Hike in bank, credit card charges from May 1 | Changes in KYC noms from May 1

Major banks in India have announced changes in charges related to savings bank accounts and credit cards from May 1, 2024.

ICICI Bank
New service charges will come into force for savings account transactions such as cheque book issue; clearance; IMPS; clearing and debit returns. The debit card annual fee will be Rs 200 in urban and Rs 99 in rural areas. The bank will issue 25 cheque leaves free for a year. A fee of Rs 4 will be charged for every additional leaf.
The new IMPS charges would be Rs 2.50 till Rs 1000; Rs 5 for transactions between Rs 1000 to 25,000; and Rs 15 for transactions from Rs 25,000 to 5 lakh. No account closure charge would be levied.

Yes Bank
New service charges will apply for savings accounts. Payment of bills such as gas, electricity and other utilities with Yes Bank credit card would be costlier. However, the increased charges will not apply for customers using Yes Bank Private Credit Card.

IDFC First Bank
If total utility bill payments with credit card are over Rs 20,000, it will attract one-percent additional charge and GST. However, this extra payment will not be charged for FIRST private credit card, LIC classic credit card and LIC select credit card.

HDFC Bank
The last date to invest in the special fixed deposits for senior citizens has been extended. These plans offer higher interest rates. The last date is May 10, 2024 for the Senior Citizen Care FD Plan.

Share markets
Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will be closed on May 1 and 20, for Maharashtra day celebrations and polling in Mumbai for the general elections respectively.

Mutual fund application
From April 30 onwards, any disparity between the name on your mutual fund application and your PAN (Permanent Account Number) card will result in the rejection of your application. The Securities and Exchange Board of India has implemented KYC rules to ensure consistency in how names are recorded across official documents. Therefore, for first-time mutual fund investments, it is imperative that your name and date of birth match exactly with those on your PAN card and income-tax records. It’s important to note that this rule applies only to new investments and does not impact existing ones.