SBI, ICICI, Axis Bank Cards, and Mutual Funds: 5 key personal finance-related changes to look for in April
From revisions in credit card charges to a select few changes in the mutual fund industry, ZeeBiz has curated a checklist for you.
As we are set to move into the new fiscal year 2024–25, there are certain significant personal finance-related changes that will take place on April 1, and one needs to be aware of them. From revisions in credit card charges to a select few changes in the mutual fund industry, ZeeBiz has curated a checklist for you.
1. Mutual Funds
Market regulator, Securities and Exchange Board of India (Sebi) has asked fund of funds (FoFs) investing in exchange-traded funds (ETFs) listed on international markets to halt the acceptance of new investments from April 1, 2024. This move follows the regulatory framework aimed at maintaining adherence to the Reserve Bank of India's (RBI) prescribed limits on foreign investments by mutual funds, as per the IANS report.
2.OlaMoney Wallet
From April 1, OlaMoney Wallet will completely transition from Full KYC OlaMoney Wallet to Small PPI with a maximum wallet load limit of Rs 10,000 per month. This change applies only to existing Full KYC OlaMoney wallet users.
3. SBI debit card
State Bank of India (SBI) has revised its debit card maintenance charges, which will be applicable from April 1.
Also read: March 31 Deadline: Complete these 5 money-related tasks to avoid penalty
4. ICICI Bank credit card
Keeping customer benefit in mind, starting April 1, 2024, an ICICI credit card holder will be entitled to one complimentary airport lounge access by spending Rs 35,000 in the preceding calendar quarter. To qualify for complimentary lounge access in the April-June 2024 quarter, a minimum spend of Rs. 35,000 in the January-March 2024 quarter is required, and likewise for subsequent quarters.
5. Axis Bank credit card
With effect from April 20, 2024, all transactions made using the FLIPKART AXIS BANK Credit Card, other than the transactions made on Flipkart, preferred merchants, and cashback excluded categories, will earn a base cashback of 1 per cent.
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