A few financial laws and regulations are changed once a month. In August, several laws will also change, directly affecting regular people. The biggest private lender in the nation, HDFC Bank, will change its credit card policies next month.
Google will also change the prices for Google Maps in India. August 1st, 2024 is when this new legislation will go into force. The items that will change in the upcoming month are listed below.
1. LPG Gas Cylinder Price
Rates for LPG gas cylinders are determined on the first day of each month. A 19-kilogram commercial cylinder was made less expensive by the government last month. There are rumors that this time around the government would also reduce the price of the cylinder.
2. Google Maps to reduce charges by 70%
Significant modifications have been made to Google Maps’ policies in India, and they will take effect nationwide on August 1, 2024. The company has lowered its service fees in India by as much as 70%. Furthermore, instead of charging in dollars, Google Maps will now bill users in Indian Rupees for their services. However, as there is no additional fee associated with this move, normal customers won’t be impacted.
3. Change in HDFC Bank Credit Card Rules – Transaction Charge
Rent payments made using CRED, Cheq, MobiKwik, Freecharge, and comparable services will incur a fee of 1% of the total transaction amount, up to a maximum of Rs 3,000 per transaction. For transactions under Rs 15,000 per transaction, there would be no additional fees associated with fuel. Nevertheless, there will be a 1% fee on the entire amount up to Rs 3,000 for transactions over Rs 15,000.
4. Utility transactions
There are no extra fees for transactions under Rs 50,000. A 1% fee, up to Rs 3,000 per transaction, would be applied to any transactions over Rs 50,000. It is important to know that transactions involving insurance are not subject to this fee. Direct payments made through POS systems or college or school websites will not incur fees. However, there will be a 1% fee for transactions done using third-party applications like CRED, Cheq, MobiKwik, and others; the maximum price per transaction is Rs 3,000.
Based on the outstanding amount, which was Rs. 100, the delayed payment charge procedure was changed to Rs. 1,300. Any online or physical retailer that offers the Easy-EMI option will charge an EMI processing fee of up to Rs 299 for using it.
According to HDFC Bank, all of the fees listed above are liable to GST by governmental laws. Apart from that, beginning on August 1, 2024, HDFC Bank will make changes to its Tata Neu Infinity and Tata Neu Plus credit cards. Users of the Tata New Infinity HDFC Bank credit card will receive 1.5% NewCoins on qualified UPI transactions done with the Tata New UPI ID as of August 1, 2024.
