As the financial year 2024-2025 (FY25) approaches, slated to begin on April 1, 2024, notable changes in financial regulations are set to take effect. These alterations have the potential to impact how individuals manage their money, necessitating awareness and vigilance to navigate the evolving landscape effectively.
Here’s what will change for you from April 1, 2024.
New NPS Rule for Enhanced Security:
One significant change pertains to the National Pension System (NPS), overseen by the Pension Fund Regulatory and Development Authority (PFRDA). Starting April 1, 2024, users logging into the Central Recordkeeping Agency (CRA) system with passwords must undergo a two-factor Aadhaar-based authentication. This measure aims to bolster the security of NPS transactions, prioritizing protecting subscribers’ interests. Read More – Reliance and Adani sign 20-year PPA for 500MW captive power
SBI Credit Card Updates:
SBI Card users will witness changes in reward point accumulation for rent payment transactions on specific credit cards, effective April 1, 2024. Notably, cards like AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse, and SimplyCLICK SBI Card will cease accumulating reward points for rent payments. Subscribers should take note of this alteration to optimize their credit card usage accordingly.
YES Bank Credit Card Benefits:
From April 1, 2024, YES Bank credit cardholders stand to benefit from enhanced privileges. Those who spend Rs 10,000 or more in a calendar quarter will be entitled to complimentary domestic lounge access. This enhancement in benefits seeks to provide added value to cardholders, enhancing their overall experience and incentivizing higher spending.
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ICICI Bank Credit Card Benefits:
ICICI Bank introduces changes to its credit card benefits, effective April 1, 2024. Cardholders can now enjoy one complimentary airport lounge access by spending Rs 35,000 in the preceding calendar quarter. This spend-based benefit rewards frequent travelers, offering a valuable perk for their continued patronage.
OLA Money Wallet Restriction:
OLA Money users should be mindful of impending changes concerning wallet usage. Effective April 1, 2024, OLA Money is transitioning entirely to small Prepaid Payment Instrument (PPI) wallet services. Consequently, users will face a monthly limit of adding Rs 10,000 to their Ola Money wallet. This transition underscores the need for users to adapt to the evolving service structure and plan their transactions accordingly.
In conclusion, the onset of FY25 brings forth notable changes in financial regulations, impacting various aspects of financial transactions and benefits. Individuals are encouraged to stay informed and adapt to these changes to optimize their financial management strategies effectively.
