As April heralds the beginning of the new financial year 2024-25, a number of significant changes in money-related matters are set to take place. These changes, ranging from new NPS rules to credit cards, are good to be aware of while you want to keep your finances under control.
Let’s delve deeper into eight key financial changes that will come into force from April 1, 2024.
NPS new login rule
In response to the growing incidents of online frauds happening across the country, the Pension Fund Regulatory and Development Authority (PFRDA) has announced a revamp of the current login process for National Pension System (NPS) accounts.
Effective April 1, 2024, the PFRDA will introduce an enhanced security system, requiring all password-based users accessing the Central Recordkeeping Agency (CRA) system of the NPS to undergo a two-factor Aadhaar authentication. This new security measure is mandatory and was communicated through a circular issued by the PFRDA on March 15, 2024.
SBI debit card
State Bank of India (SBI) has announced that it will be increasing the annual maintenance charges on certain debit cards by ₹75. This hike will come into effect from April 1, 2024, as per the details provided on the SBI website.
Mutual funds
The Securities and Exchange Board of India (SEBI) has instructed asset managers to halt inflows into schemes that invest in overseas exchange-traded funds (ETFs) starting from April 1.
This decision is believed to be a result of the industry exceeding the $1 billion (approximately ₹8,311 crore as of March 21, 2024) limit. In response, the Association of Mutual Funds in India (AMFI) has sent a letter to fund houses directing them to halt subscriptions to funds that invest in overseas ETFs from April 1, 2024.
OLA Money wallet
OLA Money has announced that it will shift completely to small PPI (prepaid payment instrument) wallet services, with a maximum monthly wallet load limit of ₹10,000 set to be implemented from April 1, 2024. The company informed its customers about this change through SMS on March 22.
Insurance
Effective from April 1, 2024, the Insurance Regulatory and Development Authority of India (IRDAI) has mandated the digitisation of insurance policies. This directive requires all insurance policies, including those for life, health, and general insurance, to be issued electronically.
ICICI Bank credit card
From April 1, 2024, ICICI Bank customers would be entitled to one free airport lounge access by spending Rs. 35,000 in the preceding calendar quarter. To qualify for complimentary lounge access in the April-June 2024 quarter, a minimum spend of Rs. 35,000 in the January-March 2024 quarter is required, and likewise for subsequent quarters.
Axis Bank credit card
The bank has announced changes to its Magnus Credit Card effective from April 20. These changes include revisions to reward earnings, lounge access programs, and exclusions from annual fee waivers. Spending on insurance, gold/jewellery, and fuel categories will no longer earn reward points. Certain benefits such as complimentary concierge services and airport meet and assist services will be discontinued.
To access domestic airport lounges, cardholders will now need to have a minimum spend of ₹50,000 in the previous three months. Moreover, the number of complimentary guest visits for both international and domestic lounges will be reduced from eight to four per calendar year.
YES Bank credit card
Starting April 1 this year, YES Bank credit cardholders who spend ₹10,000 or more within a calendar quarter will qualify for complimentary domestic lounge access. This initiative indicates that expenditures in the preceding quarter will grant access to lounge benefits in the subsequent quarter.
SBI credit card
Effective April 1, 2024, SBI Card has declared the discontinuation of reward points accumulation for rent payment transactions on specific credit cards. The affected credit cards include popular ones such as AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse, and SimplyCLICK SBI Card. Additionally, the accrual of reward points on rent payments for these selected credit cards will cease entirely by April 15, 2024.
