The financial year 2024-2025 (FY25) is set to begin from April 1, 2024, and will see changes in rules involving money.
These changes can impact people in the manner in which they spend or save money. Hence, keeping track and being aware of them becomes extremely crucial. New NPS rule for added security – The Pension Fund Regulatory and Development Authority (PFRDA) has taken steps to enhance the security of the National Pension System (NPS).
Starting April 1, 2024, all users logging into the CRA system with a password will need to go through a two-factor Aadhaar-based authentication. It aims to bolster the protection of NPS transactions and ensure the safety of subscribers’ interests.
SBI credit card updates – SBI Card users should take note that the accumulation of reward points on rent payment transactions will stop for specific credit cards from April 1, 2024. This change applies to cards like AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse, and SimplyCLICK SBI Card.
YES Bank credit card benefits – Starting April 1, 2024, YES Bank credit cardholders who spend Rs 10,000 or more in a calendar quarter will enjoy complimentary domestic lounge access. ICICI Bank credit card benefits – ICICI Bank has made changes to its credit card benefits effective from April 1. Cardholders can now enjoy one complimentary airport lounge access by spending Rs 35,000 in the preceding calendar quarter.
This spend-based benefit unlocks access for the subsequent quarter, ensuring a perk for frequent travellers. OLA Money wallet restriction – OLA Money users should be aware that the service is transitioning entirely to small PPI (prepaid payment instrument) wallet services.
Starting April 1, 2024, there will be a limit of adding Rs 10,000 to the Ola Money wallet per month. Customers were informed about this change via SMS on March 22, 2024.