April is the start of the new financial year 2024-25 and with comes a few important money-related changes that can have an impact on the way you spend money and invest. Let us look at five such important financial changes that will come into effect in April 2024
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
NPS: What are the benefits of this security feature
Increased Security
The two-factor approach significantly reduces the risk of unauthorized access to the CRA system
Enhanced Protection
This additional layer safeguards NPS transactions and protects the interests of both subscribers and stakeholders.
Also read: Mandatory two-factor Aadhaar authentication to log into NPS CRA system from this date
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.
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
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.”
New ICICI Bank Credit Card rules: ICICI Bank to change airport lounge access benefits, reward points rules for these 21 credit cards
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.
OLA Money wallet
OLA Money announced that its 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.
OLA Money wallet will stop working from April 1, 2024 if you don’t do this; check details
