The commencement of the financial year 2024–25 on April 1, 2024, brings forth several notable financial adjustments and emerging norms that may influence investment strategies and spending habits. Here are some key financial changes and developments anticipated for April 2024.
‘One Vehicle, One FASTag
SBI credit card changes
OLA Money wallet
OLA Money has declared a complete transition to small PPI (prepaid payment instrument) wallet services, imposing a maximum monthly wallet load limit of Rs 10,000 starting from April 1, 2024. The company communicated this change to its customers via SMS on March 22, 2024.
Also Read: Centre Denies Alterations To New Income Tax Regime Effective April 1, Dispels Rumors
New NPS rule
SBI debit card
State Bank of India (SBI) has announced revisions to the annual maintenance charges for certain debit cards, with the new rates set to take effect from April 1, 2024, as indicated on the SBI website.
For Classic debit cards, which include Classic, Silver, Global, and Contactless Debit Cards, the annual maintenance charge will increase to Rs. 200/- plus GST from the previous Rs. 125/- plus GST.
Similarly, for debit cards such as Yuva, Gold, Combo Debit Card, and My Card (Image Card), the annual maintenance charge will rise to Rs. 250/- plus GST from the previous Rs. 175/- plus GST.
These adjustments signify an increase in the annual maintenance charges for these debit cards by SBI, effective from April 1, 2024.
Mandatory e-insurance
ICICI Bank credit card changes from April 1, 2024
As per the information available on the ICICI Bank website, beginning April 1, 2024, cardholders can avail of one complimentary airport lounge access by spending Rs. 35,000 in the preceding calendar quarter. Eligibility for lounge access in a particular quarter is based on spends made in the preceding quarter. For instance, to qualify for complimentary lounge access in the April-May-June 2024 quarter, cardholders need to have spent a minimum of Rs. 35,000 in the January-February-March 2024 quarter, and this criterion applies similarly to subsequent quarters.
Yes Bank credit card changes from April 1, 2024
From April 1, 2024, YES Bank credit cardholders who spend Rs. 10,000 or more in a calendar quarter will qualify for complimentary domestic lounge access. Spending in the previous quarter will grant access to the next quarter, as reported by various news sources.
Axis Bank credit card changes from April 20, 2024
Starting April 20, 2024, Axis Bank credit cardholders will experience several changes:
1. Reward Points Exclusion: Spending on fuel, insurance, and gold/jewelry will no longer be eligible for basic or expedited EDGE REWARD Points, in addition to the existing category limitations.
2. Spends on Annual Fee Waiver: The spends threshold for annual fee waiver will exclude spending on insurance, gold/jewelry, and fuel categories.
3. Domestic & International Lounge: The number of complimentary guest visits applicable to domestic and international lounge programs will be reduced from 8 guest visits to 4 guest visits.
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