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New Rules Outbreak: IMPS, NPS, and FasTag Rules Changed Effective From February 1

IMPS New Rules: The National Payments Corporation of India (NPCI) is making money transfers easier. Starting February 1, 2024, they’re changing how Immediate Payment Service (IMPS) works. With the new IMPS rules, you can now send up to Rs 5 lakh smoothly using the recipient’s registered mobile number and name in their bank account. You won’t need to deal with the hassle of entering details like the IFSC code and bank account number anymore. This makes the transfer process much simpler.

The old way required entering the beneficiary’s name, bank account number, and IFSC code for big transactions. But with the new rules, this complicated process is a thing of the past. These changes are a step towards a more straightforward and efficient way of handling your finances. Starting February 1, embrace the simplicity of the IMPS New Rules for hassle-free money transfers.

NPS New Rules

The National Payment Systems (NPS) has also changed its rules. These rules now limit the amount you can withdraw from your account to a maximum of 25% of the total money you’ve deposited. This change is meant to control withdrawals, allowing them only for specific situations like education, weddings, buying a home, starting a business, and similar circumstances.

Note: The PFRDA announced this rule on January 12, and it becomes effective on February 1, 2024.

Fastag New Rules

The rules for Fastag are evolving, and now, the focus is on the importance of complying with Know Your Customer (KYC) requirements. If you don’t complete your KYC by January 31, 2024, your Fastag will be deactivated from March 01, 2024, regardless of the remaining balance. The NHAI emphasizes that deactivated or blacklisted Fastags won’t work at toll plazas after February 29.

These rule changes are designed to make financial things simpler and more secure, improving the user experience and strengthening the reliability of digital transactions.

Read More: UPI Transaction Rules 2024: How the New UPI Payment Rules Will Impact Your Wallet?

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