Credit-Debit New Rules 2024: Many new financial changes are going to be implemented in India from today. We are going to inform you about some of these changes through this news. From April 1, changes have been made in the rules of credit cards, debit cards and insurance policies of some of these banks. Let us know in the news below which are these important changes…
April 1, 2024, marks the beginning of a new financial year, which brings with it changes in income tax rules, as announced by Finance Minister Nirmala Sitharaman during her budget speech in February this year. Was. There have been changes in many rules from today i.e. 1st April 2024, which will have a direct impact on people’s pockets. A lot of changes have taken place at the beginning of the new financial year.
Here we are talking about changes in credit-debit card rules. State Bank of India, Axis Bank, HDFC Bank and other banks have made changes in the rewards and charges related to credit-debit cards. Apart from this, Indian insurance regulator IRDAI has changed the rules related to insurance policies for the benefit of customers.
HDFC’s NEFT transaction service will be disrupted today
Today, on April 1, HDFC has told its customers that due to the end of the financial year 2023-24, the bank’s external NEFT transaction service will not work today. Customers can transact through IMPS, RTGS or UPI.
HDFC Bank said in a statement that the financial year is ending and due to the process being done in this regard, there may be a delay in external NEFT transactions on April 1, 2024 and it is possible that these transactions may not be done. The bank said that in case of any problem, customers can call the helpline number 18001600/1800 2600.
Changes in SBI credit card rules
SBI has changed the rules for credit card holders from April 1, 2024. According to the new rules, users will no longer get reward points on paying fare through credit card.
The new rule will be applicable on other SBI cards as well as AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse and SimplyClick SBI cards. Also, the collection of reward points on fare payment transactions for credit cards will end on April 15, 2024.
Changes in SBI debit card rules
Let us tell you that State Bank of India (SBI) has changed the annual maintenance charges related to some of its debit cards. The new duty rates have been implemented from April 1, 2024. According to SBI, the annual maintenance fee for other cards including Classic Debit Card, Silver Debit Card, Global Debit Card, Contactless Debit Card has been increased to Rs 200 + GST. Earlier this fee was Rs 125 + GST.
Apart from this, the annual maintenance fee for debit cards like Yuva Debit Card, Gold Debit Card, Combo Debit Card, My Card has been increased to Rs 250 + GST. Earlier it was Rs 175 + GST. Similarly, charges on Platinum Debit Card and Premium Business Debit Card have been increased.
Changes in Axis Bank Debit Card Benefits
For information, let us tell you that Axis Bank has changed the rules related to airport lounge access of its Burgundy, Delight, Priority and other debit cards. Apart from this, the bank has also made changes in BookMyShow offer, reward point rules and special benefits related to international use of its debit card. Regarding these changes, Axis Bank said in the email sent to its customers on March 21, 2024 that the new changes will come into effect from May 1, 2024.
Yes Bank Utility Transaction Charges
Yes Bank has changed the benefits of all its credit cards except the ‘Private’ credit card variant and implemented transaction charges. The bank said that there has also been a change in the terms of additional charges for utility transactions. All these revised changes will be effective from May 1, 2024. According to the Yes Bank website, a charge of 1 percent will be applicable on all utility transactions in a statement circle. With this, Yes Bank is the first credit card issuer in India to impose 1 percent charge on utility transactions from May 1, 2024.
Changes in insurance policy rules
Indian insurance regulator IRDAI has decided to change the rules for surrendering insurance policies. According to the new rules of the insurance regulator which are coming into effect from today i.e. from April 1, the more period the customer surrenders the policy, the higher the surrender value he will get. Let us tell you that if a policyholder surrenders his policy before maturity, then he is paid the earning and savings portion of the deposited amount.
If a customer surrenders the policy within 3 years of purchasing the policy, he may get an amount less than the surrender value. Whereas, if the policy is surrendered between 4 to 7 years, you may get a higher surrender value. In such a situation, the insurance regulator has asked insurers and companies to inform the customer about the surrender charges while selling the policy.
Insurance policies will be issued digitally
Indian insurance regulator IRDAI has made digitalization mandatory for insurance policies and this rule is being implemented from April 1, 2024. Under this, all insurance policies of different categories including life, health and general insurance will be issued electronically. In e-insurance, insurance schemes will be managed through a secure online platform, known as e-Insurance Account.
Post Office Superhit Scheme! You can invest in children’s name also.. know the benefits
