New Bank Rules 2023: Here’s a list of rules going to change from the new year 2023
New Year 2023 is now around the corner and people are planning their new year resolutions while others may be busy preparing a bucket list of things to do in 2023.
However, there are some other things too that we need to take care of which may impact our finances. The start of the new calendar year also means a lot of changes which we may have to bear directly or indirectly.
These changes include credit cards, bank lockers, CNG-PNG prices, and GST among others. All of these changes will become effective starting New Year 2023 (January 1) and is mandatory for everyone to follow the rules of the government.
HERE’S A LIST OF RULES GOING TO CHANGE FROM NEW YEAR 2023
NPS PARTIAL WITHDRAWAL RULE TO CHANGE FROM JANUARY 1
Pension Fund Regulatory and Development Authority (PFRDA) has issued a new order regarding NPS withdrawals, as per which customers from all government sectors (which include Centre, State, and Central Autonomous Body) can now file their application for partial withdrawal (NPS Partial Withdrawal) which will have to be submitted only to the nodal officer.
These rules will come to effect on January 1, 2023
NEW BANK LOCKER RULES
Banks are sending messages to their customers who have their lockers to renew their contracts by 31st December 2022. If you are an existing customer and managing a locker, you may have also received one such message if not then first things first, it is mandatory to inform the bank that you’re not receiving bank messages in your registered mobile number.
As per the RBI’s revised instructions, the last date for renewing locker agreements is January 1, 2023. “Banks shall renew their locker agreements with existing locker customers by January 1, 2023,” RBI had said.
RENT OF LOCKER
Also, now the banks can demand a term deposit at the time of allocation of a locker that would apply as the rent for 3 years, according to multiple news reports. Banks cannot insist on such Term Deposits or from those who have satisfactory operative accounts for existing locker holders.
NEW LOCKER AGREEMENT KEY POINTS
Before allotting a locker to a customer, banks may enter into an agreement with the customer on a paper duly stamped.
A copy of the locker agreement should be signed by both parties to be furnished to the lock-hirer (customer) to know his/her rights and responsibilities.
The original locker agreement is retained with the bank’s branch where the locker is situated.
RBI has modified the bank locker rules, which include offering customers updated locker agreements. The rules will take effect from January 1, 2023.
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As per the Reserve Bank of India (RBI) revised instructions notification, “Banks shall ensure that any unfair terms or conditions are not incorporated in their locker agreements. Further, the terms of the contract shall not be more onerous than required in the ordinary course of business to safeguard the interests of the bank. Banks shall renew their locker agreements with existing locker customers by January 1, 2023.”
HIGH-SECURITY REGISTRATION PLATES
According to the Central Motor Vehicle Rules, and Motor Vehicles Act, colour-coded stickers and HSRP have been made mandatory for all active vehicles. Any vehicle caught without (HSRP and colour-coded stickers) is liable to a hefty fine, ranging from Rs 5,000 to Rs 10,000, as per the rules. The cost of a high-security number plate for a two-wheeler has been fixed at Rs 365 and for four-wheelers, it ranges from Rs 600 to Rs 1,100.
In several states, the deadline for installing high-security number plates is December 31, 2022.
CHANGES IN CREDIT CARD RULES
Several Indian banks are likely to modify their reward point scheme for credit card payments starting New Year 2023. In this case, you can redeem the credit card reward points by December 31 if it says it will expire after that.
SMS ALERTS
In order to protect customers from several bank scams and fraud schemes that occur, the RBI directed the respective banks to enhance safety measures and should send SMS and e-mails to registered mobile numbers and mail accounts every time a customer accesses their lockers. This alert will protect customers from fraud.
