Know all about key changes in KYC, savings account fees, surcharge on utility payments, and more
December 5, 2025
  • Read Ecopy
  • Circulation
  • Advertise
  • Careers
  • About Us
  • Contact Us
Android AppiPhone AppArattai
Organiser
  • ‌
  • Bharat
    • Assam
    • Bihar
    • Chhattisgarh
    • Jharkhand
    • Maharashtra
    • View All States
  • World
    • Asia
    • Europe
    • North America
    • South America
    • Africa
    • Australia
  • Editorial
  • International
  • Opinion
  • RSS @ 100
  • More
    • Op Sindoor
    • Analysis
    • Sports
    • Defence
    • Politics
    • Business
    • Economy
    • Culture
    • Special Report
    • Sci & Tech
    • Entertainment
    • G20
    • Azadi Ka Amrit Mahotsav
    • Vocal4Local
    • Web Stories
    • Education
    • Employment
    • Books
    • Interviews
    • Travel
    • Law
    • Health
    • Obituary
  • Subscribe
    • Subscribe Print Edition
    • Subscribe Ecopy
    • Read Ecopy
  • ‌
  • Bharat
    • Assam
    • Bihar
    • Chhattisgarh
    • Jharkhand
    • Maharashtra
    • View All States
  • World
    • Asia
    • Europe
    • North America
    • South America
    • Africa
    • Australia
  • Editorial
  • International
  • Opinion
  • RSS @ 100
  • More
    • Op Sindoor
    • Analysis
    • Sports
    • Defence
    • Politics
    • Business
    • Economy
    • Culture
    • Special Report
    • Sci & Tech
    • Entertainment
    • G20
    • Azadi Ka Amrit Mahotsav
    • Vocal4Local
    • Web Stories
    • Education
    • Employment
    • Books
    • Interviews
    • Travel
    • Law
    • Health
    • Obituary
  • Subscribe
    • Subscribe Print Edition
    • Subscribe Ecopy
    • Read Ecopy
Organiser
  • Home
  • Bharat
  • World
  • Operation Sindoor
  • Editorial
  • Analysis
  • Opinion
  • Culture
  • Defence
  • International Edition
  • RSS @ 100
  • Magazine
  • Read Ecopy
Home Bharat

Know all about key changes in KYC, savings account fees, surcharge on utility payments, and more

As May begins, the financial landscape sees important changes impacting investors and banking customers. From stricter rules for mutual fund investments to revised charges for savings accounts, individuals must stay alert and adapt

WEBDESKWEBDESK
May 2, 2024, 09:00 am IST
in Bharat, Economy
Follow on Google News
FacebookTwitterWhatsAppTelegramEmail

In the dynamic landscape of personal finance, staying abreast of evolving regulations and changes in banking practices is paramount for individuals who are seeking financial stability and growth. While May often stands as a relatively peaceful month in terms of financial turmoil compared to April and March, it nonetheless brings forth several noteworthy adjustments that can significantly impact investors along with banking customers. From revisions in savings account charges to stringent requirements for mutual fund investments, May indicates a series of changes that demand attention and proactive management. Today, we delve into five major pointers that highlight key financial modifications set to take effect in May. We will also look at their implications and provide insights into navigating these shifts effectively.

PAN-MF Folio Name Matching Requirement: Starting April 30, if you’re investing in mutual funds for the first time, your name on the application form must match exactly with the name on your PAN card. SEBI’s KYC regulations aim to standardize the identification process and enhance transparency. This adherence to SEBI’s KYC regulations aims to ensure consistency across official records. Failure to meet this requirement may result in application rejection, emphasizing the importance of name uniformity for new investments. Moreover, it reminds people to check, review and update their official documents to align with the prescribed guidelines.

ICICI Bank’s Revised Savings Account Charges: Effective May 1, ICICI Bank implements changes in charges for savings account services. These alterations include annual fees for debit cards, charges for additional chequebook leaflets as well as fees for outward IMPS transactions. Additionally, penalties are imposed for various services such as demand draft requests, signature attestation, and stop-payment orders. By introducing or adjusting fees for various services, the bank aims to optimize its revenue streams while maintaining competitiveness in the banking sector. However, these changes by ICICI Bank also prompt customers to evaluate their banking preferences and consider alternative banking options that offer more favorable fee structures.

YES Bank’s Enhanced Penalties for Low Balance Maintenance: YES Bank has also announced that there will be revisions in fees for maintaining inadequate balances in savings accounts, effective May 1, 2024. The higher fines, which can be between Rs 250 and Rs 1,000, show how important it is to keep enough money in your account each month as required. Moreover, penalties for ECS returns due to insufficient funds increase from Rs 500 the first time to Rs 550 after that.

Discontinuation of HDFC Bank’s Senior Citizen Care Fixed Deposit: For HDFC Bank, May 2 is the last date for investments in its senior citizen care fixed deposit scheme. Offering an interest rate premium of 0.75 percentage points, this scheme targets resident seniors aged 60 years and above, incentivizing long-term deposits. The end of the scheme shows how banking options change over time and reminds people to make investment choices promptly. Senior citizens might want to look at other fixed deposit choices or spread out their investments to reach their money goals better.

