Attention! Bank Account to Credit Card, Changes You Must Know Effective May - Check Details

As we step into May 2024, significant shifts are underway in the banking sector, particularly impacting savings accounts, credit card regulations, and fixed deposit schemes. Let's delve into the latest updates and understand how they might affect you.

HDFC Bank's Senior Citizen Care FD Extension

HDFC Bank has extended the deadline for its exclusive Senior Citizen Care Fixed Deposit scheme until May 10, 2024. This special scheme, tailored for senior citizens, offers attractive interest rates, providing them with enhanced financial benefits.

Revised Savings Account Charges by ICICI Bank

Effective from May 1, 2024, ICICI Bank has revised its savings account service charges across various transactions. Notable changes include adjustments to cheque book fees, IMPS charges, ECS/NACH debit returns, and stop payment fees. These modifications aim to streamline banking services while ensuring transparency for customers.

Yes Bank's Savings Account Charges Overhaul

Yes Bank has revamped its savings account charges schedule, slated to take effect from May 1, 2024. The bank has discontinued certain account types and revised minimum average monthly balance (AMB) requirements for others. Additionally, debit card fees have been revised, with varied charges based on the type of card.

Credit Card Updates at Yes Bank and IDFC First Bank

Yes Bank has introduced changes to its credit card policies, particularly impacting fuel fee categories and utility bill transactions. Starting May 1, 2024, utility transactions made using Yes Bank credit cards will incur a 1% charge within a statement cycle, excluding private credit cards. Meanwhile, IDFC First Bank will impose a 1% surcharge plus GST on utility bill payments exceeding Rs 20,000, effective from the same date.

Understanding the Impact

These updates underscore the evolving landscape of financial services, emphasizing the importance of staying informed about changes that may affect your banking experience. Whether you're a senior citizen exploring fixed deposit options or a credit card user managing utility bill payments, being aware of these adjustments enables you to make informed financial decisions.