Starting October 1, several key changes will directly impact consumers’ wallets. These updates include:LPG gas cylinder price changes, PPF rule update, HDFC bank credit card rule changes etc.
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As September comes to a close and October 2024 approaches, several significant rule changes will take effect from October 1, 2024, which may impact various aspects of daily life, including finances and household expenses. These changes span multiple areas, from LPG cylinder prices to credit card regulations and updates related to savings schemes like Sukanya Samriddhi Yojana (SSY) and Public Provident Fund (PPF). Here are the 5 big changes you need to be aware of.
LPG prices:
Oil marketing companies adjust the prices of LPG cylinders on the first of every month, and the revised rates for October 2024 are expected to be announced at 6 AM on October 1. While there have been frequent changes in the prices of 19 kg commercial gas cylinders recently, the price of the 14 kg domestic LPG cylinder has remained stable for some time.
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Looking back at September 1, 2024, the prices of commercial LPG cylinders saw an increase across major cities. According to the Indian Oil Corporation Limited (IOCL) website, the price of a 19 kg LPG cylinder in Delhi rose from Rs. 1,652.50 to Rs. 1,691.50, an increase of Rs. 39. Similarly, prices increased in other cities: from Rs. 1,764.50 to Rs. 1,802.50 in Kolkata, from Rs. 1,605 to Rs. 1,644 in Mumbai, and from Rs. 1,817 to Rs. 1,855 in Chennai.
With Diwali approaching, there is hope that the price of 14 kg domestic LPG cylinders might be reduced, bringing some relief to households ahead of the festive season.
ATF and CNG-PNG rates
In addition to the monthly changes in LPG cylinder prices, oil marketing companies (OMCs) also revise the prices of Aviation Turbine Fuel (ATF) and CNG-PNG on the first day of each month. The updated rates for these fuels are expected to be announced on October 1, 2024.
Notably, in September 2024, the prices of ATF were reduced across several major cities in India. For instance:
- In Delhi, ATF prices fell from Rs. 97,975.72 per kilolitre in August to Rs. 93,480.22 per kilolitre.
- In Kolkata, the price dropped from Rs. 1,00,520.88 per kilolitre to Rs. 96,298.44.
- In Mumbai, the price decreased from Rs. 91,650.34 per kilolitre to Rs. 87,432.78.
- In Chennai, ATF rates were reduced from Rs. 1,01,632.08 per kilolitre to Rs. 97,064.32.
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These adjustments in ATF prices can significantly affect the aviation sector, potentially leading to lower operating costs for airlines, which might translate into lower airfares for travelers. Additionally, changes in CNG and PNG prices, expected on October 1, 2024, will have direct implications on transportation costs and household energy bills.
HDFC bank credit card
The third significant change for October 1, 2024, involves HDFC Bank and its credit card loyalty program. If you’re an HDFC Bank credit card holder, here’s what you need to know: the bank has revised its loyalty program for select credit cards.
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Starting from October 1, 2024, HDFC Bank has limited the redemption of reward points for Apple products through its SmartBuy platform. Under the new rules, cardholders will only be allowed to redeem reward points for one Apple product per calendar quarter.
This change could impact customers who frequently use their reward points for high-value Apple purchases.
Sukanya Samriddhi Yojana Rule Change
A significant rule change is being implemented for the Sukanya Samriddhi Yojana (SSY), a savings scheme aimed at securing the financial future of daughters. Starting from October 1, 2024, only the legal guardians of daughters will be allowed to operate these accounts.
Under this new regulation, if an SSY account has been opened by someone who is not the daughter’s legal guardian, the account must be transferred to her natural parents or legal guardian. Failure to do so may result in the closure of the account.
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This change is intended to ensure that the accounts are managed by those with legal authority over the child’s financial affairs.
PPF account rule change
From October 1, 2024, three major changes will be introduced to the Public Provident Fund (PPF) scheme, operated under the Small Savings Scheme by the Post Office.
- Action Against Multiple PPF Accounts: The new rules will enforce stricter guidelines on individuals holding more than one PPF account. Action will be taken against those found with multiple accounts, aligning with the regulations that permit only one PPF account per individual.
- Interest Payments for Minor Accounts: Interest on Post Office Savings Accounts (POSA) held by minors will be paid until they become eligible to open an account independently, i.e., when they turn 18 years old. After this, the applicable PPF interest rate will be applied to their account.
- Maturity Calculation: The maturity period for PPF accounts opened by minors will now be calculated from the date they turn 18 and become eligible to operate the account themselves. This ensures that the maturity period aligns with their legal eligibility to manage the account.
These changes will bring more clarity and accountability to how PPF and POSA accounts are managed, especially those opened in the name of minors.
