As we step into September 2024, several important updates could affect your personal finances. From changes in LPG cylinder prices to extended deadlines for fixed deposits and new credit card rules, here are nine updates you should know about this month:
1. Aadhaar update deadline extended
The Unique Identification Authority of India (UIDAI) has pushed the deadline for free Aadhaar updates to September 14, 2024. This gives you a bit more time to ensure your demographic information is up to date. The process is simple: you need to upload proof of identity and address documents via the UIDAI portal. Given that Aadhaar is linked to important services like banking and mobile connectivity, it’s wise to update your details before the deadline. However, there’s no word yet on whether this deadline will be extended again, so it’s best not to delay.
2. Commercial LPG cylinder price hike in Delhi
Starting September 1, 2024, oil marketing companies have increased the price of 19 kg commercial LPG cylinders in Delhi by Rs 39. The new price is Rs 1,691.50. This change might affect businesses that rely on these cylinders for their daily operations.
3. Credit card-related changes
Starting September 1, 2024, RuPay credit cardholders will enjoy more rewards, thanks to a new mandate by the National Payments Corporation of India (NPCI). RuPay credit cards now offer the same reward points for UPI transactions as other payment service providers, giving you better benefits.
HDFC Bank, on the other hand, has introduced new caps on reward points. For instance, utility spends, telecom, and cable transactions are now limited to 2,000 points per month across all credit cards. Additionally, education payments made through third-party apps like CRED and Cheq no longer earn reward points, though direct payments through college or school websites will continue to do so. From October 1, 2024, there will also be limits on redeeming points for Apple products and Tanishq vouchers.
IDFC First Bank has also adjusted its credit card payment terms. From September 2024, the Minimum Amount Due (MAD) calculation has been reduced from 5% to 2% of the outstanding principal balance, except for FIRST SWYP & Commercial Suite Credit Cards. The payment due date has also been shortened from 18 days to 15 days.
4. New RBI rule for cards
From September 6, 2024, the Reserve Bank of India (RBI) will prohibit card issuers from signing exclusive contracts with card networks. This means you’ll have the freedom to choose your preferred network when getting a new card or even later. However, this rule won’t apply to issuers with fewer than 10 lakh active cards or those using their own approved networks. This change aims to give you more flexibility and control over your card choices.
5. IDBI Bank’s Special FD deadline
IDBI Bank has extended the special deposit fixed deposit dubbed as Utsav Callable FD deadline to September 30, 2024.
To general citizens, the bank offers 7.05% on Utsav FDs maturing in 300 days. Meanwhile, senior citizens get 7.55% on Utsav FDs of 300 days. For Utsav FDs maturing in 375 days, the bank offers an interest rate of 7.15% (earlier 7.1%). Senior citizens can earn 7.65% for Utsav FDs maturing in 375 days (earlier 7.6%).
6. Indian Bank’s Special FD offer extended
Indian Bank has also extended its special fixed deposit offer until September 30, 2024. If you opt for their Ind Super 300 Days scheme, you can earn 7.05% as a general citizen, 7.55% if you’re a senior citizen, and 7.80% if you’re a super senior citizen. They’ve also got an attractive rate for a 400-day term, offering up to 8% for super senior citizens.
7. Punjab and Sindh Bank Special FD deadline
Punjab and Sindh Bank’s special FD schemes also have a deadline of September 30, 2024. You can earn 6.30% on a 222-day deposit and 7.15% on a 333-day deposit.
8. SBI’s Amrit Kalash Scheme
The State Bank of India (SBI) has extended its Amrit Kalash scheme until September 30, 2024. This 400-day deposit scheme offers a 7.10% interest rate to the general public, with senior citizens receiving 7.60%. If you’re an SBI customer, this could be a good option to consider for short-term investment.
9. SBI WeCare Scheme extension
SBI’s WeCare scheme, which provides an additional premium of 50 basis points over the standard rates, has also been extended until September 30, 2024. This offer is available on both fresh deposits and renewals.
First Published: Sep 02 2024 | 1:26 PM IST
