As we approach February 1st, 2024, several significant changes are set to take effect, coinciding with the presentation of India’s budget. These changes, introduced by the government, will directly impact your finances. Let’s dive into the six major alterations scheduled for February.
RBI’s New Rules on CIBIL Score and Minimum Bank Balance From February 1st, the Reserve Bank of India (RBI) will implement five new rules regarding the CIBIL score, significantly impacting loan processes. Additionally, RBI has introduced new norms for maintaining a minimum balance in bank accounts.
NPS Partial Withdrawal Rules
The Pension Fund Regulatory and Development Authority (PFRDA) has revised the National Pension System (NPS) withdrawal rules. Effective from February 1st, NPS account holders will be limited to withdrawing a maximum of 25% of their total deposit, including both the account holder’s and the employer’s contributions. Moreover, if you already own a house, you will not be allowed to make partial withdrawals from your NPS account for this purpose.
IMPS Transaction Rules Update
There will be a significant change in the Immediate Payment Service (IMPS) rules starting February 1st. Customers can transfer funds up to ₹5 lakhs directly between bank accounts without adding a beneficiary’s name, making transactions faster and more accurate.
SBI Home Loan Campaign
State Bank of India (SBI) is running a special home loan campaign offering reduced interest rates. According to SBI’s website, this offer includes discounts up to 65 BPS on all home loans, including Flexipay, NRI, and salary-class loans.
Punjab and Sind Bank Special FD (PSB)
Customers can avail themselves of the ‘Dhan Laxmi 444 Days’ Fixed Deposit (FD) scheme from Punjab and Sind Bank until January 31, 2024. Post-February 1st, this scheme will no longer be available. The FD term is 444 days, offering an interest rate of 7.4% for general customers, 7.9% for senior citizens, and 8.05% for super senior citizens.
FASTag KYC Requirement
FASTag users must complete their KYC before January 31st as per the directions from the Reserve Bank. Failure to complete KYC will result in the FASTag being banned or blacklisted.
📅 Important Changes Effective from February 1, 2024 📅
| Change | Description |
|---|---|
| NPS Withdrawal Rules | Limit on partial withdrawal from NPS accounts |
| RBI Rules on Minimum Bank Balance | New norms for maintaining bank balance |
| IMPS Transaction Rules | Easier fund transfers up to ₹5 lakhs without adding beneficiary |
| SBI Home Loan Campaign | Special offers on home loans from SBI |
| Punjab and Sind Bank FD | ‘Dhan Laxmi 444 Days’ FD scheme ending on January 31 |
| FASTag KYC Requirement | Mandatory KYC completion for FASTag users |