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.
1. LPG Cylinder Price Hike
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.
2. Google Maps Service Charge Adjustments
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.
3. HDFC Bank Credit Card Rules and Transaction Charges
HDFC Bank will introduce new rules for credit card users and update transaction charges:
- A 1% fee on transaction amounts will be imposed when using services like CRED, Cheq, MobiKwik, and Freecharge, capped at Rs 3,000 per transaction.
- Fuel transactions under Rs 15,000 will remain charge-free, but those exceeding Rs 15,000 will incur a 1% fee, also capped at Rs 3,000.
- Tata Neu Infinity HDFC Bank Credit Card holders will earn 1.5% NewCoins on eligible UPI transactions via the Tata Neu UPI ID.
- Transactions above Rs 50,000 will attract a 1% charge, limited to Rs 3,000 per transaction, with insurance transactions exempt. Payments made directly through educational institutions’ websites or POS machines will be charge-free. Transactions through third-party apps will attract a 1% fee.
4. Bank Holidays in August
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.
5. Revised Late Payment Charges
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.
