As May unfolds, a series of financial adjustments are set to impact mutual fund investors and banking clientele. Notably, several banks are slated to levy an additional 1 percent fee on all utility payments made via their credit cards from May 1 onwards. This fee augmentation comes in addition to existing charges for credit card rent payments.
Key Financial Changes to Note:
- Mutual Fund Application KYC Rule: Effective April 30, mutual fund applications are now required to align with the name and date of birth stated on the applicant’s PAN card. This step towards harmonization aims to ensure consistency across official records, enhancing transparency and compliance.
- ICICI Bank Savings Account Charges: ICICI Bank has announced revised charges for its savings account holders, effective May 1. The adjustments encompass a spectrum of transactions including fees for debit cards, cheque books, IMPS transactions, demand drafts, signature attestation, stop-payment requests, and ECS/NACH debit returns. Notably, charges will apply for transactions such as cheque book issuance, clearance, IMPS transfers, and debit returns. Customers will receive only 25 free cheque leaves per year, beyond which a fee of ₹4 per leaf will be levied.
- YES Bank Savings Account Charges: YES Bank has revised its fee structure for maintaining low balances in savings accounts, with charges ranging from Rs 250 to Rs 1,000. Additionally, customers will face supplementary fees for ECS returns due to insufficient funds, highlighting the importance of maintaining adequate account balances to avoid penalties.
- HDFC Bank Senior Citizen Care FD Discontinuation: May 2 marks the final day for investing in HDFC Bank’s senior citizen care fixed deposit scheme, offering preferential interest rates for residents aged 60 and above. Customers are advised to take note of this deadline and explore alternative investment options accordingly.
- Utility Payments Surcharge with Credit Cards: YES Bank and IDFC First Bank have introduced surcharges on utility transactions conducted via credit cards. The surcharge applies when utility bill payments exceed Rs 15,000 (YES Bank) or Rs 20,000 (IDFC First Bank) in a statement cycle, underscoring the need for prudent financial management and awareness of transaction thresholds.
These financial updates underscore the importance of staying informed about evolving policies and practices in the financial landscape. By remaining vigilant and proactive, customers can navigate these changes effectively and make informed decisions to safeguard their financial interests.
