From commercial LPG price cut to mutual funds KYC guidelines: Check out key financial changes in May

As May begins, a few significant regulatory changes will take effect, which may have an impact on one's finances. From a commercial LPG price cut to market regulator Sebi's guidelines for mutual fund Know Your Customer (KYC), here are some significant financial developments that will occur in May 2024.

1. Correct name on PAN and mutual fund folio 

The market regulator Sebi has asked mutual fund investors to ensure that their PAN card and Mutual fund folio have the same name with correct spelling. As of April 30, a new KYC requirement requires the name on a mutual fund application to exactly match the name on the person's PAN card. 

2. ICICI Bank's savings account charges 

The private sector lender made the following changes in its regular savings account structure: 

Cash transaction charges: 

>> Number Limit (total of deposits and withdrawals) Rs 150 per transaction, post three free cash transactions per month. 

>>Value Limit: For the home branch (total of deposits and withdrawals) Rs 5 per Rs 1,000, the post-free limit of Rs 1 lakh, per month or Rs 150, whichever is higher.

>>Value Limit: For non-home branch – Rs 5 per Rs 1,000, for transaction value above Rs 25,000 in a day or Rs 150, whichever is higher.

>> Value limit: For third-party cash transactions charged at Rs 150 per transaction. Per transaction value capped at Rs 25,000.

>> Debit card fees: Rs.200 p.a., for Gramin locations - Rs.99 p.a.

>> Chequebook charges: Nil for 25 cheque leaves in a year; Rs 4 per leaf thereafter.

3. HDFC Bank senior citizen care FD last date

The last date to invest in HDFC Bank's senior citizen care FD is May 2, 2024. This deposit offers an interest rate higher by 0.75%, compared to regular FDs. This offer is for resident senior citizens aged 60 years and above, (not applicable to NRI) who wish to book an FD less than ₹5 crore for a tenure of five years and one day to 10 years.

4. Commercial LPG price cut

Oil marketing companies (OMCs) reduced the price of commercial-use liquefied petroleum gas (LPG) beginning May 1, 2024. The state-run Indian Oil Corporation (IOC), which supplies cooking gas across the country under the name Indane, reduced the price of cooking gas in the national capital by Rs 19 to Rs 1,745.5 per 19-kilogram cylinder, marking the second downward revision in nearly a month.  

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