With Budget 2024 being around, there are also many other updates and changes which will see impact the financial matters. So, make sure you are aware of these changes and act accordingly.
Here’s a look at some of the major changes including NPS partial withdrawal, IMPS new update, SBI home loan campaign offer, Punjab and Sindh Bank’s special FD deadline, latest SGB tranche and more.
NPS partial withdrawal rules
The Authority has issued a master circular dated January 12, 2024 to facilitate partial withdrawals and guarantee compliance with legislation. Below are some important points to note as per PFRDA’s master circular.
According to the Master Circular, “This Master Circular shall take effect from 01 February 2024 but shall be without prejudice to their (earlier issued circulars) operation and effect, for the period when they were in force, until them being subsumed under the Master Circular.”
The Point of Presence or Government Nodal Office will designate the receiver upon receipt of a withdrawal request. Following a successful verification of the subscriber’s bank account using “Instant Bank Account Verification” techniques like penny drop or other technological advancements, CRA will process partial withdrawal requests.
NPS partial withdrawal new rules: All you need to know
IMPS new rule
From February 1, you will be allowed to transfer up to Rs 5 lakh between bank accounts without adding a beneficiary. The National Payments Corporation of India (NPCI) has streamlined Immediate Payment Service (IMPS) to make bank account transactions faster and more accurate. According to the NPCI, you may simply send money by entering the recipient or beneficiary’s cellphone number and bank account name.
According to the NPCI circular dated October 31, 2023, “All the Members are hereby requested to take note of the same and comply for initiating and accepting fund transfer through Mobile number + Bank name on all IMPS channels by 31st January 2024.”
New IMPS money transfer rule: Soon, send up to Rs 5 lakh with mobile no., bank name; no need to add beneficiary, account, IFSC
SBI Home loan campaign offer
State Bank of India (SBI) customers can avail concession on home loans up to 65 bps lower than the actual card rate. The last date for processing fee and concession on home loans is January 31, 2024..
The discount is valid for all home loans, including those with flexipay, NRI, non-salaried, privilege, and Apon Ghar.
Punjab and Sindh special FD deadline
Punjab and Sind Bank (PSB), a public sector bank, the last date of its special fixed deposit (FD) dubbed ‘DHAN LAKSMI 444 days’ to January 31, 2024. All Resident Indians who are eligible to open a domestic term deposit account Including NRO/NRE Deposit Account holders can apply for opening this special FD scheme called PSB Dhan Laksmi. The tenure of this FD is 444 days and is now valid up to January 31, 2024.
Up to 8.05% FD rate: Punjab and Sind Bank extends last date of this special FD with higher interest rate
FASTag eKYC
The National Highway Authority of India (NHAI) stated that it will deactivate FASTags for whom Know Your Customer (KYC) has not been completed. The deadline to update FASTag KYC is January 31.
The NHAI launched the “One Vehicle, One FASTag” campaign with the goal of discouraging user behavior that links several FASTags to a single car or uses a single FASTag for many vehicles. This program intends to improve the efficiency of the Electronic Toll Collection system and allow smooth flow at the Toll Plazas, according to Press Information Bureau (PIB) release on January 15, 2024.
FASTags with inadequate KYC to be deactivated after January 31, 2024: Here is how to update
SGB new tranche
The Reserve Bank of India (RBI) will issue the final tranche of Sovereign Gold Bonds (SGBs) in the 2023-24 series. This forthcoming issue, known as SGB 2023-24 Series IV, will be available for subscription on February 12, 2024, and close on February 16, 2024.