6 Rule Changes In May 2024: From LPG Gas Cylinder Prices To New Savings Account Charges; Details here

As we enter the second month of the new financial year (2024-2025), it's crucial to note that several money-related rules are scheduled to change in May. These adjustments will impact the finances of everyday individuals. On May 1st, several rules will be modified, including alterations to LPG cylinder prices and bank account charges. Let's explore some of the changes in money-related rules set to take effect from May 1st.

Deadline for HDFC Scheme

HDFC Bank has introduced a special FD scheme for senior citizens, with a deadline to join by May 10th. This scheme offers an additional 0.75% interest rate for senior citizens, allowing them to benefit from a 7.75% interest rate on FDs lasting 5 to 10 years. Senior citizens can deposit up to Rs 5 crore under this scheme.

Changes in Gas Prices

In a significant development amid Lok Sabha Elections 2024, the government Oil marketing companies on Wednesday revised the prices of commercial LPG gas cylinders. As per the latest revision in the prices, the rate of 19 KG commercial LPG gas cylinders has been slashed by Rs 19 with effect from May 1, 2024. A 19kg commercial LPG cylinder will be available in the national capital at Rs 1,745.50 from Wednesday.

Changes to ICICI Bank Rules

ICICI Bank is also revising its rules regarding savings cards. Customers in rural areas will now have to pay an annual fee of Rs 99 for a debit card, and Rs 200 in urban areas. Additionally, the bank will no longer charge a fee for the first 25 pages of a checkbook, but thereafter, each page will cost Rs 4. The IMPS transaction fee has been adjusted from Rs 2.50 to Rs 15 per transaction.

Changes to Minimum Balance Rule in Yes Bank

Yes Bank has updated its minimum average balance requirements for different types of savings accounts. For Pro Max Savings Accounts, the minimum average balance is now set at Rs 50,000, with a maximum charge of Rs 1,000. Other accounts like "Pro Plus," "Yes Respect SA," and "Yes Essence SA" now require a minimum average balance of Rs 25,000, with a maximum charge of Rs 750. The minimum balance for "Account Pro" is Rs 10,000, with a maximum charge of Rs 750.

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Starting May 1st, YES Bank credit card users will encounter a 1% surcharge on utility bill payments. According to the latest regulations, YES Bank customers will enjoy a complimentary usage limit of Rs 15,000 during the billing cycle. Any expenditure exceeding this limit will incur GST and a 1% tax, as stated by the bank.

These changes specifically apply to the fuel fee category on certain credit card types, excluding the 'Private' credit card type from these revisions. As per the YES Bank website as of March 29, 2024, "A charge of 1% will be applicable on all utility transactions in a statement cycle."

MF KYC Regulation

The new KYC regulation, effective as of April 30, mandates that the name provided by investors on their mutual fund application must match the name on their PAN (Permanent Account Number) card. Any discrepancies will result in the rejection of their applications. Therefore, for individuals making their initial mutual fund investments, it is crucial that their name and date of birth match exactly with the details on their PAN card and, consequently, their income-tax records. It's important to note that this regulation will only affect new investments and not existing ones.

IDFC First Bank Credit Card update

IDFC First Bank has introduced an additional 1% surcharge plus GST for credit card payments towards utility bills surpassing Rs 20,000 in cumulative amount. However, this surcharge exemption applies to the FIRST Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card.

The bank clarified that no surcharge will be imposed if the total utility bill transactions (including gas, electricity, and internet) within a statement cycle remain Rs 20,000 or below. Conversely, if the total exceeds Rs 20,000, an extra 18% GST will be levied on top of the 1% surcharge.

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