With financial year 2024-25 set to start from April 1, numerous changes are poised to take effect. This may affect individuals across various domains. From revisions in some credit card policies to shifts in banking and investment regulations, here's a comprehensive overview of what lies ahead:
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Credit card changes
SBI Card to overhaul reward points policy
SBI Card has updated its policies on the accrual of reward points. Commencing from April 1, 2024, the accrual of reward points on rent payments will be discontinued for a range of credit cards offered by the lender. AURUM, SBI Card Elite, SimplyCLICK SBI Card, are among the cards primarily affected.
ICICI Bank to raise minimum spend for lounge access
ICICI Bank has revised its criteria for complimentary airport lounge access. Starting from April 1, 2024, customers will have to spend a minimum of ₹35,000 in the preceding calendar quarter to unlock one complimentary airport lounge access for the subsequent quarter. This modification applies to a variety of ICICI Bank credit cards, including the Coral credit card, MakeMyTrip ICICI Bank Platinum credit card, and others.
YES Bank to adjust lounge access benefits
Yes Bank will revamp its domestic lounge access benefits from April 1, 2024. The bank has officially communicated that, for all its credit cards, cardholders will be required to spend a minimum of ₹10,000 in the ongoing quarter to qualify for lounge access in the subsequent quarter.
Axis Bank to change Magnus Credit Card benefits
Axis Bank has announced changes to its Magnus Credit Card from April 20 onwards. These revisions include adjustments to reward earnings, lounge access programmes, and annual fee waiver exclusions.
Spends on insurance, gold/jewellery and fuel categories will no longer qualify for reward points.
Benefits, including complimentary concierge services and airport meet and assist services, will be discontinued.
The lender will also make changes to the domestic airport lounge access programme, necessitating a minimum spend of ₹50,000 in the preceding three months for lounge access.
The number of complimentary guest visits for both domestic and international lounges will also be reduced from eight to four per calendar year.
Debit card changes
SBI to increase annual maintenance charges by ₹75 on some debit cards
State Bank of India (SBI) has announced a hike of ₹75 in the annual maintenance charges associated with certain debit cards. The same will be effective from April 1, 2024, as per the information available on the SBI website.
Mutual fund changes
Mutual funds to stop fresh inflows in overseas ETFs
The Securities and Exchange Board of India (SEBI) has directed asset managers to halt inflows into schemes investing in overseas exchange-traded funds (ETFs) effective April 1. Experts believe that SEBI's move come on the back of overall industry surpassing the $1-billion (approximately ₹8,311 crore as of March 21, 2024) limit.
Consequently, the Association of Mutual Funds in India (AMFI) issued a letter to fund houses instructing them to cease accepting subscriptions to funds investing in overseas ETFs from April 1, 2024.
Investment changes
New login mechanism for NPS accounts
Starting April 1, 2024, National Pension System (NPS) users will be required to undergo Aadhaar-based login authentication, which will be integrated with the existing user ID and password-based login process.
The Pension Fund Regulatory and Development Authority (PFRDA) said this new login process seeks to address concerns related to unauthorised access and potential security threats within the NPS framework.
Aadhaar's two-factor authentication system introduces additional layers of verification to certify the authenticity of fingerprints.
Insurance changes
Insurance regulator's final rules on surrender value from April 1
The Insurance Regulatory and Development Authority of India (IRDAI) has announced its final regulations concerning surrender value. Effective April 1, 2024, surrender value is expected to remain the same or even lower if policies are surrendered in a period of within three years.
However, policies surrendered between the fourth and seventh years may witness a marginal increase in surrender value.
For non-single premium life insurance policies, a guaranteed surrender value will be provided upon payment of premiums for at least two consecutive years.
E-insurance to become mandatory
The Insurance Regulatory and Development Authority of India (IRDAI), has announced the compulsory digitisation of insurance policies starting April 1, 2024. Under this directive, all insurance policies across various categories, including life, health, and general insurance, will be issued electronically.
FASTag protocol update
Come April 1, 2024, a significant change is slated for FASTag users too.
Failure to update the Know Your Customer (KYC) details of one's FASTag with the bank may lead to disruptions in toll payments. Banks will deactivate FASTags lacking updated KYC information post-March 31.
Even with a balance, payments won't be processed, necessitating double toll tax payments at plazas.
