These Money Rules Will Affect Your Finances From October 1: Check Credit Card Changes, Income Tax, Post Office Schemes

Important money changes- including savings account fees from PNB, ICICI Bank charges for debit cards, credit card regulations from HDFC Bank, regulations for small savings schemes, and adjustments to TDS rates- will be in effect starting from October 1, 2024.

These changes may have an impact on your finances and investments. Here is a look at money and tax rules effective from October 1

Small savings rules

Post Office small savings accounts, such as Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY) accounts, would be subject to new adjustments starting on October 1.

ICICI Bank debit card charges

As per ICICI Bank website, “Starting October 01, 2024, you can enjoy Two complimentary airport lounge access by spending Rs. 10,000 in the preceding calendar quarter. Spends made in the preceding calendar quarter will unlock access for the subsequent calendar quarter. To be eligible for complimentary lounge access in Oct- Nov- Dec, 2024 quarter, you need to spend a minimum of Rs. 10,000 in the Jul-Aug-Sept, 2024 quarter and similarly for following quarters.”

HDFC Bank credit card rules

HDFC Bank capped redemption of reward points for Apple Products to one product every calendar quarter on the Smartbuy platform. The SmartBuy portal will cap redemption of Reward Points for Tanishq vouchers at 50,000 Reward Points per calendar quarter.

TDS on sale of immovable property

Amendments to section 194-IA, which stipulates that payments for the sale of immovable property exceeding ₹50 lakh must include a 1% TDS, will take effect from the 1st day of October.

PNB latest charges

Punjab National Bank (PNB) announced changes to certain on-credit-related service costs applicable for savings accounts which includes maintaining a minimum average balance, issuing demand drafts, duplicating DDs, cheques (including ECS), return costs, and locker rent charges.