Select Page

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.

Also read: Major changes in SBI Card: List of SBI credit cards where reward points will not be applicable on rent payments

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.

Also read: Axis Bank Credit Card major changes announced: Reward point earnings, lounge access, annual fee waiver rules changed for this credit card

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

  • Published On Mar 27, 2024 at 06:00 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETBFSI App

  • Get Realtime updates
  • Save your favourite articles

icon g play

icon app store

Scan to download App
bfsi barcode

Share it on social networks