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Changes Effective from April 1st Across Various Financial Services

The latest financial regulations and service updates taking effect in India from April 1st, 2024. From changes in FASTag rules to revisions in credit card perks, discover how these updates will impact consumers and businesses nationwide.

Changes Effective from April 1st Across Various Financial Services

Changes Effective from April 1st Across Various Financial Services

As the calendar flips to April 1st, 2024, several significant changes in financial regulations and services come into effect across India, impacting various aspects of daily transactions and financial planning. From revisions in FASTag rules to alterations in National Pension System (NPS) guidelines, alongside modifications in credit card, debit card, and insurance regulations, these updates carry implications for consumers and businesses alike.


The NHAI's 'One Vehicle, One FASTag' initiative is designed to deter the practice of using a single FASTag for multiple vehicles or associating multiple FASTags with a single vehicle. Its objective is to improve the efficiency of toll collection and facilitate smooth traffic flow at toll plazas, commencing on April 1, 2024.

NPS (National Pension System)

The Pension Fund Regulatory and Development Authority (PFRDA) has elevated the security measures for the NPS with the introduction of an additional security feature known as two-factor Aadhaar-based authentication. Effective April 1, 2024, this authentication method will be compulsory for all users accessing the CRA system with password-based credentials. The PFRDA communicated this update via a circular issued on March 15, 2024.

Mandatory e-insurance

The Insurance Regulatory and Development Authority of India (IRDAI) has declared that as of April 1, 2024, all insurance policies, including those for health, life, and general insurance, must be digitised. This directive mandates that insurance policies be solely issued through online channels.

OLA Money

OLA Money has notified its users through SMS that from April 1, 2024, it will fully transition to small PPI (prepaid payment instrument) wallet services. Furthermore, there will be a maximum monthly load limit of Rs 10,000 imposed on the wallet. This adjustment is intended to simplify OLA Money's offerings.

SBI Credit Cards

As reported by ET, SBI Card has announced changes to its credit card reward structure. Effective April 1, 2024, specific credit cards such as AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse, and SimplyCLICK SBI Card will no longer earn reward points for rent payments. Furthermore, the accumulation of reward points on rent transactions using these cards will cease entirely by April 15, 2024.

SBI Debit Cards

The SBI has revised the annual maintenance fees for certain debit cards, as outlined on the SBI website. These updated charges will take effect from April 1, 2024. The annual maintenance fees for classic debit cards, comprising Classic, Silver, Global, and Contactless Debit Cards, have been raised to Rs. 200 plus GST, up from the previous Rs. 125 plus GST. Similarly, for debit cards like Yuva, Gold, Combo Debit Card, and My Card (Image Card), the annual maintenance charge has been raised to Rs. 250 plus GST, compared to the previous Rs. 175 plus GST.

ICICI Bank Credit Card

Commencing April 1, 2024, ICICI Bank has implemented modifications to its credit card perks. According to details provided on the ICICI Bank website, cardholders are eligible for one free airport lounge access upon spending Rs 35,000 in the previous calendar quarter. This expenditure qualifies them for lounge access in the subsequent calendar quarter. To avail of complimentary lounge access in the April-May-June 2024 quarter, cardholders must spend at least Rs. 35,000 in the January-February-March 2024 quarter, and the same applies for subsequent quarters.

YES Bank Credit Card

Beginning April 1, 2024, YES Bank credit card users can enjoy complimentary domestic lounge access by spending Rs 10,000 or above in a calendar quarter, as reported by multiple news sources. This means that expenses incurred in the previous quarter will determine eligibility for lounge access in the following quarter, according to the news coverage.

AXIS Bank Credit Card

From April 20, 2024, Axis Bank is set to implement revisions to its credit card rewards and benefits:

Reward Points Exclusion: Expenditure on fuel, insurance, and gold/jewelry will no longer count towards earning basic or expedited EDGE REWARD Points, in addition to the existing category restrictions.

Spends on Annual Fee Waiver: Spending in the insurance, gold/jewelry, and fuel categories will no longer contribute towards meeting the threshold for the annual fee waiver.

Domestic & International Lounge Access: The complimentary guest visits permitted on domestic and international lounge programs will be reduced from 8 visits to 4 visits.

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