5 Major Rule Changes from 1 October 2024 That Will Affect Your Everyday Life
As the month of September comes to an end, a series of significant changes are set to take effect across India starting October 1, 2024. These changes will impact various aspects of your daily life, from kitchen expenses to savings accounts. Whether it’s the price of your LPG cylinder, credit card policies, or savings schemes, these adjustments are sure to affect your wallet.
Here are the 5 major rule changes that you should be aware of:
1. LPG Cylinder Price Hike
One of the most anticipated changes revolves around the price of LPG cylinders. Oil marketing companies in India revise the prices of LPG cylinders at the start of each month. As per reports, starting from October 1, 2024, the new prices will be rolled out at 6 a.m.
In recent months, while the price of 19 kg commercial cylinders has fluctuated, the cost of the 14 kg domestic LPG cylinder has remained stable. However, a price cut for domestic cylinders is expected ahead of the Diwali festival.
To give a clearer picture, on September 1, 2024, the price of commercial LPG cylinders was increased. In Delhi, the price rose from ₹1652.50 to ₹1691.50 per cylinder, marking a ₹39 hike. Similarly, in other metro cities, the prices jumped as well. In Kolkata, the price went up from ₹1764.50 to ₹1802.50, in Mumbai, from ₹1605 to ₹1644, and in Chennai, from ₹1817 to ₹1855.
The coming price revision in October could bring some relief for households relying on domestic LPG cylinders.
2. Changes in CNG, PNG, and ATF Prices
Apart from LPG, the prices of CNG (Compressed Natural Gas), PNG (Piped Natural Gas), and ATF (Air Turbine Fuel) are also set to be revised. These prices are adjusted every month, and October 1 will witness a fresh set of updates.
In September 2024, the price of ATF saw a reduction. For instance, in Delhi, the price dropped from ₹97,975.72 per kiloliter to ₹93,480.22 per kiloliter. Similarly, Kolkata saw a reduction from ₹1,00,520.88 to ₹96,298.44, Mumbai from ₹91,650.34 to ₹87,432.78, and Chennai from ₹1,01,632.08 to ₹97,064.32. The revised prices for October 2024 will determine if fuel costs will impact transportation and logistics services further.
3. HDFC Bank Credit Card Program Changes
If you are an HDFC Bank credit card holder, you should be aware of the upcoming changes in the loyalty program. Starting October 1, 2024, the bank will limit reward point redemptions on Apple products through the SmartBuy platform. Customers will now be restricted to redeeming reward points for only one Apple product per calendar quarter.
This change could affect HDFC Bank customers who frequently make high-value purchases using their credit cards. Make sure to check your card’s new reward terms if you’re planning on using points for Apple products in the near future.
4. Sukanya Samriddhi Account Rule Change
The Sukanya Samriddhi Yojana (SSY), a popular savings scheme launched by the Indian government to secure the financial future of girl children, will undergo a crucial rule change on October 1, 2024.
Under the new regulation, only legal guardians will be allowed to operate an SSY account. If an account has been opened by someone who is not the legal guardian of the girl child, it will need to be transferred to the legal parent or guardian. Failure to do so may result in the closure of the account.
This update ensures that only immediate family members are responsible for managing these accounts, adding a layer of protection for the child’s savings. Those affected by this change must ensure that the account is transferred promptly.
5. Public Provident Fund (PPF) Rule Changes
The Public Provident Fund (PPF), one of India’s most trusted small saving schemes, will see three key changes starting October 1, 2024. These adjustments were outlined in new guidelines issued by the Ministry of Finance in August 2024.
One of the major updates is the crackdown on individuals holding multiple PPF accounts. Action will be taken against such account holders as the government aims to streamline the system. Additionally, Post Office Saving Account (POSA) interest will be paid on irregular PPF accounts until the account holder turns 18 years old. The interest rate will then switch to the PPF rate. The maturity period of these accounts will be calculated from the day the account holder becomes eligible to open a PPF account.