Introduction of Surcharge on Utility Payments via Credit Cards: Banks like YES Bank and IDFC First Bank introduce surcharges on utility payments made through credit cards, starting May 1. Different banks have different limits that trigger extra charges. For example, YES Bank adds a 1 per cent  fee plus GST if your utility bill payments go over Rs 15,000. IDFC First Bank sets its limit at Rs 20,000. These changes remind people to keep an eye on their utility spending to avoid paying more and to use their credit cards wisely. By setting thresholds for surcharge eligibility, banks seek to strike a balance between revenue generation and customer satisfaction.

Topics: KYCFinanaceFinancial DevelopmentFinancial stabilityEconomic Growth
ShareTweetSendShareSend
✮ Subscribe Organiser YouTube Channel. ✮
✮ Join Organiser's WhatsApp channel for Nationalist views beyond the news. ✮
Previous News

BAPS Hindu Mandir: Acharya Krishnam applauds UAE’s inaugural event, credits PM Modi’s global outreach

Next News

US: ‘Overseas Friends of Ram Mandir’ distribute 101 kg Ayodhya Ram Mandir’s laddoos globally

Related News

Strong manufacturing rebound and resilient services lift quarterly output, reinforcing India’s position amid a slowing global economy

India beats forecasts again; GDP climbs 8.2 per cent as global rivals lag and US tariff impact proves minimal

Representative image

How Indian immigrants are powering the US economy & shaping the future of innovation and productivity

Prime Minister Narendra Modi

India surges ahead amid western turbulence: A testament to PM Modi’s visionary leadership

A representative image

RBI may slash repo rate by 0.25 percent in September: SBI warns of “Right time” for action

Representative image

Charting economic pathway for India—best way forward

Representative image

A sustainable growth model will stop people from migrating to other countries

Load More

Comments

The comments posted here/below/in the given space are not on behalf of Organiser. The person posting the comment will be in sole ownership of its responsibility. According to the central government's IT rules, obscene or offensive statement made against a person, religion, community or nation is a punishable offense, and legal action would be taken against people who indulge in such activities.

Latest News

Image for representational purpose only, Courtesy Vocal Media

Bihar to get ‘Special Economic Zones’ in Buxar and West Champaran

Thirupparankundram Karthigai Deepam utsav

Andhra Pradesh: AP Dy CM Pawan Kalyan reacts to Thirupparankundram row, flags concern over religious rights of Hindus

23rd India-Russia Annual Summit

India-Russia Summit heralds new chapter in time-tested ties: Inks MoUs in economic, defence, tourism & education

DGCA orders probe into IndiGo flight disruptions; Committee to report in 15 days

BJYM leader Shyamraj with Janaki

Kerala: Widow of BJP worker murdered in 1995 steps into electoral battle after three decades at Valancherry

Russian Sber bank has unveiled access to its retail investors to the Indian stock market by etching its mutual fund to Nifty50

Scripting economic bonhomie: Russian investors gain access to Indian stocks, Sber unveils Nifty50 pegged mutual funds

Petitioner S Vignesh Shishir speaking to the reporters about the Rahul Gandhi UK citizenship case outside the Raebareli court

Rahul Gandhi UK Citizenship Case: Congress supporters create ruckus in court; Foreign visit details shared with judge

(L) Kerala High Court (R) Bouncers in Trippoonithura temple

Kerala: HC slams CPM-controlled Kochi Devaswom Board for deploying bouncers for crowd management during festival

Fact Check: Rahul Gandhi false claim about govt blocking his meet with Russian President Putin exposed; MEA clears air

Union Minister for Road Transport and Highways Nitin Gadkari (Right)

India set for highway overhaul as Union Minister Nitin Gadkari unveils nationwide shift to MLFF electronic tolling

Load More
  • Privacy
  • Terms
  • Cookie Policy
  • Refund and Cancellation
  • Delivery and Shipping

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies

  • Home
  • Search Organiser
  • Bharat
    • Assam
    • Bihar
    • Chhattisgarh
    • Jharkhand
    • Maharashtra
    • View All States
  • World
    • Asia
    • Africa
    • North America
    • South America
    • Europe
    • Australia
  • Editorial
  • Operation Sindoor
  • Opinion
  • Analysis
  • Defence
  • Culture
  • Sports
  • Business
  • RSS @ 100
  • Entertainment
  • More ..
    • Sci & Tech
    • Vocal4Local
    • Special Report
    • Education
    • Employment
    • Books
    • Interviews
    • Travel
    • Health
    • Politics
    • Law
    • Economy
    • Obituary
  • Subscribe Magazine
  • Read Ecopy
  • Advertise
  • Circulation
  • Careers
  • About Us
  • Contact Us
  • Policies & Terms
    • Privacy Policy
    • Cookie Policy
    • Refund and Cancellation
    • Terms of Use

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies