Come May 1, 2024, IDFC First Bank joins the ranks of financial institutions altering their rules, impacting the cost of utility bill payments made through their credit cards.
Brace for a 1% surcharge, plus GST, on transactions exceeding Rs 20,000 within a single statement cycle.
Impact on Utility Bill Payments:
The surge in charges is set to reverberate across utility bill payments, affecting telecommunication, electricity, gas, internet, cable, and water bills, among others.
However, exemptions apply to specific cards like the First Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card.
Changes in Airport Lounge Access:
Additionally, alterations to airport lounge access rules are on the horizon.
Free domestic lounge privileges for certain cards are reduced, with the IDFC First Select Credit Card now offering 2 instead of 4 visits, and the First Wealth Credit Card seeing its access halved. Access will encompass both domestic and international lounges.
Updates on Yes Bank Savings Account Rules:
Yes Bank isn’t exempt from adjustments, with modifications to Minimum Average Balance (MAB) requirements across various savings account variants.
Account Pro Max now demands a Rs 50,000 MAB, while charges cap at Rs 1,000. Similar revisions apply to other accounts, effective May 1.
ICICI Bank’s Alterations:
In tandem with the industry trend, ICICI Bank unveils tweaks across its services and charges.
Notable changes include a reduced annual debit card fee of Rs 200, or Rs 99 for rural areas, along with charges for additional cheque leaves and IMPS transactions varying based on transaction amounts.
