September 1, 2024, marks a significant day for India as several notable changes come into effect that will directly impact the common man’s finances. These changes span from LPG cylinder prices and credit card regulations to the deadline for free Aadhaar updates and special FD schemes. Understanding and keeping track of these changes is crucial as they can influence everything from your kitchen expenses to your wallet.
1. Free Aadhaar Update Deadline
The Unique Identification Authority of India (UIDAI) has extended the free Aadhaar document update service until September 14, 2024. If you wish to take advantage of this free service, ensure you update your Aadhaar online by the deadline. Post this date, a fee will be applicable for updates. Note that this free service is available only online; visiting an Aadhaar service center will incur a fee.
2. Increase in LPG Cylinder Prices
As of today, oil marketing companies have implemented a significant rise in the prices of commercial LPG cylinders. In Delhi, the price of a 19 kg commercial LPG cylinder has seen an increase of ₹39, bringing the retail price to ₹1,691.50. There may also be adjustments in the prices of Aviation Turbine Fuel and CNG products.
3. Crackdown on Spam Calls
To combat the rising numbers of spam calls and fraudulent messages, the Telecom Regulatory Authority of India (TRAI) has introduced new regulations effective today. Telecom operators have been instructed to transition telemarketing calls and commercial messaging that begin with the series 140 to a blockchain-based distributed ledger technology (DLT) platform by September 30, 2024. This shift is expected to enhance security and reduce unwanted calls and messages.
4. Changes in Credit Card Regulations
There will be significant updates concerning credit card regulations, particularly relating to reward points and payment schedules. HDFC Bank will impose limits on reward points for transactions; cardholders will earn up to 2,000 points monthly for payments such as electricity or water bills. Furthermore, payments made through third-party apps for educational services will not earn any rewards under HDFC Bank. Additionally, IDFC First Bank is revising its payment schedule, reducing the minimum due amount and updating the payment due date to 15 days.
Other Key Changes:
- Starting from September 1, 2024, all banks issuing RuPay credit cards must comply with the National Payments Corporation of India (NPCI) directive, ensuring that RuPay credit card and UPI transaction fees do not deduct from reward points or other benefits.
- IDFC First Bank is also altering its credit card payment terms, including the minimum due amount and payment due date, effective September 2024.
- The changes in HDFC Bank’s loyalty program for specific credit cards are also effective today, with impacted customers having been notified via email.
5. Special Fixed Deposit (FD) Deadlines
IDBI Bank has extended the deadline for special fixed deposits (FD) to include tenures of 300, 375, and 444 days, with the newly added tenure of 700 days. For the regular public, the special FD maturing in 300 days offers an interest rate of 7.05%, while senior citizens will earn 7.55% on the same term. For the 375-day maturity special FD, the rate is updated to 7.15% (previously 7.10%), and senior citizens will earn 7.65% (previously 7.60%).
Important Dates:
- The deadline for IDBI Bank’s special FD has been pushed from June 30, 2024, to September 30, 2024. Likewise, Punjab and Sind Bank and SBI’s Amrit Kalash special FD scheme have also set their deadlines for September 30.
- Indian Bank is now offering 7.05% for the general public and 7.55% for senior citizens on its Super 300 Days FD, with the extended deadline of September 30, 2024, replacing an earlier deadline of June 30, 2024.
