August is shaping up to be a month of major updates in personal finance, with several rules and benefits changing across banking, payments, and transportation. From the removal of a key insurance benefit on SBI credit cards to stricter KYC timelines and new FASTag pass schemes, these changes are designed to improve safety and efficiency. But if you do not stay updated or take timely action, you might face difficulties in day-to-day transactions.
Let’s break down what’s changing and how it may affect you.
Starting August 11, SBI Card is ending the free air accident insurance benefit that was previously offered on several of its premium and co-branded credit cards. This includes the widely used ELITE and PRIME cards, as well as certain platinum variants. Earlier, these cards provided accidental insurance coverage of up to one crore rupees as an added benefit. From August onwards, this cover will no longer be available, and customers will have to seek separate insurance policies if they want similar protection.
For Punjab National Bank customers, there is a critical deadline approaching. If your Know Your Customer (KYC) details were not updated by June 30, you must complete the update by August 8 to avoid restrictions. PNB has issued notifications via SMS and app alerts urging customers to act promptly. The KYC update is mandatory under Reserve Bank of India guidelines. Failing to comply may lead to your account being frozen or access to banking services being restricted.
UPI users will also see changes in how they interact with the platform. The National Payments Corporation of India is implementing several new rules that take effect this month. These include a cap on the number of balance inquiries and more regulated use of application programming interfaces, especially those related to auto-debit mandates and address verification. These updates are intended to reduce misuse and enhance security across the UPI ecosystem, which continues to be India’s fastest-growing digital payment system.
Another important change comes from the Ministry of Road Transport, which will launch a new FASTag Annual Pass starting August 15. Priced at three thousand rupees, the pass will be valid for one year or up to two hundred toll transactions, whichever comes first. This option is geared toward private vehicle owners who frequently use national highways and want the convenience of prepayment for tolls. It is important to note that this pass is optional. Regular FASTag payments can still be made as per the current system.
These changes span across multiple aspects of your financial life, from banking to travel to digital payments. While they may seem small in isolation, failing to adapt in time could lead to disruptions in your everyday routine. For instance, missing the KYC deadline may lock you out of your bank account, and not understanding the new UPI rules might limit your ability to use payment apps effectively.
In essence, the changes introduced this August are part of broader efforts to make transactions safer, smoother, and more user-friendly. But it is up to individual users to stay informed and take timely action. Whether that means reviewing your credit card benefits, updating your banking records, or preparing for travel with a new FASTag pass, a little preparation now can save a lot of trouble later.
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