New credit card rules, NPS and key money related changes this April 2024: Details

As we step into the new financial year of 2024-25 in April, several significant financial amendments are set to reshape spending habits and investment approaches.

Enhanced Security Measures for NPS

Effective April 1, 2024, the Pension Fund Regulatory and Development Authority (PFRDA) has mandated two-factor Aadhaar-based authentication for all password-based users accessing the National Pension System (NPS) via the Central Recordkeeping Agency (CRA) system. This initiative aims to bolster the security of NPS transactions, minimizing the risk of unauthorized access and safeguarding the interests of subscribers and stakeholders.

SBI Credit Card Reward Point Amendments

SBI Card has announced changes to its reward points policy, particularly concerning rent payment transactions. From April 1, 2024, select credit cards, including AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse, and SimplyCLICK SBI Card, will no longer accrue reward points on rent payments. Furthermore, this modification will take effect for certain credit cards from April 15, 2024.

Changes in Yes Bank Credit Card Benefits

Starting April 1, 2024, YES Bank credit cardholders spending Rs. 10,000 or more within a calendar quarter will qualify for complimentary domestic lounge access. This adjustment allows expenditures in the preceding quarter to confer eligibility for lounge access in the subsequent quarter.

Revised Benefits for ICICI Bank Credit Cardholders

From April 1, 2024, ICICI Bank is introducing revamped benefits for its credit cardholders. Spending a minimum of Rs. 35,000 in the preceding calendar quarter will grant cardholders one complimentary airport lounge access. Similar spending thresholds apply for subsequent quarters, unlocking access for the ensuing calendar quarter.

Alterations in Axis Bank Credit Card Rewards and Benefits

Effective April 20, 2024, Axis Bank is implementing notable changes to its credit card rewards and benefits framework. Expenditures on fuel, insurance, and gold/jewelry will no longer qualify for basic or expedited EDGE REWARD Points. Additionally, spends in these categories will be excluded from the threshold for annual fee waiver. Moreover, complimentary guest visits to domestic and international lounges will be revised from eight to four.

OLA Money Wallet Restructuring

OLA Money has announced a significant restructuring, transitioning entirely to small Prepaid Payment Instrument (PPI) wallet services. From April 1, 2024, a maximum monthly wallet load restriction of Rs. 10,000 will be imposed. Customers were duly notified of this transformation via SMS on March 22, 2024.

These financial changes herald a new landscape for spending, rewards, and security, prompting individuals to adapt their financial strategies accordingly.