1st February Rule Changes: There will be changes in IMPS, NPS and Fastag from 1st February

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There are only a few days left for January to end and February to begin. With the beginning of the new month, there will be changes in many rules related to money. Let us tell you that from February 1, there will be changes in 6 rules including NPS partial withdrawal, new rules of IMPS, SBI home loan, special FD of Punjab and Sindh Bank, new SGB installment.

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Change in rules for withdrawal from NPS

Pension regulator PFRDA has announced changes in the rules for withdrawal from the National Pension System i.e. NPS. The new rule will come into effect from February 1. Under the new rule, NPS account holder will not be allowed to withdraw more than 25 percent of the total deposited amount. This will include the contribution amount of both the account holder and the employer.

New rule of IMPS

From February 1, you will be allowed to transfer up to Rs 5 lakh between bank accounts without adding any beneficiary. National Payments Corporation of India (NPCI) has streamlined the Immediate Payment Service (IMPS) to make bank account transactions faster and more accurate. According to NPCI, you can send money by simply entering the cellphone number and bank account name of the recipient or beneficiary.

SBI home loan offer

State Bank of India (SBI) customers can avail home loan concession up to 65 bps lower than the actual card rate. The last date for processing fees and concession on home loan is 31 January 2024. This discount is valid for all home loans, including Flexipay, NRI, Non-Salary, Privilege and Own Home Loans. This benefit will end from February 1.

Punjab and Sindh BankSpecial FD

The last date for Punjab & Sind Bank (PSB) special FD ‘Dhan Lakshmi 444 Days’ is January 31, 2024. All resident Indians who are eligible to open a domestic fixed deposit account NRO/NRE deposit account holders can apply to open this special FD scheme called PSB Dhan Lakshmi.

Fastag without KYC link will become inactive

Fastag without KYC will be deactivated or blacklisted by banks after January 31. NHAI has taken this step following recent reports of multiple FASTags being issued to one vehicle in violation of the Reserve Bank of India order and FASTags being issued without KYC. It aims to discourage user behavior of using a single FASTag for multiple vehicles or linking multiple FASTags to a particular vehicle. In such a situation, if your Fastag does not have KYC then get it done by 31st otherwise it will become inactive from 1st February.

New installment of sgb

The Reserve Bank of India (RBI) will issue the final tranche of Sovereign Gold Bonds (SGBs) in the 2023-24 series. This upcoming issue, known as SGB 2023-24 Series IV, will be available for subscription on February 12, 2024 and will close on February 16, 2024.


 

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