The Buyt Desk
With the beginning of the year 2023, there come several changes in rules that create an influence on your personal finances. Some of these changes are operational while others are routine. Let’s discover each of them in this post.
Bank Lockers
At the start of this New Year 2023, banks are charting out new agreements for bank locker holders. This agreement considers a change in the guidelines instructed by the central bank in August 2021. The rule states that a bank is not accountable to compensate a locker holder for any loss or damage to the locker’s content in an act of God or an outcome of natural calamities. However, a bank is accountable to pay the holder 100x of the main annual locker rent when any loss is an outcome of incidents including building collapse, theft, employee fraud, fire, or dacoity.
NPS (National Pension Scheme)
According to new changes in National Pension Scheme, all central government employees will now need to provide their requests for partial withdrawal via their related nodal offices. PFRDA (Pension Fund Regulatory and Development Authority) will need to provide supporting and validated documents to nodal officers to verify partial withdrawal reasons.
Mandatory KYC for Insurance Policies
IRDAI (Insurance Regulatory and Development Authority) has reported that all people purchasing insurance policies or policyholders will have to provide their KYC (Know Your Customer) information before signing up for the new policies. From 1 January 2023, this new rule has come into force. Before that, submitting KYC information was voluntary when buying an insurance plan.
Credit Cards
HDFC Bank and SBI credit cards have brought a new change in their reward point systems. SBI cards have dropped accrual reward points on online investments from 10 to 5 times on Amazon. In the meantime, SBI Cards has enabled Cleartrip vouchers to be used just in one transaction. SBI Cards will constantly accrue 10 times reward points on online expenses at BookMyShow, EazyDiner, Netmeds, Apollo 24X7, Lenskart, and Cleartrip.
Passbook Copies Are Not Accepted Anymore for Mutual Funds
According to India’s Securities and Exchange Board, Mutual fund investors would have to necessarily submit their bank account details in the app they share prior to buying mutual funds limits. All the applications will be rejected when a passbook copy or a bank statement is provided as address proof.
