As August begins, here are five financial changes that personal finance enthusiasts should know about. Read on to learn more
As the calendar rolls over to a new month, personal finance enthusiasts should be mindful of the changes that can impact their finances from August. Here are some changes in the personal finance landscape from credit card changes to the FASTag KYC updation deadline that may affect you in the coming month.
HDFC Bank will implement new credit card fees, including new charges for rent payments through digital platforms and also increased fees for certain transactions.
Specifically, rent payments made through digital platforms like CRED, Cheq, MobiKwik, and Freecharge using HDFC cards will be subject to a fee of one per cent, with a maximum charge of Rs. 3,000 per transaction. Additionally, fuel refills below Rs 15,000 will remain free, but transactions above this amount will be charged a 1 per cent fee, with a maximum charge of Rs 3,000 per transaction.
Similarly, utility payments above Rs 50,000 will also be subject to a 1 per cent fee, with similar conditions as above except for insurance or direct school or college fee payments. Also, the bank will impose a 3.5 per cent markup fee will be implemented for all international or cross-currency transactions.
National Payments Corporation of India (NPCI) impose new conditions regarding FASTags. Companies and customers will be required to meet NPCI conditions from August 1 to October 31. This includes updating KYC for FASTags older than three to five years and replacing FASTags older than 5 years.
Additionally, new vehicles must be registered with updated FASTags within 90 days of purchase. The registration number and chassis number must be linked to the FASTag.
IDBI Bank and SBI may discontinue special FD schemes in August. IDBI Bank’s Amrit Mahotsav FD scheme for 375 days is valid until August 15 and offers 7.60 per cent interest to senior citizens and 7.1 per cent to general citizens, NRE, and NRO investors. IDBI Bank’s Amrit Mahotsav FD for 444 days offers 7.65 per cent to senior citizens and 7.15 per cent to general, NRE, and NRO customers currently till August 15.
The last date to invest in SBI’s Amrit Kalash FD scheme is also August 15, offering 7.1 per cent interest to regular customers and 7.6 per cent interest to senior citizens for investing in 400-day term deposits.
Indian Bank's IND Super 400 days which runs till August 31 offers 7.25 per cent interest to regular customers, 7.75 per cent to senior citizens, and 8 per cent to super senior citizens. Its IND Supreme 300-day scheme offers 7.05 per cent interest to general citizens, 7.55 per cent to senior citizens, and 7.8 per cent to super senior citizens.
Stock market investors have reason to rejoice as the Securities and Exchange Board of India (SEBI) has directed stockbrokers to establish an institutional mechanism to prevent and detect fraud or market abuse, instilling confidence in the securities market. Qualified Stock Brokers should implement these deadlines by August 1, 2024. Sebi has laid out surveillance systems they should implement to detect fraud and market abuse, and client surveillance by this deadline. Further, they should have a system to report suspicious activity to stock exchanges and have a whistle-blower policy by August 1.