FASTag, NPS, credit card, debit card, insurance rule changes: Major money changes from April 1

The financial year 2024–25 begins today April 1, 2024 and with it, a few significant financial changes that can have an impact on your investment and spending. Let's see major financial changes and new norms that will take place in April 2024.

• 'One Vehicle, One FASTag' kicks in on April 1

The 'One Vehicle, One FASTag' project, launched by the NHAI, intends to discourage the use of a single FASTag for numerous vehicles or the connecting of many FASTags to a single vehicle. The program is intended to improve the efficiency of the electronic toll collecting system and offer smooth mobility at toll plazas and will be applicable from April 1, 2024.

Also read: One Vehicle, One FASTag implemented; 9 important things all FASTag users should know

• SBI credit card changes

SBI Card has announced that accrual of reward points on rent payment transactions will be discontinued for certain credit cards effective from April 1, 2024

Popular credit cards include AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse and SimplyCLICK SBI Card. Further, the accumulation of reward points on rent payment transactions for certain credit cards will end on April 15, 2024.

Also read: 6 income tax rules that salaried should know as financial year 2024-25 starts from today

• OLA Money wallet

OLA Money announced that it is entirely switching to small PPI (prepaid payment instrument) wallet services, with a maximum wallet load restriction of Rs 10,000 per month starting April 1, 2024. The company sent SMSs to its customers informing them about this on March 22, 2024.

• New NPS rule

The Pension Fund Regulatory and Development Authority (PFRDA) has improved the security of the National Pension System (NPS) by introducing a new security layer, two-factor Aadhaar-based authentication, which will become mandatory for all password-based users logging into the CRA system on April 1, 2024. The PFRDA made this announcement in a circular dated March 15, 2024.

New NPS rule from April 1: How to do two-factor Aadhaar authentication to log into National Pension System account

• SBI debit card

State Bank of India (SBI) has revised the annual maintenance charges related to certain debit cards. The new proposed rates will be effective from April 1, 2024, as per the SBI website.

Classic debit cards
For cards including Classic, Silver, Global, Contactless Debit Cards the annual maintenance is hiked to Rs. 200/ + GST from existing Rs.125/ +GST.
Yuva and other cards
For debit cards such as Yuva, Gold, Combo Debit Card, My Card (Image Card), the annual maintenance is hiked to Rs. 250/+ GST from existing Rs.175/ + GST.

SBI hikes annual maintenance charges related to these debit cards from April 1, 2024: Check details

• Mandatory e-insurance

Prior to this, the Insurance Regulatory and Development Authority of India (IRDAI) declared that, as of April 1, 2024, all insurance policies must be digitalized. This order mandates that all insurance policies, including health, life, and general insurance, be issued online.

Two insurance rules from April 1, 2024: Demat type e-Insurance Account must to buy new policies, latest surrender charges

• ICICI Bank credit card changes from April 1, 2024

According to the ICICI Bank website, "Starting Apr 01, 2024, 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."

• Yes Bank credit card changes from April 1, 2024

Starting April 1, YES Bank credit cards who spend Rs 10,000 or more in a calendar quarter will be eligible for complimentary domestic lounge access, according to various news report. It signifies that spending in the previous quarter will provide entry to the next quarter, as per the news reports.

• Axis Bank credit card changes from April 20, 2024

Reward points exclusion
Spending on fuel, insurance, and gold/jewelry will not be eligible for basic or expedited EDGE REWARD Points, adding to the list of category limitations already listed.

Spends on Annual fee waiver
Spends threshold for annual fee waiver will exclude spends done on Insurance, Gold/Jewelry & fuel categories.

Domestic & international lounge
The complimentary guest visits applicable on domestic & international lounge programs will be revised from 8 guest visits to 4 guest visits.