit card rules and the National Pension System (NPS), among other regulations. Let's dive into the specifics of these 6 upcoming alterations effective from April 2024.
Revisions in NPS regulations
The Pension Fund Regulatory and Development Authority (PFRDA) introduced an Aadhaar-based two-step authentication system to enhance the security of the National Pension System (NPS). This will apply to all password-based NPS accounts and will be implemented from April 1, with a notification released on March 15 by PFRDA.
Changes to SBI credit cards
SBI Card has announced that from April 1, 2024, the collection of reward points on rent payment transactions will be discontinued for certain credit cards. This affects AURUM, SBI Card ELITE, SBI Card ELITE Advantage, SBI Card Pulse, and SimplyCLICK SBI Card.
Credit card related rules
Yes Bank has declared that users who spend more than 10,000 in a calendar quarter using their credit cards will be provided with complimentary domestic lounge access. Additionally, ICICI Bank credit card holders spending over 35,000 in a quarter will also gain access to airport lounges. This rule will come into effect on April 1. Axis Bank, on the other hand, will not offer reward points on credit card expenditures on fuel, insurance, and gold starting April 20.
OLA Money Wallet Restructuring
Ola Money has declared that effective April 1, 2024, it will transition solely to small Prepaid Payment Instruments (PPI) wallet services with a maximum wallet load restriction of 10,000 rupees per month. The company informed its customers about this change through an SMS on March 22.
Update Your FASTag KYC
Failure to update your FASTag KYC by March 31, 2024, could lead to difficulties using FASTag from April 1 onwards. Note that the National Highways Authority of India (NHAI) has made FASTag KYC mandatory.
LPG Gas Price Adjustment
The price of LPG cylinders, both commercial and domestic, is reviewed at the beginning of each month nationwide. There may be price changes on April 1. However, due to ongoing Lok Sabha elections, the likelihood of a rate adjustment during this time is minimal.
