Rule Change: From LPG cylinder price to credit card to bill payment... these 6 big changes came into effect in the country today.
The month of May has started and like the first date of every month, many changes have come into effect in the country from 1st May 2024 (Rule Change From 1st May). These changes are going to directly impact your pocket. These include everything from LPG cylinder prices to credit card bill payments. While the price of LPG cylinders has decreased from the first date (LPG Cylinder Price Cut), on the other hand, now extra charges will have to be paid for utility bills through the credit cards of two banks. Let us know about 5 such big changes...
LPG Cylinder prices reduced
The first major change in LPG price took place on the first of May. Oil marketing companies have reduced the prices of 19 kg commercial gas cylinders for the second consecutive month. Amidst the ongoing Loksabha elections in the country, cylinder prices have decreased by Rs 19-20 from Delhi to Mumbai. The new cylinder prices have been updated on the IOCL website, which are applicable from May 1, 2024.
After the latest change, now the price of a 9 kg commercial gas cylinder in Delhi has been reduced by Rs 19 (Delhi LPG Price) and its price has come down from Rs 1764.50 to Rs 1745.50. The price of Commercial LPG Cylinders in Mumbai has come down from Rs 1717.50 to Rs 1698.50. In Chennai also this cylinder has become cheaper by Rs 19 and its price has come down from Rs 1930 to Rs 1911. However, the price of the commercial cylinder in Kolkata has been reduced by 1 rupee more i.e. 20 rupees and now this cylinder which was being sold for 1879 rupees, has become 1859 rupees here.
ICICI Savings Account Charges
ICICI Bank has changed the charges on the savings accounts of its customers from today. It was already announced by the bank that this change is going to be implemented from May 1, 2024. Under this, the annual fee on debit cards has been increased to Rs 200, whereas in rural areas it has been fixed at Rs 99. Apart from this, the bank has also changed the rules regarding checkbooks and after May 1, there will be no charge for issuing check books with 25 pages, but after that, a charge of Rs 4 has been imposed for each page. Not only this, a charge of Rs 2.50 to Rs 15 will be charged on IMPS transactions.
Many rule changes in Yes Bank
The third change is related to the customers of Yes Bank. The bank has changed the minimum average balance charge on savings accounts from May 1, 2024. Under this, the Pro Max MAB of the savings account will be Rs 50,000, on which a maximum charge of Rs 1,000 will be levied. The minimum balance in Saving Account Pro Plus, Yes Essence SA and YES Respect SA will be Rs 25,000 and a charge of Rs 750 has been fixed on this account. A minimum balance of Rs 10,000 will have to be maintained in Saving Account Pro and its charge will also be maximum Rs 750. There is a limit of Rs 5000 for saving value and a maximum charge of Rs 500 will be levied.
Bill payment will be expensive
If you pay your home electricity bill or any other utility bill through credit card, then the fourth change is special for you. Actually, users using Yes Bank and IDFC First Bank credit cards for utility bill payments will now have to pay extra charges. From May 1, 1% extra charge has been imposed on electricity or other utility bill payment of more than Rs 15,000 on Yes Bank Credit Card, while 1% extra charge has been imposed on bill payment of more than Rs 20,000 on IDFC First Bank Credit Card and 18% Percentage GST will be charged.
Mutual Fund KYC rules
The fifth change is for mutual fund investors, although this rule has already been made effective from April 30. As per the new KYC regulation, the name given by investors on their mutual fund application must match the name given on their PAN (Permanent Account Number) card. Due to any mismatch their applications will be rejected. Therefore, for individuals investing in mutual funds for the first time, it is important that their name and date of birth exactly match their PAN card details and, consequently, their income tax records.
Bank closed for 14 days
There are bumper holidays in the banks in May 2024 and there will be no work in the banks for a total of 14 days in the entire month i.e. there will be a bank holiday. According to the bank holiday list by the Reserve Bank of India (RBI), these holidays falling in May include Akshaya Tritiya, Maharashtra Day, Rabindranath Tagore Jayanti and other holidays. In such a situation, before leaving home for banking work, please check this list once. Apart from the second and fourth Saturdays, these holidays also include the weekly holiday of Sunday.
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