Key Changes from January 1: Many New Rules Will Be Applicable In The New Year, What Will Change From NPS, Insurance To Credit Cards?

Key Changes from January 1

Key changes from January 1, 2023: With the start of the new year, not only the first page of the calendar will change, many important rules related to your money will also change. These new rules, which will come into effect from January 1, 2023, include many things ranging from NPS, insurance to KYC documents and credit card reward points, which will have a direct impact on your pocket. Is. If you have not noticed them till now, then know now.

KYC Is Necessary To Buy An Insurance Policy

If you buy any new insurance policy on or after 1 January 2023, then it will be necessary to submit KYC i.e. ‘know your customer’ documents. This change is happening due to the new instructions of the Insurance Regulatory and Development Authority of India (IRDAI). IRDAI has made it clear that

Insurance companies will have to obtain KYC documents from the customer before selling any policy in the new year. This rule will apply to the sale of any policy ranging from life insurance, health insurance, motor vehicle insurance to travel insurance.

Rule of Partial Withdrawal From NPS

If you want to withdraw some amount from your NPS account, then this information is very useful for you. In fact, with the beginning of the new year, there is going to be a big change in the rules related to partial withdrawal from NPS accounts. On or after January 1, 2023, employees of Central Government, State Government or Government Institutions will not be able to make online partial withdrawals from their NPS accounts on the basis of self-declaration. In fact, the Pension Fund Regulatory and Development Authority (PFRDA) had given this facility to government employees from January 1, 2012 keeping in mind the Kovid 19 pandemic, which is now being withdrawn. PFRDA has made it clear through a circular issued on 23 December 2022 that from 1 January 2023, employees of all government or government institutions will have to apply to their nodal offices for partial withdrawal from NPS accounts. However, the facility of partial withdrawal through self-declaration will continue to be available for non-Government NPS subscribers, which include common citizens and private corporate sector employees.

Change in Reward Points on SBI Cards

SBI Cards has also made many important changes in its credit card reward points from January 1, 2023. According to the information given on the company’s website, from January 1, 2023, instead of 10 times (10X) for online shopping through SBI card on Amazon, only 5 times (5X) reward points will be available. However, 10 times the reward points will continue to be available on BookMyShow, Cleartrip, EazyDiner, Lenskart and Netmeds as before.

HDFC Bank Credit Card Reward Points Changes

From January 1, 2023, these important changes are also taking place in HDFC Bank credit card reward points program.

The monthly limit for redemption of reward points on flights and hotel bookings will be fixed from January 1 on the HDFC Bank SmartBuy online portal.

For Infinia cards, this monthly limit will be 1.5 lakh reward points, while on Diners Black card, 75 thousand and maximum 50 thousand reward points can be redeemed every month on all other cards.

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Similarly, a maximum of 50,000 reward points can be redeemed for Tanishq vouchers in a month on Infinia cards.

Monthly limit will also be fixed for the reward points received on the purchase of grocery. The following cards will earn a maximum of 2000 reward points per month: Infinia, Diners Black, Regalia, Regalia Gold, Regalia First, Business Regalia, Business Regalia First, Diners Privilege, Diners Premium, Diners Clubmiles and Tata Neu Infinity.

For all other cards, this monthly limit will be 1000 reward points.

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