The budget for the nation will be unveiled tomorrow, February 1. Since it’s a new month, there have been a lot of adjustments nationwide. From January 1st, many laws in the nation will change. These regulations will directly impact your pocketbook. Several regulations, such as those about gas cylinder costs, IMPS, and NPS withdrawal, will change as of the first of February.
Beginning on February 1,
there will be modifications to the PFRDA National Pension System. There have been modifications to the National Pension System’s withdrawal policies. PFRDA’s circular states that NPS account holders cannot withdraw more than 25 percent of their deposited amount under the new guidelines. This will include the total amount that each contributed to the account holder and the employer. According to this, if you already have a house in your name then partial withdrawal from the NPS account will not be allowed for it.
The IMPS rules will
undergo a significant modification as of February 1st. Starting on the first, you can transfer money directly between bank accounts up to Rs 5 lakh without adding the beneficiary’s name. The NPCI released the circular on October 31, 2023. To improve the accuracy and speed of bank account transfers, the NPCI modified the IMPS rules. The beneficiary or recipient’s phone number and bank account name are all that are needed to send money, according to NPCI.
SBI is currently
offering discounted home loan rates as part of a special campaign. The SBI website states that the bank will benefit from a discount of up to 65 BPS. This discount is valid for all home loans, including Flexipay, NRI, and Salary Class.
The ‘Dhan Lakshmi 444 Days’ FD facility
is available to customers of Punjab and Sindh Bank through January 31, 2024. You will not be able to benefit from this scheme after February 1. This FD will last for 444 days. Customers in general are benefiting from interest at a rate of 7.4 percent. Senior citizens receive interest at a rate of 7.9 percent, while super senior citizens receive interest at a rate of 8.05 percent concurrently.
You must finish the Fastag KYC
before January 31st if you use the service as well. The Reserve Bank has issued instructions in this respect. Should your FASTag’s KYC be incomplete, it will be banned or blacklisted.
The cost of LPG cylinders
is reviewed by government oil corporations at the beginning of each month. On the first, there is a change in the petrol cylinder rates. It is anticipated that the government will be able to lower LPG costs this time before the budget.
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