New Rules from 1st April 2024 | From credit cards to NPS and FASTag, get ready for these 9 changes
New Rules from 1 April 2024 – (The Karbhari News Service) – There are many changes related to your money, which will come into force from 1 April. So you can find a list of every change here. These changes include several rules related to PAN-Aadhaar linking, FASTag KYC, NPS account, credit card, debit card.
The new financial year starts from April. Along with this, new rules and regulations will also be implemented. There are a number of changes related to your money, which will take effect from April 1, so you can find a list of each change here. These changes include several rules related to PAN-Aadhaar linking, FASTag KYC, NPS account, credit card, debit card.
1. NPS Account
Pension regulator Pension Fund Regulatory and Development Authority (PFRDA) has added a new step on login for security of NPS accounts. Now two-factor Aadhaar based authentication will be mandatory for accessing CRA system and password based users. After the implementation of this new security protocol, NPS members can now login to their account by simply authenticating their account with Aadhaar and entering the OTP received on their registered mobile number.
2. IRDAI Policy Surrender Value
New policy surrender rules are also coming for insurance customers from April 1. Now as per the new rules, the policy surrender value will be determined according to the policy surrender period. This means, the longer the policy surrender period, the higher the surrender value. Surrender value is reduced if the policy is surrendered within three years.
3. E-Insurance
Another rule of IRDAI is coming into effect from 1st April. From this day every policy will have to be in digitized format. That is, after opening the policy, the e-insurance account of the policyholder will be opened. This will make it easier for customers to manage and operate their policies.
4. FASTag KYC
As per instructions so far, such FASTag accounts and devices will be declared invalid from April 1, 2024 if KYC details are not updated. FASTag KYC is mandatory from April 1, failing which the bank will deactivate the account.
5. SBI Credit Card
SBI Card has changed the reward points rules on some of its cards. If users make fare payments through certain cards including AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse and SimplyCLICK SBI Card, they will not get reward points from April 1.
6. Yes Bank Credit Card
Yes Bank customers who spend Rs 10,000 on the card in a calendar quarter will be eligible for free domestic lounge access from April 1.
7. ICICI Bank Credit Card
ICICI Bank has also increased the benefits on lounge access. Users spent Rs. 35,000 can get free airport lounge access. Spending in the previous calendar quarter will unlock access for the next calendar quarter. To be eligible for airport lounge access during April-May-June 2024 quarter, you need to spend at least Rs. 35,000 will be incurred and so on for the remaining quarters.
8. Ola Money Wallet
Ola Money is switching to Small PPI i.e. Small Prepaid Payment Instrument Wallet. Also, from April 1, you will be able to deposit only Rs 10,000 per month in the wallet.
9. PAN-Aadhaar Link
As per the information received so far, the last date for linking PAN with Aadhaar is March 31. If any PAN card holder does not link his PAN with Aadhaar, his PAN will be deactivated.
