These money rules will affect your finances from October 1: Check credit card changes, income tax, post office schemes

Starting October 1, 2024, money changes will occur, affecting savings account fees at PNB, debit card charges at ICICI Bank, credit card rules at HDFC Bank.

Published on: Sep 27, 2024, 15:57:00 IST

By HT News Desk | Edited by Mallika Soni

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Important money changes- including savings account fees from PNB, ICICI Bank charges for debit cards, credit card regulations from HDFC Bank, regulations for small savings schemes, and adjustments to TDS rates- will be in effect starting from October 1, 2024. These changes may have an impact on your finances and investments. Here is a look at money and tax rules effective from October 1:

From October 1, 2024, expect changes in financial policies, including PNB savings account fees, ICICI Bank's debit card benefits, HDFC Bank credit card limits, small savings account adjustments, and new TDS regulations on property sales.

Small savings rules

Post Office small savings accounts, such as Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY) accounts, would be subject to new adjustments starting on October 1.

ICICI Bank debit card charges

As per ICICI Bank website, “Starting October 01, 2024, you can enjoy Two complimentary airport lounge access by spending Rs. 10,000 in the preceding calendar quarter. Spends made in the preceding calendar quarter will unlock access for the subsequent calendar quarter. To be eligible for complimentary lounge access in Oct- Nov- Dec, 2024 quarter, you need to spend a minimum of Rs. 10,000 in the Jul-Aug-Sept, 2024 quarter and similarly for following quarters.”

HDFC Bank credit card rules

HDFC Bank capped redemption of reward points for Apple Products to one product every calendar quarter on the Smartbuy platform. The SmartBuy portal will cap redemption of Reward Points for Tanishq vouchers at 50,000 Reward Points per calendar quarter.

TDS on sale of immovable property

Amendments to section 194-IA, which stipulates that payments for the sale of immovable property exceeding ₹50 lakh must include a 1% TDS, will take effect from the 1st day of October.

PNB latest charges

Read more: Looking forward to Swiggy IPO? All you need to know before making the order

Punjab National Bank (PNB) announced changes to certain on-credit-related service costs applicable for savings accounts which includes maintaining a minimum average balance, issuing demand drafts, duplicating DDs, cheques (including ECS), return costs, and locker rent charges.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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