Personal Finance Changes You Should Know This New Year

From credit cards to mutual funds, here are the personal finance changes you should know in 2023.

National Pension Scheme

All central government employees will now have to submit their requests for partial withdrawal through their associated nodal offices.

Bank Lockers

Banks are issuing new locker agreements to holders. As mandated by the RBI, a bank is not liable to compensate a locker holder for loss on account of natural calamities or an act of God. However, it is liable if a loss occurs due to incidents like fire, theft, dacoity, building collapse, or employee fraud.

Credit Cards

SBI cards and HDFC Bank credit cards have revised their reward point systems. The former has slashed the accrual of reward points on online spending on Amazon, while the latter has said that rent payments will not earn reward points anymore.

Know Your Customer For Insurance Policies

IRDAI has said that all insurance policyholders will have to submit KYC details before signing up for new policies. Earlier, sharing KYC details was voluntary.

Mutual Funds

It is mandatory for mutual fund investors to provide their bank account details in the application they submit before purchasing mutual fund limits. Passbook copies are no longer accepted.

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