Do you know that from July 1, 2024, the rules for everything from bank accounts to credit card bill payments will change? If not, then know that from July 1, 2024, changes will be implemented in many rules including Mobile Number Portability (MNP), National Pension Scheme, service charge on Fastag, credit card bill payment, which will also affect your financial health. Therefore, set your priorities to deal with these, so that your life can be easier.
# In NPS, settlement will be done on the same day of transaction
The first change is that the Pension Fund Regulatory and Development Authority has allowed settlement on the same day for National Pension System (NPS) subscribers from July 1, 2024. This means that the NPS contribution received by the trustee bank till 11 am on a particular day will be invested on the same day and the subscribers will also get the benefit of NAV from the same day. It is worth noting that till now the settlement of the contribution received by the trustee bank is done on the next day (T+1), which will not be possible from July 1.
# Change in MNP policy, waiting increased by seven days
The second change is that the Telecom Regulatory Authority of India (TRAI) has announced amendments in the Mobile Number Portability (MNP) rules. Under the new Mobile Number Portability rules, TRAI has introduced a seven-day waiting period for issuing a unique porting code. This means that if your SIM is lost or stolen for any reason, you will not get a new number immediately. Rather, any person will now have to wait for seven days for this. The department says that the purpose of this new provision is to prevent fraud using SIM swap technology. It is expected that this will reduce mobile SIM fraud.
# Now credit card bill payment will be done through Bharat Bill Payment System
The third change is that RBI has implemented a new rule regarding credit card bill payment from July 1, 2024. According to which, from July 1, all credit card bill payments will be done through Bharat Bill Payment System (BBPS). Its purpose is to streamline the payment process and increase its security. However, not all banks have implemented it yet. Nevertheless, as soon as the new provision comes into force, it will have a psychological effect on all the banks and they will be forced to adopt it soon.
# Burden of service charge will increase on fastag
The fourth change is that the banking companies providing Fastag have decided to impose new charges from July 1, 2024. According to which now consumers will have to pay charges like tag management, less money in the account, withdrawal of payment details in three months. It is discussed that this will increase the burden on the beneficiaries.
# Mobile recharge will be expensive
The fifth change is that mobile recharge will also become expensive from 1 July 2024. In view of this, telecom companies like Jio, Airtel and Vodafone have announced changes in their mobile tariffs, which will come into effect from the first week of July. This will put additional burden on consumers, the effect of which can also be seen on the mobile usage subscriber number.
# PNB will close the account
The sixth change is that PNB has now decided to close the bank accounts of its customers which have been inactive for years. In view of which it has been decided that all the accounts which have not been in operation for the last three years will be closed. However, the bank had exempted those who have done KYC till 30 June 2024. The period of which will end today and the new rule will come into effect from tomorrow, 1 July.
– Kamlesh Pandey
Senior journalist and columnist
