Financial changes to impact credit/debit card users from April 1

With the new financial year beginning from April 1, several important changes in money-related regulations have been introduced, which can have an impact on people in the manner in which they spend or save.

Here are a few important changes:

NPS new login rules

A new security feature has been introduced by the Pension Fund Regulatory and Development Authority (PFRDA) in the National Pension System (NPS). Beginning April 1, 2024, all users logging into the Central Recordkeeping Agency (CRA) system with a password will need to go through a two-factor Aadhaar-based authentication system to ensure the protection of user information and NPS transactions.

MS Education Academy

SBI debit card charges hiked

From April 1, 2024, State Bank of India (SBI) has revised the annual maintenance charges related to certain debit cards.

For Classic, Silver, Global, Contactless Debit Cards, the charges are increased from Rs125+GST to Rs 200+GST.

For Yuva, Gold, Combo Debit Card, My Card (Image Card), the charges are hiked from Rs 175+GST to Rs 250+GST.

For SBI Platinum debit card, the annual maintenance fee is hiked from Rs 250+GST to Rs 325+GST.

For Pride Premium Business Debit Card, the charges are hiked from Rs 350+GST to Rs 425+GST.

Credit card rules

SBI credit card users will no longer get reward points on rent payment transactions from April 1, 2024. This change applies to cards like AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse, and SimplyCLICK SBI Card.

Starting April 1, 2024, ICICI card holders can now enjoy one complimentary airport lounge access by spending Rs 35,000 or more in the preceding calendar quarter. The rules apply to Coral Credit Card, MakeMyTrip Platinum Credit Card, among others.

YES Bank credit card holders who spend Rs 10,000 or more in the preceding calendar quarter will get to enjoy one complimentary domestic lounge access.

Starting from April 20, 2024, holders of Axis Bank’s Magnus Credit Card will no longer qualify for reward points on insurance, gold/jewellery and fuel categories. Further, the buy-one-get-one-free offer on BookMyShow, 24×7 complimentary concierge services, and eight complimentary airport meet and assist services will be discontinued.

Cardholders also need to spend a minimum of Rs 50,000 in the preceding three months to gain complimentary lounge access.

Insurance policies only in electronic format

As per the new rules by Insurance Regulatory and Development Authority of India (IRDAI), the insurer has to issue policies only in digital form beginning April 1, 2024. Under this directive, insurance policies across various categories such as life, health, and general insurance will be issued electronically.

OLA Money wallet limit

OLA Money is switching to small PPI (prepaid payment instrument) wallet services, with users being able to add up to a maximum of Rs 10,000 per month starting April 1, 2024.

Back to top button