Come February 2024, several monetary changes are set to take effect. From new National Pension System (NPS) withdrawal rules to changes in Immediate Payment Service (IMPS) limits, here are the key changes that will take place from next month
Come 1 February, users will soon be able to transfer money through IMPS by just adding the receiver’s mobile number and bank account name. According to the National Payments Corporation of India (NPCI), there is no need to add a beneficiary, and the IFSC code is also not needed. “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,” said NPCI circular dated October 31, 2023.
The PFRDA circular dated January 12, 2024, states that subscribers can make partial withdrawals for purposes such as higher education, marriage, residential house purchase, and medical expenses.
According to the circular issued by the authority dated January 12, 2024, “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 first gold bond of 2024, SGB Series 2023-24 Series IV will open for subscription on February 12, 2024. The subscription window, as per the RBI’s notification, is from 12th to 16th February 2024. The bonds will be issued on February 21, 2024.
SBI home loan discount
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.
Punjab and Sindh Bank Special FD
Punjab and Sindh Bank’s ‘444 Days’ special FD scheme offering a 7.40% interest rate will conclude on January 31, 2024. Eligible resident Indian deposit account holders can apply for this special FD scheme before the expiration date.
FASTags with inadequate KYC to be deactivated
The state-owned National Highway Authority of India (NHAI) has announced that it will deactivate or blacklist FASTags with incomplete Know Your Customer (KYC) after January 31, even if they have a valid balance.
“To enhance the efficiency of the electronic toll collection system and provide seamless movement at toll plazas, NHAI has taken the ‘One Vehicle, One FASTag’ initiative that aims to discourage the use of single FASTag for multiple vehicles or linking multiple FASTags to a particular vehicle,” an official statement said.
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Published: 30 Jan 2024, 01:52 PM IST