02 Jan, 2023 8:08p.m.

NPS, lockers, credit card rewards, insurance, mutual funds: 5 key changes from Jan

  1. National Retirement System
    Beginning on January 1, Central government employees must submit withdrawal requests as applications for partial withdrawal through their respective nodal offices. The nodal body for pensions, Pension Fund Regulatory and Development Authority (PFRDA), has announced that subscribers will henceforth be required to provide supporting documentation to nodal officers in order to justify a partial withdrawal. The PFRDA stated: "With the easing of pandemic-related difficulties and the loosening of lockdown restrictions, it has been determined that all Government sector subscribers (Central/State Governments and Central/State Autonomous Bodies) must submit their requests through their respective nodal offices."
  2. New bank locker rules from January 1
    The Reserve Bank of India has mandated that all major banks offer locker agreements to its customers prior to January 1, 2023, as the new locker regulations would be enforced on that day. Under the new regulations, the central bank stated that all banks must distribute a revised locker agreement to their safe deposit locker holders. The sample locker agreement established by the IBA should comply with the Supreme Court's guidelines and the amended instructions. The revised regulation for new locker facilities took effect on January 1, 2022. However, all existing clients must finish the update by January 1, 2023.
    According to the amended RBI recommendations, "banks shall ensure that their locker agreements do not contain any unfair terms or conditions. In addition, the terms of the contract shall not be more stringent than is necessary in the usual course of business to protect the bank's interests. By January 1, 2023, banks must renew their locker agreements with existing customers.
  3. Credit card rules
    Beginning in January 2023, State Bank of India Cards & Payment Services has modified two of its regulations regarding the redemption of vouchers and Reward Points. The SBI-backed card will have new Reward Points restrictions for online purchases made using SimplyCLICK/SimplyCLICK as of January 1. On, users will receive 5X Reward Points instead of 10X Reward Points for online spending. 
    "Accrual of 10X Reward Points on online spending at using SimplyCLICK/SimplyCLICK Advantage SBI Card will be reduced to 5X Reward Points beginning January 1, 2023. However, the card will continue to earn 10X Reward Points on purchases made online at Apollo 24X7, BookMyShow, Cleartrip, EazyDiner, Lenskart, and Netmeds."
    A separate rule applies to Cleartrip vouchers. "Beginning on January 6, 2023, the Cleartrip voucher granted to SimplyCLICK Cardholders upon hitting the online spend milestone must be spent in a single transaction and cannot be coupled with any other offer or voucher. For further information," SBI Cards & Payment Services's website states.

    HDFC credit card reward points for flights and hotel bookings on the HDFC Bank SmartBuy online portal will be capped each calendar month. The bank announced that the ceiling has been set at 150,000 reward points for Infinia, 75,000 reward points for Diners Black, and 50,000 reward points for all other cards.

    Similarly, the number of reward points received on grocery purchases would be limited. Infinia, Diners Black, Regalia, Regalia Gold, Regalia First, Business Regalia, Business Regalia First, Diners Privilege, Diners Premium, Diners Clubmiles, and Tata Neu Infinity cards will receive 2,000 reward points. For everything else, you can earn a maximum of 1,000 reward points.
  4. KYC is required for insurance policies
    Before signing up for new insurance policies, the Insurance Regulatory and Development Authority of India (IRDAI) requires all policyholders to submit KYC (know your customer) information. Before providing products, including life, health, auto, house, and travel insurance, the insurer has stated that it will thoroughly examine KYC documents provided by policyholders.
  5. Passbook copies are not accepted for mutual fund plans
    According to the SEBI Mutual Fund Regulations, before purchasing mutual fund units, investors are required to disclose their bank account information on the application they submit. If a bank statement or passbook copy is given as evidence of address for the KYC process, the application will be denied. For Hindu-undivided family (HUF) entities, however, bank statements can be accepted for the KYC process.

    In addition to other acceptable documents, investors may offer a passport, voter ID, driver's licence, NREGA work card, National Population Register letter, and Aadhaar card as proof of KYC details.

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