Several rules related to your personal finance matters have changed since the first day of the new year, January 1, 2023. The updated or new guidelines relate to credit cards, NPS, bank records as well as insurance policies. assurance. Looked:
Partial withdrawal from the National Pension Scheme (NPS)
From 1 January, the partial online withdrawal of NPS by self-declaration will not be allowed for government subscribers – central/state government and central/state self-governing agencies. They will need to submit their requests for partial withdrawal from the NPS to their associated nodal offices with supporting documents that substantiate the reason.
“With the easing of the difficulties associated with the pandemic and the easing of lockdown restrictions, the matter considered after considering current practices, circumstances and law, it was decided to make it mandatory for all subscribers government sector (central/state government and central/state autonomous bodies) to submit their applications through their associated nodal offices,” the Pension Funds Regulatory and Development Authority (PFRDA) said.
The Reserve Bank of India, under the new bank locker rules, has mandated lenders to provide customers with an updated locker agreement. The central bank’s notification also said lenders should ensure there were no unfair terms or conditions in the agreements.
“Banks should ensure that unfair terms or conditions are not incorporated into their deposit agreements. Furthermore, the terms of the contract must not be more onerous than required in the normal course of business to safeguard the interests of the bank. Banks must renew their locker agreements with existing locker customers by January 1, 2023,” the RBI said in a notification in August 2021.
Mandatory KYC for insurance policies
The Insurance Regulatory and Development Authority of India (IRDAI) has made KYC (know your customer) submission mandatory for purchasing policies from January 1. This means that if you purchase health, car, or travel insurance, you must go through the KYC process.
Under the previous rule, PAN and Aadhaar were only needed if the claim was greater than ₹1,000,000.
Several lenders likely changed their rewards point programs, so customers had to redeem their points by December 31.
“Earning 10X reward points on online spending on Amazon. with SBI SimplyCLICK/SimplyCLICK Advantage card will be revised to 5X reward points wef 01 Jan’23. Your card will continue to earn 10X reward points on online spending at Apollo 24X7, BookMyShow, Cleartrip, EazyDiner, Lenskart and Netmeds. T&C,” SBI said earlier, as reported HEY.
High Security License Plates
The fitting of High Security License Plates (HSRP) and color coded stickers has been made mandatory for vehicles registered before April 1, 2019, by December 31. Fines ranging from ₹5,000 to ₹10,000 will be levied in the event of a breach.
Several automakers have announced vehicle price hikes, taking effect from January. Automakers raising prices include Tata Motors, Maruti Suzuki among domestic giants while Audi and Mercedes-Benz are among luxury brands raising prices.
In accordance with SEBI MF rules, requests to purchase MF units will be rejected if a copy of passbook or bank statement is submitted as proof of address to complete KYC. Investors can present a passport, voter’s card, driver’s license, NREGA work card, among others. However, for Hindu Undivided Family (HUF) entities, bank statements will be accepted for KYC.
This is the difference between NPS and SIP
First publication: January 02, 2023, 11:37 a.m. STI