pixabay
As we usher in February 2024, several financial rules are poised to undergo significant changes, impacting diverse sectors. The imminent Interim Budget, Sovereign Gold Bond (SGB) latest tranche, National Pension System (NPS) partial withdrawal rules, updates in Immediate Payment Service (IMPS), FASTag eKYC, special fixed deposit schemes, and State Bank of India's (SBI) home loan campaign offer are among the noteworthy alterations set to take effect.
The Interim Budget for 2024, scheduled for unveiling on February 1, is anticipated to be a focal point for fiscal policies, reforms, and potential adjustments in personal taxation. With experts foreseeing an emphasis on increased capital expenditure, the government might introduce measures aimed at fostering growth. While expectations for substantial policy changes are muted, there is speculation about possible incentives for the middle class to bolster spending capacity.
The Reserve Bank of India is set to issue the final tranche of Sovereign Gold Bonds (SGBs) in the 2023-24 series in February 2024. The SGB 2023-24 Series IV subscription window is slated to open on February 12, 2024, and conclude on February 16, 2024. Investors and enthusiasts await this opportunity to participate in the gold bond series.
Effective from February 1, 2024, the Pension Fund Regulatory and Development Authority (PFRDA) has issued updated guidelines for the partial withdrawal of funds from the National Pension System (NPS). Noteworthy is the clarification that partial withdrawals are permissible only for specific purposes, with a focus on enabling subscribers to utilize funds for the purchase or construction of their first house. The master circular from PFRDA will guide these withdrawals.
The National Highway Authority of India (NHAI) has announced changes regarding FASTags with incomplete Know Your Customer (KYC) details. After January 31, all FASTags lacking complete KYC will be deactivated or blacklisted by issuing banks. Users are advised to ensure that their FASTag's KYC is updated by February 1 to avoid disruptions. The 'One Vehicle, One FASTag' campaign aims to streamline FASTag usage and curb malpractices related to multiple tags.
Investors eyeing Punjab and Sind Bank's special fixed deposit scheme, 'DHAN LAKSMI 444 days,' need to take note. The last date for this scheme, initially extended to January 31, 2024, marks the conclusion of its availability. With a tenure of 444 days, the scheme offers varying interest rates for different customer categories, including ordinary citizens, senior citizens, and super senior citizens.
State Bank of India, the country's largest lender, presents a limited-time opportunity for home loan concessions. Until January 31, 2024, customers can benefit from processing fee waivers and lower interest rates, up to 65 basis points below the card rate. This concession applies to various categories of home loan offerings, including flexipay, NRI, non-salaried and privilege. The interest rates are contingent on the applicant's CIBIL score, with associated processing fees specified by the bank.
As February unfolds, individuals and investors should stay attuned to these financial rule changes, aligning their strategies and decisions with the evolving landscape. The alterations not only offer potential opportunities but also necessitate proactive engagement for a seamless transition.
Copyright © 2025 Top Indian News
