From new NPS rules to final tranche of Sovereign Gold Bonds 2023-24 — here are key changes slated for February

February 2024 is poised to usher in changes in the personal finance landscape. Several regulatory authorities have unveiled key updates and amendments, each carrying implications for investors, account holders, and individuals engaging in financial transactions.

The Pension Fund Regulatory and Development Authority (PFRDA) has rolled out a new circular outlining provisions for the withdrawal of pensions under the National Pension System (NPS). According to this, subscribers can withdraw no more than 25% of their contributions from their pension accounts, excluding the employer's contribution.

Additionally, partial withdrawals are permitted for certain purposes only.

The partial withdrawal amount should not exceed one-fourth of the subscriber's total contributions in their pension account.

These rules will be effective from February 1, 2024.

Effective February 1, 2024, customers will likely be able to transfer up to ₹5 lakh between bank accounts without adding beneficiary details using the Immediate Payment Service (IMPS).

According to the National Payments Corporation of India (NPCI) circular, dated October 31, 2023, all members are required to comply with the directive for initiating and accepting fund transfers via mobile number + bank name on all IMPS channels by January 31, 2024.

This indicates a shift, as users will soon be able to transfer up to ₹5 lakh using IMPS without inputting recipient details such as mobile numbers, bank account names, account numbers, or IFSC codes.

The Reserve Bank of India (RBI) will issue the final tranche of Sovereign Gold Bonds (SGBs) in the 2023-24 series in February 2024.

The same will open on February 12, 2024, and close on February 16, 2024.

The National Highway Authority of India (NHAI) has declared that after January 31, all FASTags lacking complete Know Your Customer (KYC) information will face deactivation or blacklisting by the issuing banks.

Consequently, users are urged to ensure the completion of KYC for their most recent FASTag by February 1.

The 'One Vehicle, One FASTag' initiative was launched to discourage the use of a single FASTag for multiple vehicles or multiple FASTags for a single vehicle.

ICICI Bank will introduce significant changes to the features and charges associated with its credit cards starting February 1, 2024. This includes the implementation of a Dynamic Currency Conversion (DCC) fee, changes in reward points on rent payments and e-wallet loading and expansion of utility payments for reward points.