As we head into September 2024, several important updates could impact your personal finances. From changes in LPG cylinder prices to extended fixed deposit tenors and new credit card rules, here are nine updates you need to know about this month:
1. Deadline for Aadhaar update extended
The Unique Identification Authority of India (UIDAI) has extended the deadline for free Aadhaar updates till September 14, 2024. This gives you a little more time to ensure that your demographic information is up to date. The process is simple – you need to upload identity and address proof documents through the UIDAI portal. Since Aadhaar is linked to important services like banking and mobile connectivity, it is advisable to update your details before the deadline. However, it is not yet known whether this deadline will be extended again, so it is best not to delay.
2. Increase in price of commercial LPG cylinders in Delhi
From September 1, 2024, oil marketing companies have increased the price of 19 kg commercial LPG cylinders in Delhi by Rs 39. The new price is Rs 1,691.50. This change could impact businesses that rely on these cylinders for their daily operations.
3. Changes related to credit cards
Starting September 1, 2024, RuPay credit card holders will enjoy more rewards thanks to a new mandate from the National Payments Corporation of India (NPCI). RuPay credit cards now offer the same reward points on UPI transactions as other payment service providers, giving you better benefits.
On the other hand, HDFC Bank has introduced new limits on reward points. For instance, spending on utilities, telecom and cable transactions is now limited to 2,000 points per month across all credit cards. Also, educational payments made through third-party apps like CRED and Cheq no longer earn reward points, though direct payments through college or school websites will continue to do so. From October 1, 2024, there will also be limits on redeeming points for Apple products and Tanishq vouchers.
4. New RBI rule for cards
Starting September 6, 2024, the Reserve Bank of India (RBI) will ban card issuers from entering into exclusive contracts with card networks. This means that you will have the freedom to choose your preferred network while getting a new card or even later. However, this rule will not apply to issuers with less than 10 lakh active cards or those using their own approved networks. This change is aimed at giving you more flexibility and control over your card choices.
5. Deadline for IDBI Bank Special Deposit
IDBI Bank has extended the tenor for special fixed deposit called Utsav Callable FD till 30th September 2024.
For general citizens, the bank is offering 7.05% on Utsav fixed deposits with maturity in 300 days. Meanwhile, senior citizens get 7.55% on 300-day Utsav fixed deposits. For Utsav fixed deposits with maturity in 375 days, the bank is offering an interest rate of 7.15% (previously 7.1%). Senior citizens can earn 7.65% on Utsav fixed deposits with maturity in 375 days (previously 7.6%).
6. Indian Bank FD Special Offer Extended
Indian Bank has also extended its special fixed deposit offer till September 30, 2024. If you opt for their Ind Super 300 Days plan, you can earn 7.05% as a general citizen, 7.55% if you are a senior citizen, and 7.80% if you are a senior citizen. They also have an attractive rate for a 400-day term, offering up to 8% for senior citizens.
7. Deadline for Punjab and Sindh Bank Special Fixed Deposit
Punjab and Sindh Bank special FD schemes also have a deadline of 30th September 2024. You can earn 6.30% on a 222-day deposit and 7.15% on a 333-day deposit.
8. SBI Amrit Kalash Scheme
State Bank of India (SBI) has extended its Amrit Kalash scheme till September 30, 2024. This 400-day deposit scheme offers an interest rate of 7.10% to the general public, and senior citizens get a rate of 7.60%. If you are an SBI customer, this could be a good option to consider as a short-term investment.
9. Extension of SBI WeCare Program
SBI’s WeCare scheme, which offers an additional 50 basis points premium over standard rates, has also been extended till September 30, 2024. This offer is available for both new and renewal deposits.
First published: September 2, 2024 | 1:26 PM IS
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