September has begun, and this month brings several significant changes that will impact people’s finances. Some of these changes have already taken effect from September 1st. Ranging from free Aadhaar updates to updates on credit cards, special fixed deposits, and RuPay cards, these changes are essential for all citizens. Additionally, the price of gas cylinders has already been updated as of September 1st. Let’s delve into the various crucial changes that may affect your personal finance throughout September.
Free Aadhaar Update
The Unique Identification Authority of India (UIDAI) has extended the free Aadhaar update service until September 14, 2024. According to the UIDAI website, citizens must upload identity and address proof documents to ensure accurate demographic information. Therefore, individuals can avail themselves of this free service until the stipulated date.
IDFC First Bank Credit Card Changes
IDFC First Bank has announced changes to its credit card payment terms, including the minimum payment due amount and payment due dates. As stated on the IDFC First Bank website, these modifications will come into effect from September 2024. Cardholders should stay updated on these changes to manage their finances effectively.
HDFC Bank Credit Card Loyalty Program Updates
HDFC Bank has made significant changes to its credit card loyalty program for specific credit cards. The new rules took effect on September 1, 2024, and the bank has communicated these updates to affected customers via email. Understanding these changes can help customers maximize their benefits from the program.
IDBI Bank Special Fixed Deposit Deadline Extension
IDBI Bank has extended the validity date for its festive Fixed Deposit (FD). The special FD, now available for tenures of 300 days, 375 days, and 444 days, has been modified to include a 700-day tenure as well. Regular citizens can earn a return of 7.05% on the 300-day festive FD, while senior citizens will receive 7.55%. The deadline for these special FDs has been extended from June 30 to September 30, 2024.
Indian Bank Special FD Extended Deadline
Indian Bank’s Super 300 Days Special FD offers a return of 7.05% for the general public, 7.55% for senior citizens, and 7.80% for super senior citizens. The deadline to invest in this FD has also been extended to September 30, 2024, up from the previous deadline of June 30, 2024.
Punjab and Sind Bank Special FD Deadline Extension
Punjab and Sind Bank offers a special FD with a tenure of 222 days that yields 6.30% returns, and a 333-day FD with a 7.15% return. The deadline for these limited-time special FDs has been extended to September 30, 2024, providing customers more time to invest.
SBI Amrit Kalash Scheme
SBI customers can invest in the Amrit Kalash scheme until September 30, 2024. The 400-day special FD offers a return of 7.10%, effective from July 14. In addition, senior citizens can benefit from a higher return of 7.60%. Launched on April 12, 2023, this scheme remains valid until the end of September 2024.
SBI V-Care Scheme Extended
This scheme has been extended until September 30, 2024, allowing for both new deposits and the renewal of matured deposits. According to SBI’s website, the public can avail of an additional premium of 0.50% over the existing 50 basis points premium on card rates for this scheme.
RuPay Card Reward Points Update
As per a directive from the National Payments Corporation of India (NPCI), all banks issuing RuPay credit cards are required to ensure that transaction charges for RuPay credit card and UPI transactions are not deducted from reward points or any other specific benefits. This directive came into effect on September 1, 2024.
Changes to Credit Card Regulations
The Reserve Bank of India (RBI) has directed all banks and card issuers to sign special contracts with card networks that restrict them from using other networks. This decision arises from a review that highlighted certain agreements between card networks and issuers that infringe on consumer choice. This circular will come into effect six months from its issue date, starting September 6, 2024.
Summary of Changes
| Change | Effective Date | Details |
|---|---|---|
| Free Aadhaar Update | Until September 14, 2024 | Free update of demographic information. |
| IDFC First Bank Credit Card Changes | September 2024 | Updates to payment terms. |
| HDFC Bank Loyalty Program Changes | September 1, 2024 | New program rules communicated via email. |
| IDBI Bank Special FD Deadline | September 30, 2024 | Extended validity for festive FDs. |
| Indian Bank Special FD Extended Deadline | September 30, 2024 | New investment opportunities for FDs. |
| Punjab and Sind Bank Special FD Deadline | September 30, 2024 | New investment deadlines for high-return FDs. |
| SBI Amrit Kalash Scheme | Until September 30, 2024 | Investment opportunity with competitive returns. |
| SBI V-Care Scheme Extension | Until September 30, 2024 | Offers additional benefits on deposits. |
| RuPay Card Reward Points Update | September 1, 2024 | No deductions from rewards for charges. |
| Changes in Credit Card Regulations | Effective September 6, 2024 | Restrictions on card networks and issuers. |
