Major Banking, Tax And Travel Rule Changes Take Effect From April 1

Cardholders can now redeem statement credit only in multiples of 4,000 reward points. HDFC Bank has implemented multiple updates, including changes to lending rates, fixed deposit interest rates, ATM withdrawal rules, and locker charges. Additionally, several banks such as Punjab National Bank and Bandhan Bank have revised ATM withdrawal policies, including transaction limits and charges. UPI-based cash withdrawals at HDFC ATMs/CRMs will now be counted within free transaction limits, with charges of Rs 23 plus taxes applicable beyond the free threshold. The Reserve Bank of India (RBI) has mandated stricter enforcement of two-factor authentication (2FA) for digital transactions, reinforcing security across payment systems. OTP-based authentication remains the most widely used method. The National Payments Corporation of India (NPCI) has withdrawn complimentary airport and railway lounge access for RuPay Platinum debit cardholders. FASTag and Transport Updates The National Highways Authority of India (NHAI) has increased the FASTag annual pass fee fr0m Rs 3,000 to Rs 3,075 for FY 2026–27. In railways, reforms announced by Ashwini Vaishnaw included revised ticket cancellation windows (72, 24, and 8 hours before departure), automatic refunds without the need for Ticket Deposit Receipts (TDR), aadhaar-based OTP verification to curb misuse, facility to cancel counter tickets fr0m any station and option to upgrade travel class up to 30 minutes before departure. These measures aim to improve passenger convenience and reduce misuse of ticketing systems. Taxation Reforms A major shift comes with the implementation of the new income tax framework. The existing Income Tax Act 1961 has been repealed, and the Income-tax Act, 2025 has come into force fr0m April 1, 2026. Transitional provisions will ensure continuity for pending cases. PAN card rules have also changed, Aadhaar-only applications will no longer be sufficient, and additional documentation will now be required. PAN details must match Aadhaar records. Energy and Cost Pressures Prices of commercial LPG cylinders have risen by over 10 percent in major cities, making dining out costlier. Aviation turbine fuel (ATF) prices have also surged significantly, likely pushing up airfares. The government has stepped in to protect domestic air travellers with a much smaller hike on April 1, 2026. Upward rate revision of commercial LPG cylinders and jet fuel effective April 1 is also set to weigh on wallets of common man. While an increase in LPG prices could make eating out costlier, a substantial jump in jet fuel price is set to push up airline ticket prices. (KNN Bureau)