New credit card rules, NPS and four other key money-related changes coming in April 2024

Financial year 2024-25: April marks the beginning of the new financial year 2024-25, bringing along several money-related changes that could affect your spending and investment habits. As reported by ET, here are five of these important financial changes set to take effect in April 2024.

New NPS rule: Enhanced security measures

The Pension Fund Regulatory and Development Authority (PFRDA) has enhanced the security of the National Pension System (NPS) by adding a new layer of protection—two-factor Aadhaar-based authentication. Starting April 1, 2024, all password-based users accessing the CRA system will be required to use this authentication method. This update was announced by the PFRDA in a circular dated March 15, 2024.

Benefits of the NPS security feature

Increased security
- The two-factor authentication significantly lowers the risk of unauthorized access to the CRA system.

Enhanced protection
- This additional layer of security ensures the safeguarding of NPS transactions, benefiting both subscribers and stakeholders by protecting their interests.

SBI credit card rewards changes

SBI Card has declared that the earning of reward points on rent payment transactions will be stopped for specific credit cards starting April 1, 2024. These credit cards include AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse, and SimplyCLICK SBI Card. Moreover, the accrual of reward points on rent payments for these specific credit cards will cease entirely by April 15, 2024.

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Changes in YES Bank credit card benefits

Beginning April 1, YES Bank credit cardholders who spend Rs 10,000 or above in a calendar quarter will qualify for complimentary domestic lounge access, as reported by various news outlets. This means that expenditures from the previous quarter will grant access to the subsequent quarter, as indicated in the news reports.

ICICI Bank's lounge access policy update

As per the ICICI Bank website, starting from April 1, 2024, you can avail of one complimentary airport lounge access by spending Rs 35,000 in the preceding calendar quarter. Expenses incurred in the previous quarter will grant access for the subsequent calendar quarter. To qualify for complimentary lounge access in the April-May-June 2024 quarter, you must spend a minimum of Rs 35,000 in the January-February-March 2024 quarter. This criterion applies similarly to subsequent quarters.

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Revisions to Axis Bank credit card benefits

Reward points exclusion- Purchases made on fuel, insurance, and gold/jewelry will no longer qualify for basic or expedited EDGE REWARD Points, joining the existing list of category limitations.

Spending for annual fee waiver- The threshold for obtaining an annual fee waiver will now exclude expenditures on insurance, gold/jewelry, and fuel categories.

Domestic and international lounge access- The number of complimentary guest visits allowed for domestic and international lounge programs will be reduced from 8 visits to 4 visits.

OLA Money Wallet restrictions

OLA Money has informed its customers via SMS that it will transition entirely to small Prepaid Payment Instrument (PPI) wallet services, effective April 1, 2024. Additionally, there will be a maximum wallet load restriction of Rs 10,000 per month starting from the same date.

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