As the FY 2023-24 comes to an end, the new financial year brings several changes related to personal finance, which will be effective from April 1.

Here are the key changes that FY 2024-25 will bring to it:

Change In National Pension System

The Pension Fund Regulatory and Development Authority (PFRDA), the apex body which manages the NPS, will bring several changes to the current login process of the NPS.

NPS accounts will need two-factor authentication for logging in from April 1, which can be authenticated using OTP received on mobile phones. PFDRA has taken measures to increase the security of the system.

New Rule In EPFO

The Employees’ Provident Fund Organisation will now transfer a subscriber’s balance automatically to their new organisation when they change jobs. EPFO account holder does not require a request to transfer the PF amount.

Income Tax Regime

The new tax regime will become the default tax regime from April 1. If you don’t opt for the old tax regime, you will automatically pay tax under the new tax regime. A person with income up to ₹7 lakh per annum is excluded from paying tax under the new tax regime.

New Rule Of FASTag

If a person has not updated their car’s KYC with the bank, they might encounter issues starting April 1. Banks will deactivate FASTags of people who have not updated their KYC information. It’s crucial to update the KYC process for FASTag.

If the KYC is not up to date, the payments will not be processed, requiring you to pay double toll tax at toll plazas. NHAI has urged FASTags customers to ensure compliance with the RBI rules by completing the KYC procedure.

SBI Credit Card Changes

The State Bank of India (SBI) will implement several significant changes in credit card rules. For instance, if you pay rent using an SBI credit card, you will not earn reward points. However, these changes will apply to only some credit cards. For others, it will come into effect from April 15.

Rule Change For Ola Money Wallet

Ola Money has announced that it will transition to smaller prepaid payment instrument (PPI) wallet services, with a maximum wallet load limit of ₹10,000 per month.