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  5. Key financial changes in May that will impact you: Check all details here

Key financial changes in May that will impact you: Check all details here

As May unfolds, several financial changes are on the horizon, impacting mutual fund investors and banking customers alike. While not as transformative as previous months, these changes demand attention and awareness.

Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: April 30, 2024 12:12 IST
Banking credit card revisions
Image Source : INDIA TV Money changes unveiled for May 2024: Banking and credit card revisions

While May may not herald a flurry of financial changes akin to April or March, several significant shifts await individuals, especially mutual fund investors and banking customers. Certain banks are poised to adjust charges for savings account services, while others plan to unveil surcharges on utility payments made via credit cards. Additionally, some financial institutions may announce deadlines for senior citizen fixed deposits (FDs).

As individuals navigate these impending adjustments, staying abreast of these developments is crucial to effectively managing personal finances in the month ahead. Financial institutions are set to implement a series of changes affecting savings accounts, fixed deposits (FDs), and credit card transactions.

Here’s a rundown of the key modifications taking effect:

1. Deadline for HDFC Bank’s senior citizen special FD

Investors eyeing HDFC Bank’s senior citizens-only special fixed deposit scheme have until May 10, 2024, to seize the opportunity. This scheme offers enhanced interest rates exclusively for senior citizens.

2. ICICI Bank adjusts savings account charges

Effective May 1, ICICI Bank will revise charges for various savings account services, including cheque books, Immediate Payment Service (IMPS), ECS/NACH debit returns, and stop payment requests.

3. Revisions in Yes Bank savings account charges

Yes Bank rolls out revisions in savings account charges, effective May 1. The bank will also discontinue certain account types while setting new average monthly balance (AMB) requirements for others, along with associated charges for non-maintenance.

4. Updates in Yes Bank credit card regulations

Yes Bank introduces changes to its credit card policies, excluding the ‘private’ credit card type. Notably, a 1% charge applies to all utility transactions within a statement cycle, as per the bank’s website.

5. IDFC First Bank implements utility surcharge

IDFC First Bank announced a surcharge of 1% plus GST for credit card utility bill payments exceeding Rs 20,000 in a statement cycle. Exceptions to this policy include specific credit card types, such as the FIRST Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card.

These adjustments underscore the evolving landscape of financial services, highlighting the need for customers to stay informed to navigate these changes effectively.

Also read | Are banks closed on May 1? | Check complete list of bank holidays in May 2024

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