4 key money changes to come into effect from May 1 that investors should know
4 key money changes in May 2024
Get ready for some significant money changes coming your way this May! Big players like Yes Bank and ICICI Bank are introducing a number of changes with revisions proposed to their savings account charges and credit card rules, effective May 1, 2024.
Meanwhile, HDFC Bank’s senior citizens special FD is set to end on May 10, according to the latest updates on their website. Let’s take a closer look at all the financial updates that will impact you starting next month.
ICICI Bank updates savings account service charges
ICICI Bank has recently revised the service charges for various services, including cheque book issuance, IMPS, ECS/NACH Debit Returns, stop payment charges, and more. These updates are scheduled to come into effect from May 1, 2024, as announced on the ICICI Bank website. Stay informed to avoid any surprises!
Deadline extended for HDFC Bank’s senior citizen care FD
HDFC Bank has extended the deadline to invest in its fixed deposit scheme designed especially for senior citizens. Known as the Senior Citizen Care FD, this special scheme offers higher interest rates and was initially launched in May 2020. The last date to invest in this beneficial FD plan has now been extended to May 10, 2024.
IDFC First Bank implements utility transaction fee change
IDFC First Bank has announced a change in its credit card policy regarding utility bill payments, effective May 1, 2024. According to the new policy, a 1% surcharge, along with GST, will be applied to credit card payments for utility bills exceeding ₹20,000 in a statement cycle. However, this surcharge will not apply to transactions made using the FIRST Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card.
Yes Bank
- Savings account charges: Yes Bank, a private sector lender, has updated its savings account charges schedule. Effective from May 1, 2024, these changes, as per the official announcement on the Yes Bank website. The bank has also discontinued certain account types.
As per Yes Bank website, “AMB requirement, as defined by YES bank from time to time, at select locations, is Rs. 5000 for YES Grace, Rs. 2500 for YES Respect and Rs. 2500 for YES Value. For Kisan Savings A/c, Average Yearly Balance (AYB) of Rs. 1000 is required at all locations. For savings value where AMB requirement is Rs. 2500, maximum charges for non-maintenance of balances is capped at Rs. 125 per month. For Kisan Savings A/c, Charges would be Rs. 100 per annum.”
2. Changes to credit card utility transaction fees: Effective May 1, 2024, Yes Bank has revised various aspects of its credit card policies, with the exception of the ‘private’ credit card type.
As per the latest update on the Yes Bank website, utility transactions totalling over ₹15,000 in one statement cycle, including payments for gas, electricity, and other services, will incur a 1% tax in addition to GST. However, this extra fee will not be applicable to transactions made using the Yes Bank Private Credit Card.