Starting August 1, 2024, several changes will impact India’s middle class, affecting daily expenses and financial transactions. These include a potential hike in LPG cylinder prices, revised HDFC Bank credit card and transaction charges, Google Maps service charge adjustments, and more bank holidays. Additionally, late payment fees have been updated.
From August 1, the price of LPG gas cylinders will be adjusted. While there was a reduction in the price of the 19 kg commercial LPG cylinder in July, an increase in prices is anticipated. This will directly affect household budgets.
Google Maps will implement policy changes in India starting August 1. The tech giant plans to reduce its service charges by up to 70% and will begin accepting payments in Indian Rupees instead of US dollars. These changes primarily impact businesses and developers using Google Maps services, with no additional costs for general users.
HDFC Bank will introduce new rules for credit card users and update transaction charges:
In August, banks will observe 13 holidays, including the second and fourth Saturdays and all Sundays. The Reserve Bank of India (RBI) has issued a list of holidays, which vary by state. It is advisable to check with local bank branches to confirm these dates and plan banking activities accordingly.
HDFC Bank has revised its late payment charges based on the outstanding amount, ranging from Rs 100 to Rs 1,300. Additionally, choosing the Easy-EMI option at online or offline stores will attract an EMI processing fee of up to Rs 299. All these charges are subject to GST as per government regulations.
These changes will have a notable impact on the daily lives and financial activities of India’s middle class, emphasizing the need for careful planning and adjustment to the new rules.
