As September unfolds, several key financial updates are set to take effect, which could significantly impact consumers' finances. These changes span credit card policies, Aadhaar update deadlines, and GST registration requirements. Here's a comprehensive overview of what to expect:

1. Enhanced RuPay Credit Card Rewards

Starting September 1, 2024, holders of RuPay credit cards will enjoy an improved reward point system. The National Payments Corporation of India (NPCI) has mandated that RuPay credit cards will now earn reward points for UPI transactions on par with other major payment systems. This adjustment aims to address previous disparities and enhance the rewards program for RuPay users.

2. HDFC Bank Reward Point Caps

HDFC Bank will implement new limits on reward points effective September 1. The changes include:

Caps on Reward Points: Utility and telecom transactions will be capped at 2,000 reward points per month.

Exclusion of Third-Party Payments: Reward points will no longer be awarded for school fees paid through third-party apps like CRED, CheQ, and MobiKwik. However, payments made directly to educational institutions through their websites or point of sale (POS) devices will continue to earn points.

This new policy affects all HDFC credit cards, including co-branded and premium cards such as those associated with Swiggy and Tata Neu.

3. IDFC First Bank Adjusts Payment Terms

From the September 2024 statement cycle, IDFC First Bank will alter its credit card payment terms:

Shortened Payment Due Date: The payment due date will be reduced from 18 days to 15 days from the statement generation date.

Reduced Minimum Amount Due (MAD): The MAD will decrease from 5% to 2% of the principal amount. While this change may offer temporary relief, consumers are advised to pay more than the minimum amount to avoid higher interest charges over time.

4. Aadhaar Update Deadline Extended

The free Aadhaar document updating offer has been extended until September 14, 2024. This extension follows previous deadlines and provides a final opportunity for individuals to update their Aadhaar details without incurring additional fees. After this date, updates may incur charges.

5. GST Taxpayer Requirements

GST taxpayers will now be required to provide valid bank details within 30 days of registration. This new requirement aims to streamline the tax process and ensure accurate financial transactions.

These updates underscore the importance of staying informed and proactive regarding financial changes. Consumers are encouraged to review and adjust their credit card usage, ensure their Aadhaar details are updated, and comply with new GST requirements to avoid any disruptions.

Also Read : Vistara Airlines to Cease Operations Under Its Brand on November 11: Transition to Air India

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