6 Key Money-Related Changes Coming In April 2024

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New Delhi: As April marks the beginning of the new financial year 2024-25, several significant money-related changes are set to take effect. These changes can impact the way individuals spend money and manage their investments. Let's take a closer look at five important financial updates scheduled for April 2024.

1. New NPS Rule

The Pension Fund Regulatory and Development Authority (PFRDA) has enhanced the security of the National Pension System (NPS) by introducing a new security layer. ()

From April 1, 2024, two-factor Aadhaar-based authentication will be mandatory for all password-based users logging into the CRA system. This move aims to strengthen the security measures surrounding NPS transactions. ()

2. SBI Credit Card Changes

SBI Card has announced changes to its reward points system for certain credit cards, effective April 1, 2024. The accrual of reward points on rent payment transactions will be discontinued for specific cards, including AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse, and SimplyCLICK SBI Card.

Additionally, the accumulation of reward points on rent payments for select cards will end on April 15, 2024.

3. Yes Bank Credit Card Updates

Starting April 1, 2024, Yes Bank credit cardholders who spend Rs 10,000 or more in a calendar quarter will be eligible for complimentary domestic lounge access.

This means that spending in the previous quarter will provide access to lounge benefits in the following quarter, as per reports.

4. ICICI Bank Credit Card Revisions

From April 1, 2024, ICICI Bank credit cardholders will enjoy one complimentary airport lounge access by spending Rs 35,000 in the preceding calendar quarter.

Spending in the previous quarter will unlock lounge access for the subsequent quarter. This change aims to enhance the benefits offered to ICICI Bank cardholders.

5. Ola Money Wallet Update

Ola Money has announced a transition to small prepaid payment instrument (PPI) wallet services, effective April 1, 2024. The maximum wallet load restriction will be set at Rs 10,000 per month.

Ola Money customers were informed about this update via SMS on March 22, 2024.