Rules Changing from 1st April 2024: The financial year 2024-25 will start from April 1. The new regulations to be implemented by financial institutions will be applicable from this month. Along with NPS login, rewards for credit cards, e-insurance in the insurance sector, increase in SBI debit card charges etc. will come into effect.
Rules Changing from 1st April 2024:The Pension Fund Regulatory and Development Authority (PFRDA) has taken a crucial decision in the wake of increasing online fraud. The National Pension System (NPS) has completely revamped the existing procedure for login of accounts. Accordingly, the 2-factor Aadhaar authentication system has come into effect from April 1. As per the provisions of this policy, the details have to be registered in the Central Record Keeping Agency (CRA) of the NPS. To this extent PFRDA has issued a circular on 15 March 2024.
SBI Debit Card Charges Hike
The country’s largest public sector bank (SBI) has increased debit card charges for its customers. The new fares will be effective from April 1. The annual maintenance fee on classic debit cards, silver, global and contactless debit cards has been increased from Rs.125 to Rs.200. Yuva, Gold, Combo Debit Card, My Card handling charges have been increased from Rs.175 to Rs.250, Platinum Debit card charges have been increased from Rs.250 to Rs.325, and Platinum Business Card charges have been increased from Rs.350 to Rs.425.
Freelance Access..
Along with ICICI Bank, Yes Bank and Axis Bank have brought changes in key terms to get free lounge access at airports with the help of credit cards. The airport lounge access offer will be applicable depending on the spending done by the credit cardholders during the quarter. ICICI Bank card holders have to spend Rs.35 thousand, Yes Bank credit card holders have to spend Rs.10 thousand and Axis Bank credit card holders have to spend Rs.50 thousand. These terms are applicable to ICICI Bank Coral Credit Card, Make My Trip ICICI Bank and ICICI Bank Platinum Credit Cards. For Axis Bank credit cards, it will be effective from April 20.
Policy Digitization
Digitization has been made mandatory for insurance policies. Henceforth all types of insurance policies will have to be digitized. All life, health and general insurance policies should be offered electronically. This rule will come into effect from April 1.
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