INVC NEWS
Mumbai : As the calendar turns to February, a wave of financial changes is set to hit the shores of personal finance. In this article, we unveil the key rules slated to transform the financial landscape from the first day of the month. From pension withdrawals to home loan offers, brace yourself for shifts that might impact your pocket. Let’s dive into the intricacies of each transformation.
1. NPS Partial Withdrawal Rules Take Effect
The Pension Fund Regulatory and Development Authority (PFRDA) has paved the way for a significant change in the National Pension System (NPS) starting February 1, 2024. As per the master circular issued on January 12, eligible NPS account holders can now make partial withdrawals of up to 25% of their individual pension account contributions. This excludes the employer’s contribution. However, if you’re a homeowner, be aware that withdrawal won’t be permitted if you already own a house.
2. IMPS Revolution: Transfer up to Rs 5 Lakh Sans Beneficiary Details
Revamping the landscape of Immediate Payment Service (IMPS), the National Payments Corporation of India (NPCI) has orchestrated a game-changing move effective February 1. Now, users can seamlessly transfer funds up to Rs 5 lakh directly between bank accounts without the hassle of adding beneficiary details. Simplifying the process, the NPCI aims to expedite and refine bank transactions, allowing money transfers by simply entering the recipient’s phone number and bank account name.
3. SBI Home Loan Offer Ends on January 31
If you’re considering a home loan with the State Bank of India (SBI), act swiftly! The special home loan campaign, offering up to a 65 bps discount, concludes on January 31, 2024. This discount, applicable to all home loans, bids farewell on February 1. As the deadline approaches, it’s time to seize this opportunity for potential savings on your home loan.
4. Punjab and Sindh Bank’s Special FD Nears Deadline
Punjab and Sindh Bank (PSB) patrons have until January 31, 2024, to avail themselves of the ‘Dhan Lakshmi 444 Days’ FD scheme. This special FD, open to all eligible resident Indians with domestic fixed deposit accounts, offers a unique opportunity that expires with the end of January.
5. Fastag KYC Deadline: Act Before January 31
National Highway Authority of India (NHAI) has taken a decisive step regarding Fastags without KYC. Following recent reports of non-compliance with Reserve Bank of India orders, Fastags without KYC will be deactivated or blacklisted by banks after January 31. Ensure your KYC is completed by the end of this month to prevent your Fastag from becoming inactive from February 1, 2024.
6. RBI’s Final Installment of Sovereign Gold Bond in February
The Reserve Bank of India (RBI) is set to release the last installment of the Sovereign Gold Bond in the financial year 2023-24 series in February. Series 4, opening on February 12 and closing on February 16, offers investors another opportunity to participate in this gold-backed investment. Stay tuned for the issue price, which was fixed at Rs 6,199 per gram for the previous installment.
7. LPG Cylinder Rates: Will There Be a Change on February 1?
The 1st of every month brings new LPG prices, but with Lok Sabha elections on the horizon, the question looms large. Will the government change the prices of LPG cylinders on February 1, or will they remain unchanged? Keep a close eye on this space for updates on a potential shift in your household expenses.
8. Bank of Baroda’s Credit Card Shock: 1% Fee on Rent Payment
Bank of Baroda credit card holders, brace yourselves for a change in rules. The bank has announced a one percent fee on rent payments through credit cards, effective from February 1. Additionally, the positive pay system becomes mandatory for checks worth more than Rs 10 lakh, marking a shift in the way customers handle high-value transactions.
9. PNB Raises Charges for Failed Debits: Rs 250 from February 1
Punjab National Bank (PNB) is set to implement changes starting February 1, imposing a higher penalty of Rs 250 for failed installment or investment debit accounts due to insufficient funds. This marks an increase from the current charge of Rs 100. Be vigilant and ensure your accounts are adequately funded to avoid these increased charges.
10. Navigate the Changes Wisely
As February ushers in a myriad of financial alterations, it’s imperative to stay informed and act promptly. Whether you’re a pensioner looking to make a partial withdrawal, a homeowner considering an SBI home loan, or a Fastag user ensuring KYC compliance, these changes impact diverse facets of personal finance. Stay ahead of the curve to navigate the evolving financial landscape effectively.
