January 2023 will bring in new bank rules and expenses; know about these now
Your personal finances are set for quite a few changes from next year, starting right from January 1, 2023. Some of it is good for your pocket, some not so good. So, do not get caught unawares. Here are the major changes your finances are likely to go through in 2023.
1. New bank locker rules
The Reserve Bank of India (RBI) has asked all banks to renew their agreements with locker customers before January 1, 2023. If you are an existing locker customer, you must furnish fresh proof of eligibility for a locker agreement with the bank and sign the agreement paper again. The RBI has told the banks to ensure that no “unfair terms or conditions” are covered in their locker agreements. The RBI has also made it mandatory for banks to install CCTV cameras to monitor their locker rooms and directed all banks to send SMSs and emails to the customer every time s/he accesses the locker. If any loss of locker content results from the bank’s negligence, customers can get up to 100 times the bank charges. However, banks can now ask you to pay a term deposit when it allocates a locker to you. That deposit will be taken as three years’ rent. However, that is only for new customers.
2. Change in credit card rules
If you use credit cards, find out from your bank if any rule changes are in the offing. HDFC Bank, for instance, will change some rules related to reward points for its customers from January 1, 2023. The redemption of reward points for several cards will be capped at a certain amount. For rent payment made through third-party merchants, you will have to cough up a fee of 1% of the total transaction amount. You may also have to pay a charge for international transactions. SBI has also changed a few rules for its SimplyCLICK cardholders. If you own credit cards of these banks, find out if these rules apply to you and redeem the rewards points by December 31 if you will.
3. Cars to get costlier
If you are planning to buy a new car next year, here is some bad news. Most major vehicle companies have declared a hike in car prices in 2023. Honda, Hyundai, Jeep, Maruti Suzuki, Tata Motors, Kia, Mercedes-Benz, MG Motor, Renault, and Audi are all on the list. While Honda cars may get costlier by Rs 30,000, Kia vehicles may send you poorer by up to Rs 50,000. MG Motor’s SUVs can get more expensive by up to Rs 90,000. Tata Motors will raise the prices for both its ICE and EVs models. So, if your pocket allows it, buy a car right now to avoid paying extra.
Also read: Tata Motors likely to hike Tiago EV price by ₹30-35K in 2023
4. Get a high-security registration plate now
Not only will buying a new car be costlier, all vehicle will mandatorily need a high-security registration plate (HSRP) and colour-coded stickers. A HSRP for a two-wheeler is priced at Rs 365 and that for four-wheelers ranges from Rs 600 to Rs 1,100. According to the new Motor Vehicles Act and the Central Motor Vehicle Rules, any vehicle caught without HSRP and colour-coded stickers will have to pay a hefty fine, ranging from Rs 5,000 to Rs 10,000. The deadline for installing HSRPs in several states has already been pushed back and will likely not be delayed any further.
5. Rule change for partial withdrawal from NPS
Because of the COVID-19 pandemic, the Pension Fund Regulatory and Development Authority (PFRDA) had in January 2021 allowed National Pension System (NPS) subscribers to request partial withdrawal online through self-declaration. However, it has now decided to return to its old ways. The regulatory authority has said the online partial withdrawal facility from NPS through self-declaration will no longer be available for government-sector subscribers from January 1, 2023, onwards. These will include employees of the central and state governments and central autonomous bodies.
(With agency inputs)
