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April 1: FASTag, NPS, Credit Cards, Debit Cards, And All Key Changes

Financial changes effective from April 2024 include 'One Vehicle, One FASTag' for smoother toll collection, SBI card and debit card adjustments, e-insurance mandate, and revised lounge access policies by ICICI, Yes, and Axis Bank.

Edited By : Aniket Raj | Updated: Apr 1, 2024 15:13 IST
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April New Financial Year

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

As of April 1, the National Highways Authority of India (NHAI) initiated the ‘One Vehicle, One FASTag’ campaign to deter the use of a single FASTag for multiple vehicles or linking multiple FASTags to one vehicle. This aims to enhance toll collection efficiency for smoother traffic flow at toll booths.

SBI credit card changes

SBI Card has announced alterations to its credit card policies, indicating the discontinuation of reward points accumulation on rent payments for certain cards from April 1, 2024. Affected cards include AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse, and SimplyCLICK SBI Card. Furthermore, the cessation of reward points accrual for rent payments on specific cards will be effective by April 15, 2024.

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

The Pension Fund Regulatory and Development Authority (PFRDA) has enhanced the security protocols of the National Pension System (NPS) by introducing a new layer of security called two-factor Aadhaar-based authentication. Starting April 1, 2024, this authentication process will be compulsory for all individuals accessing the CRA system via password-based login credentials. The PFRDA made this announcement official through a circular dated March 15, 2024.

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

The Insurance Regulatory and Development Authority of India (IRDAI) has mandated the shift to e-insurance, commencing from April 1, 2024. This directive requires all insurance policies, including health, life, and general insurance, to be digitized and issued solely through online platforms. Additionally, individuals intending to purchase new policies must hold a Demat type e-Insurance Account starting from April 1, 2024. Furthermore, updated rules regarding surrender charges will be implemented concurrently with this transition.

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.

Also Read: Last Day For Paytm; Know Which Services Have Stopped From Today And Which Will Continue?

First published on: Apr 01, 2024 02:52 PM IST

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