From insurance to mutual funds: 8 money-related updates on the horizon for April 2024

livemint.com:

As April heralds the beginning of the new financial year 2024-25, a number of significant changes in money-related matters are set to take place. These changes, ranging from new NPS rules to credit cards, are good to be aware of while you want to keep your finances under control. 

Let's delve deeper into eight key financial changes that will come into force from April 1, 2024.

In response to the growing incidents of online frauds happening across the country, the Pension Fund Regulatory and Development Authority (PFRDA) has announced a revamp of the current login process for National Pension System (NPS) accounts. 

Effective April 1, 2024, the PFRDA will introduce an enhanced security system, requiring all password-based users accessing the Central Recordkeeping Agency (CRA) system of the NPS to undergo a two-factor Aadhaar authentication. This new security measure is mandatory and was communicated through a circular issued by the PFRDA on March 15, 2024.

Also Read: Income tax exemption: 4 financial instruments you can still invest into before March 31

State Bank of India (SBI) has announced that it will be increasing the annual maintenance charges on certain debit cards by ₹75. This hike will come into effect from April 1, 2024, as per the details provided on the SBI website.

The Securities and Exchange Board of India (SEBI) has instructed asset managers to halt inflows into schemes that invest in overseas exchange-traded funds (ETFs) starting from April 1. 

This decision is believed to be a result of the industry exceeding the $1 billion (approximately ₹8,311 crore as of March 21, 2024) limit. In response, the Association of Mutual Funds in India (AMFI) has sent a letter to fund houses directing them to halt