PEAKLIFE

By Kratika Agarwal

As we welcome the arrival of May, the financial landscape is poised for some significant transformations. From adjustments in banking services to revisions in credit card rules, several key changes are set to take effect in the upcoming month. To ensure you stay informed and ahead of the curve, we’ve compiled a roundup of the latest updates from some of the major banks. Join us as we delve into the details of these impending shifts and explore how they may impact your financial strategies moving forward.

1. ICICI Saving Account Charges from May 1, 2024

As of May 1, 2024, several noteworthy changes are set to take place within the banking realm, encompassing a range of services and fees. Among the alterations, debit card holders will see adjustments to their annual fees, with a rate of Rs. 200 p.a. for standard locations and a reduced fee of Rs.99 per year for Gramin Locations. Moreover, certain banking activities, such as account closure, debit card pin regeneration charges, balance certificate issuance, and interest certificate requests, will no longer incur fees.

2. IDFC First Bank to Change its Credit Card Rule

As per the updates from the service provider, IDFC First Bank will impose a 1% plus extra GST whenever the amount of credit card payment for utility bills exceeds Rs. 20,000. Currently, LIC Classic Credit Card and LIC Select Credit Card are not subject to such a utility surcharge. So, the condition won’t be applied if your utility bill statement is within the statement cycle of Rs. 20,000 or less. But if they exceed Rs. 20,000, you will have to pay an additional 18% GST, along with a 1% surcharge.

3. HDFC Bank to Introduce Special FD Deadline for Seniors

For its senior citizen-only special fixed deposit scheme, HDFC Bank has extended the last date for investment. This special Senior Citizen Care FD Scheme was launched in 2020 to provide high-interest-rate benefits to senior citizens. The updated investment date for their FD Plan is May 10, 2024.

4. YES Bank Revises its Savings Account Charges

As per the bank’s official website, Yes Bank has finally launched a savings account charge schedule. As stated, “the AMB requirement as defined by YES Bank from time to time at select locations will be Rs. 2500 for My First YES, with a maximum charge of Rs. 250. For Savings Account PRO, AMB will be Rs. 10,000, with a maximum charge of Rs. 750. However, for Kisan Savings A/C, charges will settle at Rs. 100 p.a.

5. Credit Card Rule Changes in YES Bank

Some changes are also made to the credit card payments, where a 1% surcharge will be applicable on all utility transactions, except for ‘private’ credit cards. However, the exceptions are subject to the expenditures made on remissions of the annual and joining fees. You should also note that utility bills paid using YES Bank will also get more expensive, effective May 2024.