Know Key Financial Changes from 1st May
The Indian economy will experience drastic changes that will be effective on May 1, 2024. So, to be ready and take benefit of the new economic changes, it is important to stay updated as well as knowledgeable about the upcoming adjustments. In this article, we will go through all the necessary changes you need to know about:
Introduction of New tax system:
The way we used to deal with our taxes has changed. The government made necessary adjustment so that it is easy to pay our taxes as well as to save money. They altered the amount of tax paid according to income brackets, thus benefiting individuals from different economic backgrounds. It would be wise to get familiar with these changes in order to plan your taxes better and have more cash in hand.
The New Mutual Fund KYC Requirement:
As of April 30th, there is a hard-and-fast rule that states: the name on your PAN card must match exactly with what you write in your mutual fund application. This is very important for new investors because if there is any difference between the two names, then their application will be rejected. The purpose behind this regulation is to ensure uniformity in the representation of your name on different financial documents.
Introducing Digital Money:
Furthermore, the Reserve Bank of India (RBI) has added a digital currency. This form of money aims to revolutionize charging systems by making them extremely practical, secure and understandable for all concerned customers. With the growing acceptance of digital cash, it is imperative for everyone to understand its functionality, blessings and implications for day-to-day monetary transactions.
Changes in Insurance Sector:
In addition, the Insurance sector business is also growing. There may be introduction of new products which can be brought to fulfill the changing necessities of the consumers. By knowing those modifications and changes an individual can make informed choices about his/her insurance.
Major Changes in the Banking Sector:
The banking sector will go through some major changes starting 1 May 2024; here are some of the major changes that you need to know:
1. ICICI bank changes its charges on saving accounts, here are some of the major changes that you need to know:
i) Reduction of debit card fees: The annual charge of Rs.200 which was taken previously will be reduced to Rs. 99 at Gramin location.
ii) Cheque books charges revised: The first 25 leaf of the cheque book will be charge free, after that Rs. 4 will be charged per leaf.
2. HDFC Bank Extend the deadline of Fixed Deposit for Senior Citizen:
HDFC bank has announced that it will increase the time period of the deadline for the fixed deposit for its senior citizens. The deadline to invest this scheme is now extended to 10 May 2024, this scheme was first introduce in May 2020 which was designed to help and provide a secure investment option for senior which is also profitable.
3. IDFC first bank revised its credit card charges for the utility payments:
From 1 May 2024 IDFC first bank is charging its credit card user a 1% surcharge with 18% GST on payment of utility such as gas, electricity, internet which is being paid by its credit card.
Conclusion
To summarize, the financial modifications so one can take place in India on May 1st, 2024 are going to have a vast impact on your private and economic welfare. You need to stay alert and take initiative in order to be capable of adapt your-self positively with new economic conditions. Take benefit of this possibility brought about by exchange and shield your monetary properly-being all the time.
