NPS withdrawal, post office schemes’ investment limits, hallmarking of gold: Seven money changes that will come into effect in April 2023 Here are seven changes that will go into effect in April 2023
The new financial year will bring with it a few money related rule changes that can have an impact in your personal finances and investments. Here is a look at seven changes that will come into effect in April 2023.1. Gold to be sold with 6 digit HUID number
The selling of hallmarked gold jewellery or gold antiquities without a 6-digit alphanumeric Hallmark Unique Identification Number (HUID) is prohibited by the Bureau of India Standards (BIS) after March 31, 2023. This move will protect consumers and strengthen their trust in purchasing hallmarked gold jewellery with traceability and quality certification.
Also read: You will not be able to buy this type of gold jewellery from April 1, 2023
2. NPS KYC documents
The Pension Fund Regulatory and Development Authority (PFRDA) has directed that subscribers upload certain documents by April 1, 2023 in an attempt to speed up and simplify annuity payments after exiting the National Pension System (NPS).
"In the interest of Subscribers and to benefit them with the timely payment of annuity income, the upload of the documents shall be mandatory with effect from 1st April 2023," the pension body said in a circular dated February 22, 2023.
Also read: NPS rule change from April 1, 2023: You will have to mandatorily upload these documents for withdrawal from NPS
3. HDFC Bank service charges on personal loan
HDFC Bank has revised the charges and fees structure for unsecured loans such as personal loans with effect from April 24, 2023.
According to the HDFC Bank website, “Partial Premature closure charges applicable on part payment amount. Partial premature payment is allowed up to 25% of Principal Outstanding, only once in the financial year and twice during the loan tenure.”
Read more: HDFC Bank revises charges, fees structure on personal loans with effect from this date
4. Changes in Axis Bank savings accounts service charges
The tariff structure for savings/salary/trust Accounts is being revised effective April 1, 2023, stated the Axis Bank website. Revision in average balance requirement criteria for Prestige savings accounts The average balance requirement criteria for Prestige savings accounts is revised from Average Quarterly Balance (AQB) of Rs 75,000 to Average Monthly Balance (AMB) of Rs. 75,000. Further, charges on non-maintenance of average balance have been revised and free cash transaction limits have been rationalised.
5. Mahila Samman Savings scheme
Mahila Samman Savings scheme, a new set of small savings programs for women, was unveiled in the Budget 2023. The government has not yet released all the information, but according to the declaration made in the Budget for 2023, the program would be open for investments until March 2025.
Women investors would be able to deposit a maximum of Rs 2 lakh under the new scheme. 7.5% interest will be offered under the scheme. The program has a two-year term.
6. Investment limit hiked in Senior Citizen Savings Scheme
The government increased the investment cap for the Senior Citizens Savings Scheme in addition to establishing a new small savings program. The investment cap was previously increased from Rs. 15 lakh to Rs. 30 lakh. Senior persons would thus have the option to deposit Rs 30 lakh in the scheme starting on April 1. The five-year program has a quarterly interest rate assessment and revision.
Also read: Invest up to Rs 30 lakh in Senior Citizen Savings Scheme from Apr 1, 2023: What is SCSS, tax benefits, withdrawals, interest rate
7. Investment limit hiked in PO MIS
The government has also hiked the investment limit for Post Office Monthly Income Scheme (PO MIS). For single holding account, investment limit has been hiked to Rs 9 lakh from Rs 4.5 lakh. In case joint holding account, investment limit has been hiked to Rs 15 lakh from Rs 9 lakh earlier.
Also Read: Post Office Monthly Income Scheme higher investment limit from April 1, 2023: How to open POMIS account, interest rate
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This story originally appeared on: India Times - Author:Faqs of Insurances
