Money Matters: 6 Rule Changes Impacting Common Man’s Finances from February 1

Money Matters: 6 Rule Changes Impacting Common Man's Finances from February 1

Money Matters: 6 Rule Changes Impacting Common Man's Finances from February 1

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As February approaches, several financial rule changes are set to take effect, influencing the common man’s pocket. 

From alterations in National Pension System (NPS) withdrawal rules to modifications in Immediate Payment Service (IMPS) limits, here are the key changes:

1. NPS Withdrawal Rules:

   – Effective from February 1, the Pension Fund Regulatory and Development Authority (PFRDA) has capped NPS withdrawals at 25% of the total accumulated amount.

2. IMPS Rule Amendments:

   – Starting February 1, IMPS allows a transfer of up to Rs 5 lakh between bank accounts. The National Payments Corporation of India (NPCI) aims to expedite bank account transactions, enabling users to send money by entering phone numbers, bank accounts, and names.

3. SBI Home Loan Offer:

   – The State Bank of India (SBI) is providing a home loan discount of up to 65 bps to eligible customers. The last date for processing fees and home loan concessions is January 31, 2024, and the discount will conclude from February 1. Applicable to Flexipay, NRI, Non-Salary, Privilege, and other categories.

4. Punjab and Sindh Bank Special FD:

   – PSB’s Special FD ‘Dhan Lakshmi 444 Days’ concludes on January 31, 2024. Eligible resident Indian deposit account holders can apply for this special FD scheme before the expiration date.

5. FASTag KYC Requirement:

   – FASTags without KYC will be inactive or blacklisted by banks after January 31. The National Highways Authority of India (NHAI) takes this step to ensure compliance with KYC regulations. Vehicle owners need to complete KYC for FASTags by January 31 to avoid disruptions from February 1.

6. Sovereign Gold Bonds (SGB):

   – The Reserve Bank of India will issue the last tranche of SGBs for the financial year 2023-24 in February. SGB 2023-24 (Series 4) subscription opens on February 12 and closes on February 16, 2024. The issue price for this tranche is fixed at Rs 6,199 per gram.

Stay informed to navigate these financial changes effectively and manage your finances accordingly.

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