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Major Financial & Policy Changes From October 1st, 2024!

Neha Gupta

Author

Updated: 10-04-2025 at 12:30 PM

Amendments are necessary to keep up with the time and essential for a nation’s growth and development. As India is reaching the final quarter of the year 2024, certain significant changes in the country’s finances and policies have been announced that will be effective from October 1st the changes are announced in various services like energy, banking, and savings plans.

Let us look at these changes and how it is going to affect the common citizen of India.

1. LPG Price Adjustment

The government has announced a revision in the prices of LPG (Liquefied Petroleum Gas) due to the changes in the prices of crude oil in the international market.

Domestic LPG cylinder: The price of a 14.2 kg domestic cylinder has been increased by Rs. 50, making the new price Rs. 1300 in major cities.
Subsidised prices: Households eligible to receive subsidies will continue to enjoy the same. The government will bear the subsidy of Rs. 300 per cylinder so that they can manage without any difficulties.

2. Changes In The Rates Of ATF & CNG-PNG

The rates of ATF (Aviation Turbine Fuel) and CNG (Compressed Natural Gas) – PNG (Piped Natural Gas) have been changed due to the changes in the prices of crude oil in the international market.

ATF prices: ATF prices have been increased by Rs. 2000 per kilolitre which is also the fourth consecutive price hike observed in recent months. Airlines are also likely to increase the rates of tickets to manage the price hike of fuel.
CNG-PNG rates: The rate of CNG has been increased by Rs. 3 per kg and the rate of PNG has been increased by Rs. 2 per cubic meter. This would likely increase transportation costs, especially for those who use CNG for their vehicles.

Also Read: Fuel Delivery at Doorstep | Petrol and Diesel Delivery to Your Home

3. HDFC Bank Credit Card Policy Updates

HDFC has announced certain major changes in its credit card policies.

Revised reward points system: A new reward program will be introduced by HDFC that offers higher points for certain categories like groceries, travel, or dining. Customers will earn 5x points in these categories. This would encourage the customers to spend more in the mentioned categories.
Increased interest rates: The bank is also increasing the interest rates on outstanding balances by 1% so that customers promptly pay their dues.
Annual fee waiver: Customers are required to spend a minimum of Rs. 1 lakh annually to be eligible for the fee waiver which was Rs. 75000 before.

4. Sukanya Samriddhi Yojana

Certain changes have been announced in the Sukanya Samriddhi Yojana as well.

Higher interest rates: The interest rate has been increased to 8.2% per annum which was 7.6% before. This would encourage the parents to invest in their daughters’ future.
Deposit limits: The minimum annual deposit limit has been revised to Rs. 1000 with a maximum limit of Rs. 1.5 lakh per annum. Parents can deposit the amount in multiple instalments throughout the year.
Maturity period: The maturity period of the account is now extended to 21 years from the date of opening the accounts which gives more time to the parents for saving and investing in their daughters’ future.
Partial withdrawals: Partial withdrawals are now allowed after the girl turns 18.

5. New Rules Regarding PPF Accounts

The PPF (Public Provident Fund) Account has also been updated with certain changes.

Rate of interest: The interest rate for PPF accounts will be increased to 7.5% which was 7.1% before to encourage saving habits in people and as a protection against increasing inflation rates.
Withdrawal: People can withdraw after 5 years or 7 years of maintaining the account.
Minimum contribution amount: The minimum annual contribution has been set at Rs. 500 with a maximum of Rs. 1.5 lakh per financial year. Accountholders can deposit money in multiple instalments within a financial year.
Tax: PPF Accounts are eligible for tax deductions under Section 80C of the Income Tax Act.

Conclusion

The changes in the financial policy and general policies will be effective from October 1st, 2024 to upkeep with the time and for the betterment of people.

Stay updated with Jaagruk Bharat to get the latest information on government healthcare schemes and more, and reach out to us via our community page if you have any questions.

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