The new year brings new opportunities to make and follow through on new resolutions. Money matters are important and even more important is to stay updated with any new financial changes. These changes include revised bank locker agreements, credit card reward points, KYC procedures for insurance policies, and mutual fund schemes. All these changes will come into effect from January 1, 2023.
Let’s take a look at these changes:
Changes in NPS Withdrawal Rules 2023
Central government employees have to submit an application to their respective nodal officers for requesting partial withdrawal of NPS funds. Also, applicants will need to submit valid documents to support the reasons for requesting partial withdrawal.
Partial withdrawal is permitted only for specific reasons such as marriage of children, higher education of children, purchase of house construction and treatment of illness.
Passbook copies are no longer a valid proof for investing in mutual funds
With effect from January 1, 2023, copy of bank statement or passbook will not be accepted as proof of address for completing KYC process for individual mutual fund investors. For Hindu-Undivided Family (HUF) entities, bank details may, however, be accepted to complete the KYC process.
Investors can continue to use passport, voter ID, driving license, NREGA job card, National Population Register letter and proof of having Aadhaar along with other permissible documents to complete their KYC.
new bank locker rules from 1 january
Reserve Bank of India Has said that all major banks should issue locker agreements to their holders before January 1, 2023, because from that date the new locker rules will come into force. The central bank said all banks are required to circulate a new locker agreement to their safe deposit locker holders under the new rules. Banks can use the model locker agreement prepared by IBA, which should follow the updated instructions and directions of the Supreme Court. The new rule for new locker facilities was adopted on January 1, 2022. But all existing customers will have to complete the updation process by January 1, 2023.
As per the revised RBI guidelines, “Banks shall ensure that their locker agreements do not contain any unfair terms or conditions. Further, the terms of the agreement shall not be more onerous than necessary in the ordinary course of business to protect the interest of the bank” Banks shall renew their locker agreements with existing locker customers by January 1, 2023.”
credit card rules
State Bank of India Cards and Payment Services has changed two of its rules regarding redemption of vouchers and reward points with effect from January 2023. /SimplyCLICK from 1st January. Users will get 5X reward points instead of 10X reward points on online spends on Amazon.in.
“10X Reward Points on online spends on Amazon.in, SBI Card with SimplyClick/SimplyClick Advantage to be revised to 5X Reward Points w.e.f. 01 Jan 23. But the card will continue to earn 10X reward points on online spends at Apollo 24X7, BookMyShow, Cleartrip, EazyDiner, Lenskart and Netmeds.
Another rule is for Cleartrip vouchers. “With effect from January 6, 2023, Cleartrip vouchers issued to SimplyClick cardholders on reaching online spending milestones are to be redeemed in a single transaction only and cannot be combined with any other offers or vouchers. For more details,” SBI Cards and Payment Services said on its website.
hdfc credit card rules
HDFC Credit Card reward points for flight and hotel bookings made on the HDFC Bank SmartBuy online portal will be capped per calendar month. A cap of 150,000 reward points has been set for Infinia, 75,000 reward points for Diners Black and 50,000 reward points for all other cards, the bank said in a notification.
Similarly, a limit will be fixed on the reward points received on grocery transactions. Like Infinia, Diners Black, Regalia, Regalia Gold, Regalia First there will be 2,000 reward points. occupation Regalia, Business Regalia First, Diners Privilege, Diners Premium, Diners ClubMiles, and Tata New Infinity Card.
For the rest, the cap has been set at 1,000 reward points.
KYC mandatory for insurance policies
The Insurance Regulatory and Development Authority of India (IRDAI) has said that all insurance policyholders must submit KYC (Know Your Customer) details before signing up for new policies. The insurer has said that it will closely monitor the KYC documents of the policyholders before selling policies including life, health, motor, home and travel insurance policies.
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