May has begun and April has come to an end. As is customary, there have been some modifications this month as well with the start of the month. These are modifications that will directly impact you. Oil firms lowered the price of 19-kilogram commercial LPG cylinders on May 1. In addition, there has been a modification to the fees associated with credit cards and savings accounts. A credit card premium has been imposed to utility bill payments by certain banks, while some have raised savings account service costs since May.
Charges on the savings account have changed.
The fees for savings accounts have also been modified by ICICI, the second-biggest private bank in the nation. The new charges have come into effect from May 1. It was told by the bank that the annual fee on debit cards has been reduced to Rs 200. However, in rural areas, this charge will be Rs 99. Apart from this, no charge will be taken for issuing checkbooks with 25 pages from May 1. After this, i.e. from the 26th page onwards, Rs 4 will be charged to the customer for every page. Transaction charges for IMPS transactions will range from Rs 2.50 to Rs 15.
It is now required to provide your name and birthdate.
Giving name and birthdate by PAN card or identity card is now required in mutual fund folios. A significant regulatory change announced on the CAMS website led to the creation of this rule. As to CAMS, investors are required to furnish the names and dates of birth of all account holders in both online and offline new applications, as well as KYC based on PAN card details. Holders of guardianship and power of attorney are also included in this. This is required because the name and date of birth are checked against the PAN by the updated SEBI KYC regulations and the Income Tax Department’s PAN verification procedure.
Tomorrow marks the conclusion of the unique FD program.
The senior citizen-only special FD plan (FD) will now be discontinued by HDFC Bank. The bank launched this program in May 2020. Senior citizens are more interested in this. The last day to invest in this FD plan is today. On May 2, 2024, this senior citizen FD program will close. The Senior Citizen Care FD from HDFC Bank allows senior adults to benefit from greater interest rates. A fixed time, ranging from five years and one day to ten years, is available for interest at a rate of 7.75%. Senior Citizen Care FD offers an extra 0.25 percent interest rate in addition to the current 0.5% premium.
Modification to the minimum average balance charge
Effective May 1, 2024, the minimum average balance charge on savings accounts has been modified by the bank. The savings account’s Pro Max MAB is set at Rs 50,000, with a maximum charge of Rs 1,000. Aside from this, there will be a Rs 25,000 minimum balance requirement for Saving Account Pro Plus, Yes Essence SA, and YES Respect SA. This account will be debited Rs 750 in fees. Maintaining a minimum balance of Rs 10,000 is required with the Yes Bank Savings Account Pro. A maximum fee of Rs 750 will apply to this. A maximum fee of Rs 500 will be imposed, and there is a saving value restriction of Rs 5000. In a similar vein, for My First account, the limit will be Rs 2500 and the maximum charge will be Rs 250.
Oil companies have
provided relief on commercial LPG cylinders by lowering the price of 19-kilogram commercial LPG cylinders by Rs 19. This is in the midst of the Lok Sabha elections. Following this, Delhi’s commercial cylinder pricing dropped to Rs 1745.50. Since May 1, the increased price has been in effect nationwide. Companies had already lowered the cost of commercial cylinders earlier in April by Rs 30.50 starting on April 1. In March and February, there were increases of Rs 25.5 and Rs 14, respectively. This cylinder can now be purchased in Kolkata for Rs 1859 and in Mumbai for Rs 1698.50.
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