From February 1, 2024, onwards, new rules will come into effect, which are initiated by various regulatory bodies that may have an impact on various investors and account holders.
Here’s the lowdown on a few of these changes that would come into immediate effect:
National Pension System (NPS) new partial withdrawal rules: The Pension Fund Regulatory and Development Authority (PFRDA) issued a new circular outlining guidelines for the withdrawal of pensions under the National Pension System (NPS). As per this, subscribers can withdraw an amount not exceeding 25% of their contributions from their pension accounts, excluding the employer’s contribution.
In addition, partial withdrawals are allowed for certain purposes only. The partial withdrawal amount should not be more than one-fourth of the subscriber’s total contributions towards their pension account. The PFRDA has mentioned that subscribers can make partial withdrawals for purchasing or constructing the first house only. These rules will come into effect from February 1, 2024.
Immediate Payment Service (IMPS) new money transfer rule: With effect from February 1, 2024, customers would be able to transfer up to Rs 5 lakh between bank accounts without adding beneficiary details through the Immediate Payment Service (IMPS) facility.
As per the National Payments Corporation of India (NPCI) circular dated October 31, 2023, all members are mandated to comply with the norm for initiating and accepting fund transfers through mobile numbers plus bank names on all IMPS channels by January 31, 2024.
This move highlights a shift, as users will soon be able to transfer up to Rs 5 lakh using IMPS without needing to input recipient details such as mobile numbers, bank account names, account numbers, or Indian Financial System Code (IFSC) codes.
Sovereign Gold Bond (SGB) 2023-24 Series 4 issue in February 2024: The Reserve Bank of India (RBI) will open for subscription to the final tranche of Sovereign Gold Bonds (SGBs) in the 2023-24 series in February 2024. This will open on February 12, 2024, and close on February 16, 2024.
Earlier, the last series opened on December 18, 2023, and closed on December 22, 2023. The apex bank had set the issue price at Rs 6,199 per gram of gold.
Rajiv is an independent editorial consultant for the last decade. Prior to this, he worked as a full-time journalist associated with various prominent print media houses. In his spare time, he loves to paint on canvas.
