1 August 2024 will bring new policy changes impacting the middle class. Apart from the new energy of a new month, the Middle class will also have to welcome increased rates. They may have to pay extra for everyday necessities as a result of these adjustments, or better yet, new restrictions. These consist of increases in the cost of LPG gas cylinders, adjustments to HDFC credit card fees, and utility bills.
New Changes Which Will Impact The Middle Class
Discover these changes impacting India’s middle class from August 1. Get details on how these updates will affect your life and finances.
Credit Card Rules And Transaction Charges
Customers utilizing services like CRED, Cheq, MobiKwik, and Freecharge to pay fares will incur a 1% fee on the transaction amount, capped at Rs 3000 per transaction. Fuel transactions will not be subject to any additional charges for amounts less than Rs 15,000 per transaction. However, for transactions exceeding Rs 15,000, a 1% fee will be levied on the total amount, with a cap of Rs 3,000 per transaction. HDFC Bank is set to implement modifications to its Tata Neu Infinity and Tata Neu Plus credit cards, effective August 1, 2024. 1.5% NewCoins will be awarded to Tata Neu Infinity HDFC Bank Credit Card owners for eligible UPI transactions done with the Tata Neu UPI ID.
Service Charge System Of Google Maps
According to sources, Google Maps will begin implementing policy modifications in India on August 1. It plans to lower its service fees by as much as 70%. Furthermore, starting on August 1, 2024, Google Maps will accept payments in Indian Rupees rather than US dollars.
Late Payment Charges
The late payment charge process has been revised depending on the outstanding amount from Rs 100 to Rs 1,300. Additionally, availing of the Easy-EMI option at any online or offline store will attract an EMI processing charge of up to Rs 299.
Utility Transactions
For transactions under Rs 50,000, there won’t be an additional fee. A 1% fee will be applied to any transactions over Rs 50,000, up to a maximum of Rs 3000 per transaction. Insurance-related transactions, however, are not subject to this fee. Direct payments made through educational institutions’ websites or point-of-sale systems will also be accepted without incurring fees. There will be a 1% fee for transactions done using third-party apps. The apps include CRED, Cheq, and MobiKwik. Others, up to a maximum of Rs 3000 per transaction.
LPG Cylinder Price
Every month on the first, the price of LPG gas cylinders is fixed, which affects household spending. The government lowered the cost of the 19-kilogram commercial LPG cylinder in July. The prices will possibly go up as of August 1.
Bank Holidays In August
Apart from these major changes, the Reserve Bank of India (RBI) has declared several holidays for which banks will be closed nationwide for 13 days in August. The second and fourth Saturdays as well as all Sundays are included in these holidays.
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