Changes Affecting Your Finances from February 1, 2024

As we step into February, a cascade of changes is set to influence various aspects of your daily life, impacting your finances and transactions.

From alterations in pension withdrawal rules to shifts in IMPS transactions and gas cylinder charges, here’s a rundown of what to expect from February 1, 2024.

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National Pension System (NPS) Withdrawal Rules

Starting February 1, the National Pension System (NPS) undergoes significant changes.

Under the new guidelines from the Pension Fund Regulatory and Development Authority (PFRDA), NPS account holders will be limited to withdrawing no more than 25 percent of the total deposited amount.

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This includes contributions from both the account holder and the employer. Notably, partial withdrawals for individuals already owning a house are restricted under these revised rules.

IMPS Transaction Rules

Expect a notable shift in Immediate Payment Service (IMPS) rules from February 1. Now, you can seamlessly transfer funds up to Rs 5 lakh directly between bank accounts without the need to add the beneficiary’s name.

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This adjustment, implemented by the National Payments Corporation of India (NPCI), aims to enhance the speed and accuracy of bank account transactions.

With just the recipient’s phone number and bank account name, sending money becomes more efficient.

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SBI Home Loan Campaign

The State Bank of India (SBI) is rolling out a special home loan campaign, offering discounted rates of up to 65 BPS.

This promotion encompasses all home loans, including Flexipay, NRI, and Salary Class, providing an opportunity for potential homeowners to benefit from cost-effective financing.


Punjab and Sindh Bank FD Scheme

Customers of Punjab and Sindh Bank have until January 31, 2024, to avail themselves of the ‘Dhan Lakshmi 444 Days’ Fixed Deposit (FD) scheme.

This time-bound offer provides general customers with an interest rate of 7.4 percent, while senior citizens and super senior citizens receive rates of 7.9 percent and 8.05 percent, respectively.


Fastag KYC Requirement

Fastag users must complete their Know Your Customer (KYC) process before January 31, as mandated by the Reserve Bank. Failure to complete the KYC may result in the Fastag being banned or blacklisted.

Gas Cylinder Rates

As is customary on the first of every month, government oil companies will review LPG cylinder prices on February 1.

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Anticipation is building that, preceding the budget, the government might consider providing relief in LPG prices. Stay tuned for potential updates in gas cylinder rates.


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