April marks the start of the new financial year 2024-25. It comes with some crucial money-related changes that can have impact the way you spend money and invest. Here are some important financial changes that will come into effect in April 2024:
New NPS Rule: Pension Fund Regulatory and Development Authority (PFRDA) improved security of National Pension System (NPS). As per the change, a new security layer has been introduced which includes a two-factor Aadhaar-authentication. This will become mandatory for all users logging into the CRA system.
SBI Credit card changes: SBI Card announced that accrual of reward points on rent payment transactions will be discontinued for certain credit cards. This will be done from April 1, 2024 and includes credit cards like AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse and SimplyCLICK SBI Card.
YES Bank credit card changes: YES Bank credit card holders who spend ₹10,000 or more in a calendar quarter will become eligible for complimentary domestic lounge access from April 1.
ICICI Bank credit card changes: ICICI Bank website notes this change from April 1, “You can enjoy One complimentary airport lounge access by spending Rs. 35,000 in the preceding calendar quarter. Spends made in the preceding calendar quarter will unlock access for the subsequent calendar quarter. To be eligible for complimentary lounge access in Apr-May-Jun, 2024 quarter, you need to spend a minimum of Rs.35,000 in the January-February-March 2024 quarter and similarly for following quarters.”
Ola money wallet: OLA Money announced that its will switch to small PPI (prepaid payment instrument) wallet services. This will have a maximum wallet load restriction of ₹10,000 per month from April 1.
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