As the calendar flips to February 1, 2024, India is ushering in a series of financial changes, coinciding with the unveiling of the national budget. These alterations, introduced by the government, will reverberate through various aspects of your financial portfolio. Here’s a breakdown of the six major adjustments set to roll out in February.
1. RBI’s New Norms: CIBIL Score and Minimum Bank Balance Rules
Effective February 1st, the Reserve Bank of India (RBI) is set to implement five new rules, reshaping the landscape of CIBIL scores and minimum bank balance requirements. These changes will significantly influence loan processes and impact how individuals manage their banking accounts.
2. NPS Partial Withdrawal Rules Overhaul
The Pension Fund Regulatory and Development Authority (PFRDA) is introducing changes to the National Pension System (NPS) withdrawal rules. Starting February 1st, NPS account holders will face restrictions on withdrawing only up to 25% of their total deposit, encompassing both personal and employer contributions. Notably, individuals who already own a house will no longer be permitted to make partial withdrawals from their NPS accounts for this purpose.
3. IMPS Transaction Rules Update for Swifter Transactions
February 1st brings a significant shift in the Immediate Payment Service (IMPS) rules. Customers can now seamlessly transfer funds up to ₹5 lakhs directly between bank accounts without the need to add a beneficiary’s name. This change aims to make transactions faster and more precise.
4. SBI’s Home Loan Campaign: Reduced Interest Rates
The State Bank of India (SBI) is rolling out a special home loan campaign featuring reduced interest rates. The offer encompasses discounts of up to 65 basis points (BPS) on various home loan categories, including Flexipay, NRI, and salary-class loans.
5. Punjab and Sind Bank FD Scheme Closure
Until January 31, 2024, customers have the opportunity to avail themselves of the ‘Dhan Laxmi 444 Days’ Fixed Deposit (FD) scheme from Punjab and Sind Bank. However, post-February 1st, this scheme will cease to be available. The FD term spans 444 days, offering attractive interest rates for different customer categories.
6. FASTag KYC Requirement Deadline
FASTag users are reminded to complete their Know Your Customer (KYC) requirements before January 31st, following the Reserve Bank’s directives. Failure to comply with KYC procedures may lead to the FASTag being banned or blacklisted.
