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Key Changes from 1 January 2023: The new one is going to start in a few hours. Let us tell you that from the new year, there are going to be important changes in some rules related to banking and credit cards. From January 1, 2023, many rules are going to change like NPS deposit, KYC documents mandatory for insurance and Credit Card Reward Points. Their direct impact is going to fall on your pocket. That’s why you must take information about these new rules. Know what will be the changes.
KYC is necessary for taking an insurance policy
If you are going to take a new insurance policy on or after January 1, 2023, then for this it will be necessary to submit KYC i.e. ‘Know Your Customer’ documents. Insurance Regulatory and Development Authority of India (IRDAI) has issued new instructions in this regard. Because of which such a decision has been taken. IRDAI has said that insurance companies will have to take KYC documents from the customer before selling any policy in the new year. These rules will be necessary for taking any policy ranging from Life Insurance, Health Insurance, Motor Vehicle Insurance to Travel Insurance.
Changes in withdrawal rules from NPS
If you are going to withdraw some amount from NPS account, then know that with the start of the new year, there is 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.
what is the reason
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this facility to government employees from January 1, 2012 keeping in mind the Kovid 19 pandemic, which has now been withdrawn. In this regard, PFRDA has made it clear through a circular issued on December 23, 2022, that from January 1, 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.
Changes in SBI Cards reward points
On the other hand, SBI Cards has made some changes in its credit card reward points from January 1, 2023. According to the SBI website, from January 1, 2023, you will get 5 times (5X) reward points instead of 10 for online shopping through SBI card on Amazon. BookMyShow, Cleartrip, EazyDiner, Lenskart and Netmeds will continue to earn 10 times the reward points as before.
Change in HDFC Bank Credit Card Points
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.
Know the limit of Infinia cards
For HDFC’s Infinia cards, this monthly limit will be 1.5 lakh reward points, while on Diners Black card, every month 75 thousand and on all other cards, a maximum of 50 thousand reward points can be redeemed in a month. Similarly, a maximum of 50 thousand reward points can be redeemed for Tanishq vouchers in 1 month on Infinia cards. Monthly limit will also be fixed for the reward points received on the purchase of grocery.
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