The interim budget of the central government is going to be presented on 1 February 2024. Apart from this, many changes are going to happen like NPS partial withdrawal and SBI home loan relaxation.
The interim budget of the central government is going to be presented on 1 February. This will be the interim budget for the second term of the Modi government. It is expected that there will be tax exemption and fiscal reforms. Apart from the budget, there are going to be changes in some other rules in February, in which NPA partial withdrawal and new installment of Sovereign Gold Bond Scheme, changes in SBI home loan campaign and other rules will be implemented.
Interim budget on 1st February
This will be the last budget of this tenure of the Narendra Modi-led government. Keeping in mind the development of the country, big announcements can be made for many sectors. Many experts said that they are hopeful that the government will increase capital expenditure. Although there is not going to be any special announcement in this budget, it is expected that the central government may announce some concessions for the middle class to manage their expenses.
Sovereign Gold Bond (SGB)
The Reserve Bank of India will release the last tranche of Sovereign Gold Bond in the financial year 2023-24 series in February. SGB 2023-24 Series 4 will open on 12 February and close on 16 February 2024. Whereas the previous installment opened on 18th December and closed on 22nd December. For this installment, the Central Bank had fixed the issue price of gold at Rs 6,199 per gram.
NPS withdrawal rules
The Pension Fund Regulatory and Development Authority (PFRDA) in January issued a master circular laying down guidelines for partial withdrawal of funds invested under the National Pension System (NPS). The pension body has clarified that subscribers can make partial withdrawals only for the purchase or construction of the first house. This rule will be implemented from February 1.
Fastag eKYC
The National Highway Authority of India has said that all Fastags without KYC will be deactivated after January 31. On February 1, users will have to ensure that KYC for their Fastag has been completed. About 7 crore FASTags have been issued, but only 4 crore are active. Apart from this, there are 1.2 crore duplicate Fastags.
Concession on SBI home loan
State Bank of India is currently offering concessions on home loans to its customers. It is offering home loans at interest rates as low as 65 bps. The last date for processing fees and concessions on home loan is 31 January 2024. This concession is available for Flexipay, NRI, Non-Salary, Privilege and Others.
Dhan Lakshmi FD Scheme
The last date of the special FD of Punjab and Sindh Bank (PSB) called ‘Dhan Lakshmi 444 Days’ is January 31, 2024. The bank had extended the last date from November 30, 2023 to January 31, 2024. In such a situation, those who invest money in FD can invest in it. The tenure of this FD is 444 days and the interest rate is 7.4% and for Super Senior it is 8.05%.
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