New Rules from 1st April 2024: There are many changes related to your money, which will come into effect from 1st April, so you will get the list of each change here. These changes include many rules related to PAN-Aadhaar Linking, FASTag KYC, NPS Account, Credit Card, Debit Card.
New Rules from 1st April 2024: The new financial year is starting with April. Along with this, new rules and regulations are going to be implemented. There are many changes related to your money, which will come into effect from April 1, so you will get the list of each change here. These changes include many rules related to PAN-Aadhaar Linking, FASTag KYC, NPS Account, Credit Card, Debit Card. Let us know.
1. NPS Account
Pension regulator Pension Fund Regulatory and Development Authority (PFRDA) has added a new step on login for the security of NPS accounts. Now two-factor Aadhaar based authentication will be mandatory for subscribers to access the CRA system and for password based users. After the implementation of this new security protocol, NPS Subscribers can now login to their account by simply authenticating their account with Aadhaar and entering the OTP received on their registered mobile number.
2. IRDAI Policy Surrender Value
New rules on policy surrender are also coming for insurance customers from April 1. Now under the new rules, the policy surrender value will be decided by the policy surrender period. That means, the longer the policy surrender period, the higher the surrender value. The surrender value is reduced if the policy is surrendered within three years.
3. E-Insurance
Another rule of IRDAI is coming into effect from April 1. From this day onwards it will be necessary for every policy to have a digitized format. That is, after opening the policy, the e-insurance account of the policyholder will be opened. This will make it easier for customers to manage and operate their policies.
4. FASTag KYC
According to the instructions so far, such Fastag accounts and devices will be declared invalid from April 1, 2024, if the KYC details will not be updated. Fastag KYC is mandatory from April 1, failing which the bank will deactivate the account.
5. SBI Credit Card
SBI Card has changed the rules of reward points on some of its cards. If users make rent payment through some cards including AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse and SimplyCLICK SBI Card, then they will not get reward points on it from April 1.
6. YES Bank Credit Card
Yes Bank customers who spend Rs 10,000 on the card in a calendar quarter will be eligible for complimentary domestic lounge access from April 1.
7. ICICI Bank Credit Card
ICICI Bank has also increased the benefits on lounge access. Users can get a complimentary airport lounge access by spending Rs 35,000 in the previous calendar quarter. Spending in the previous calendar quarter will unlock access for the next calendar quarter. To be eligible for complimentary airport lounge access in the April-May-June 2024 quarter, you will have to spend a minimum of Rs 35,000 in the January-February-March 2024 quarter and so on for the remaining quarters.
8. Ola Money Wallet
Ola Money is switching to Small PPI i.e. Small Prepaid Payment Instrument Wallet. With this, from April 1, you will be able to deposit only Rs 10,000 per month in the wallet.
9. PAN-Aadhaar Link
According to the information available so far, the last date for linking PAN with Aadhaar is March 31. If any PAN cardholder does not link his PAN with Aadhaar, his PAN will become inactive.
