From April 30th, a new KYC rule is applicable according to which, investors‘ names on your mutual fund application and Pan card. Check below what is it.
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Major financial institutions like Yes Bank and ICICI Bank, HDFC banks have changed their savings account charges or credit card rules, effective May 1, 2024. Some of them are implementing changes to savings account charges, credit card rules, and fixed deposit schemes from Wednesday May 1, 2024.
Check what changes big lenders are going make after May 1 2024
ICICI Bank Updates Savings Account Service Charges
India’s one the leading financial institution, ICICI Bank has recently revised the service charges for various services, like cheque book issuance, IMPS, ECS/NACH Debit Returns, stop payment charges, and many more. These updates will come into effect from May 1, 2024, as declared by the ICICI Bank on its website.
HDFC Bank’s Extends Deadline For Senior Citizen Care FD
HDFC Bank has extended the deadline for its Senior Citizen Care fixed deposit scheme. It was initially launched in May 2020 and now the deadline has been extended to May 10, 2024.
HDFC Senior Citizen Care FD Interest Rate
For senior citizens if deposits less than 2 Crore and tenure is 5 years 1 day to 10 years, then rate of interest will be 7.75% (With conditions apply)
For senior citizens if deposit is greater than or equal to ₹2 Cr. To Less than ₹5 Cr. Deposit, then the rate of interest will be 7.75%. (With conditions apply)
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IDFC First Bank implements utility transaction fee change
IDFC First Bank announced that it will change its credit card policy regarding utility bill payments, effective from May 1, 2024. There will be a 1% surcharge, along with GST, which will be applied to credit card payments for utility bills exceeding ₹20,000 in a statement cycle. But if transactions are made through the FIRST Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card, surcharge will not be applied.
Yes Bank Savings Account Charges:
Yes Bank has updated its savings account charges schedule effective from May 1, 2024. The bank has also discontinued certain account types.
Yes Bank on its website stated, “AMB requirement, as defined by YES bank from time to time, at select locations, is Rs. 5000 for YES Grace, Rs. 2500 for YES Respect and Rs. 2500 for YES Value. For Kisan Savings A/c, Average Yearly Balance (AYB) of Rs. 1000 is required at all locations. For savings value where AMB requirement is Rs. 2500, maximum charges for non-maintenance of balances is capped at Rs. 125 per month. For Kisan Savings A/c, Charges would be Rs. 100 per annum.”
Yes Bank Changes Credit Card Utility Transaction Fees:
As per the update on the Yes Bank website, utility transactions crossing over ₹15,000 in one payment cycle, like payments for electricity, gas, and other services, will incur a 1% additional tax apart from GST. But this extra fee will not be applicable to transactions made using the Yes Bank Private Credit Card.
Update On PAN And Mutual Fund Related Applications
From April 30th, a new KYC rule is applicable according to which, investors’ names on your mutual fund application should match their name on the PAN card. If there is a mismatch in application name and pan card name, it may result in the rejection of your application.
So for first-time mutual fund investors should make sure that their name and date of birth match exactly on their PAN card and also on their income-tax records. Kindly note that this rule is applicable only to new investments and not existing ones.
