NPS Insurance Rules: If you are planning to buy something or make any investment in the new year, then know very well about the changes that will happen in the new year.
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Big Changes in New Year 2023: Only 2 days are left for the new year to begin. The new year is going to bring some important changes for you. And this change is linked to your pocket. With the beginning of the new year, not only will the first page of the calendar change, but many important rules related to money will also change. These new rules, which will come into effect from January 1, 2023, range from NPS, insurance to KYC documents and credit card rewards points.Credit Card Reward Points) up to many many such things are included. Which can have a direct impact on your pocket.
If you are planning to take any new insurance policy on or after January 1, 2023. So for this it will be mandatory for you to submit KYC i.e. Know Your Customer documents. Please tell that this change is happening due to the new instructions of the Insurance Regulatory and Development Authority of India (IRDAI).
IRDAI clarified that insurance companies will have to obtain KYC documents from the customer before selling any policy in the new year. These rules will apply to the sale of any policy ranging from Life Insurance, Health Insurance, Motor Vehicle Insurance to Travel Insurance.
There will be no partial withdrawal from NPS
If you want to withdraw some amount from your NPS account, you will not be able to make partial withdrawals from NPS accounts online. Because 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(PFRDA) had given this facility to government employees keeping in mind the COVID 19 epidemic, which is now being withdrawn.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 will include common citizens and private corporate sector employees.
There will be a change in reward points
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.
Change in Reward Points on HDFC Credit Card
- From January 1, 2023, these important changes are also taking place in the HDFC Bank Credit Card Reward Points program of HDFC Bank.
- 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.
- 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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