The central government‘s interim budget, set to be presented on February 1, marks the last budget of the current Modi-led government, and expectations are high for tax exemptions and fiscal reforms.
One of the key highlights is the National Pension System (NPS) undergoing a crucial alteration. Starting February 1, the Pension Fund Regulatory and Development Authority (PFRDA) has implemented a rule allowing subscribers to make partial withdrawals for the specific purpose of purchasing or constructing their first house. This move aims to support individuals in achieving homeownership goals.
In the realm of investment, the Reserve Bank of India is set to release the final tranche of the Sovereign Gold Bond (SGB) for the financial year 2023-24 series in February. The SGB 2023-24 Series 4 will be open for subscription from February 12 to February 16, providing investors with an opportunity to diversify their portfolios.
Additionally, the National Highway Authority of India has announced that all Fastags without Know Your Customer (KYC) details will be deactivated after January 31. Users are urged to complete the KYC process by February 1 to ensure the continued functionality of their Fastags. With around 7 crore Fastags issued, this move is crucial for streamlining the toll payment process and enhancing digital security.
Meanwhile, the State Bank of India is currently offering attractive concessions on home loans with interest rates as low as 65 basis points. Customers interested in availing of these benefits must act quickly, as the last date for processing fees and concessions on home loans is January 31, 2024. The concession is applicable for various loan categories, including Flexipay, NRI, Non-Salary, Privilege, and Others.
In the banking sector, Punjab and Sindh Bank (PSB) have a special fixed deposit (FD) scheme called ‘Dhan Lakshmi 444 Days.’ The bank has extended the last date for this unique FD scheme to January 31, 2024. Investors looking for a secure avenue can consider this FD with a tenure of 444 days and an attractive interest rate of 7.4%, rising to 8.05% for Super Senior citizens.
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