5 Financial Changes Coming In April 2024: Here's All You Need To Know

Along with the start of the new financial year, there are significant personal finance changes set to take place. Read on further to find out.

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New Delhi: Monday, April 1, 2024, will see the kick-start of the new financial year. As the new one begins, many changes have direct impacts on your pocket. Modifications in pension schemes, changes in credit card rules, and many more money-related alterations are going to take place in the next month.

Here are the lists of important financial changes happening in April 2024. ()

1. New NPS Rule

The regulatory authority body of NPS has rolled out an enhanced security feature for users. As per the new rule, two-factor Aadhaar authentication (2-FA) becomes mandatory for all users logging into the CRA system. This is an added layer of security for Nation Pension System users. ()

2. Changes In SBI Credit Card

Several banks changed their norms for credit card users. State Bank of India is among them. The customer of the largest public sector bank will not get reward points on rent payment transactions.

Here, one thing that you must adhere to is this rule is applicable for certain credit cards, and it will be effective April 1, 2024.

The alteration applies to credit cards such as AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse, and SimplyCLICK SBI Card.

3. Changes In ICICI Bank Credit Card Rule

ICICI Bank is one of them that has changed its existing norms in credit card benefits. Now, the bank offering one complimentary airport lounge access to cardholders who spend Rs 35,000 in the preceding calendar quarter.

This benefit will be unlocked for the subsequent calendar quarter based on qualifying spending in the previous quarter.

4. Changes In YES Bank Credit Card Rule

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

5. Ola Money Wallet Transition

OLA Money is also announced to make changes in the new financial year. The financial service provider sent an SMS to inform its customers about the changes. In the message, the company said that they are completely switching to a small PPI. 

The alteration in norms will be effective April 1, 2024. This change will impose a maximum wallet load restriction of Rs 10,000 per month.