What changes in your money world from April 1? From revised debit and credit card charges to new NPS and FASTag rules | Business – Times of India
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‘One Vehicle, One FASTag’ initiative
The ‘One Vehicle, One FASTag’ project by NHAI aims to prevent using one FASTag for multiple vehicles or linking multiple FASTags to one vehicle.It seeks to enhance toll collection efficiency and ensure seamless mobility at toll plazas, starting April 1, 2024.
New NPS security rule
The Pension Fund Regulatory and Development Authority (PFRDA) has enhanced the security of the National Pension System (NPS) by introducing a new security layer called two-factor Aadhaar-based authentication. Starting April 1, 2024, this authentication will be mandatory for all password-based users logging into the CRA system. The PFRDA announced this change through a circular dated March 15, 2024.
SBI credit card updates
According to ET, SBI Card has stated that certain credit cards, including AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse, and SimplyCLICK SBI Card, will no longer earn reward points on rent payment transactions, starting April 1, 2024. Additionally, the accrual of reward points on rent payments for these cards will cease entirely by April 15, 2024.
ALSO READ | New NPS rule from April 1 requires two-factor Aadhaar authentication; here’s how it works – step-by-step guide
OLA Money Wallet transition
OLA Money has informed its customers via SMS that starting April 1, 2024, it will transition entirely to small PPI (prepaid payment instrument) wallet services. Additionally, there will be a maximum monthly load restriction of Rs 10,000 on the wallet. This change aims to streamline OLA Money’s services.
SBI debit card changes
State Bank of India (SBI) has adjusted the annual maintenance charges for specific debit cards, with the new rates set to commence from April 1, 2024, according to details provided on the SBI website.
For classic debit cards, including Classic, Silver, Global, and Contactless Debit Cards, the annual maintenance fee has been raised to Rs. 200/+ GST from the previous Rs. 125/+ GST.
Meanwhile, for debit cards such as Yuva, Gold, Combo Debit Card, and My Card (Image Card), the annual maintenance charge has been increased to Rs. 250/+ GST from the previous Rs. 175/+ GST.
Mandatory e-insurance
The Insurance Regulatory and Development Authority of India (IRDAI) announced that starting April 1, 2024, all insurance policies, encompassing health, life, and general insurance, must be digitized. This mandate requires that insurance policies be issued exclusively online.
ALSO READ | New credit card rules, NPS and four other key money-related changes coming in April 2024
ICICI credit card changes
Effective from April 1, 2024, ICICI Bank has introduced changes to its credit card benefits. As per the information available on the ICICI Bank website, cardholders can now avail of one complimentary airport lounge access by spending Rs 35,000 in the preceding calendar quarter. This spend will unlock access for the subsequent calendar quarter. To qualify for complimentary lounge access in the April-May-June 2024 quarter, cardholders need to spend a minimum of Rs. 35,000 in the January-February-March 2024 quarter, and similarly for the following quarters.
Yes Bank credit card changes
Commencing 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, as reported by various news outlets. This arrangement indicates that expenditure in the preceding quarter will grant access for the subsequent quarter, as stated in the news reports.
Axis Bank credit card changes
Starting April 20, 2024, Axis Bank will implement changes to its credit card rewards and benefits:
1. Reward Points Exclusion: Expenditure on fuel, insurance, and gold/jewelry will no longer qualify for basic or expedited EDGE REWARD Points, in addition to existing category limitations.
2. Spends on Annual Fee Waiver: The threshold for the annual fee waiver will now exclude spending in the insurance, gold/jewelry, and fuel categories.
3. Domestic & International Lounge Access: The number of complimentary guest visits allowed on domestic and international lounge programs will be reduced from 8 visits to 4 visits.
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