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Kotak e-Term

Features

  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**
Want to Know More?
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Ref. No. KLI/22-23/E-BB/492

T&C

New Rules Alert: IMPS, NPS, FasTag Rules to Change from February 1 - All You Need to Know

Effective February 1, IMPS, NPS, and FASTag changes will impact financial transactions and vehicle toll payments, necessitating user awareness and adaptation.

  • 8,251 Views | Updated on: Mar 06, 2024
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As of February 1, significant changes are in store for users of Immediate Payment Service (IMPS), National Pension System (NPS), and FASTag, shifting the rules governing these financial and vehicle-related services. Understanding the implications of these updates is crucial for users to adapt seamlessly to the evolving landscape.

Key Takeaways

  • IMPS transactions now allow instant transfers of up to ₹5 lakh, facilitating quicker and more convenient fund transfers between bank accounts.
  • Users of FASTag must be informed about the updated toll payment procedures to ensure seamless transactions at toll booths.
  • NPS subscribers can now make partial withdrawals for specific purposes, such as higher education or medical emergencies, providing more financial flexibility during critical life events.
  • Stay informed about revised penalties and charges related to IMPS, NPS, and FASTag to avoid financial implications due to non-compliance.

These changes adjust procedures and regulations to enhance user experience, streamline processes, align with evolving economic dynamics, and enhance efficiency, security, and overall user experience.

New Changes in Immediate Payment Service (IMPS)

Starting February 1, transferring up to ₹5 lakh between bank accounts will be permissible without the necessity of adding a beneficiary. The National Payments Corporation of India (NPCI) has streamlined the Immediate Payment Service (IMPS) to expedite and enhance the precision of bank account transactions. Per the NPCI, you can effortlessly send money by inputting the recipient’s cellphone number and bank account name without needing to add them as a beneficiary.

In accordance with the NPCI circular dated October 31, 2023, “All members are hereby urged to take note of this and ensure compliance for initiating and accepting fund transfers through the Mobile number + Bank name on all IMPS channels by January 31, 2024.”

Partial Withdrawal Rule within the National Pension System

The regulations governing exits and withdrawals under the National Pension System, established by the Pension Fund Regulatory and Development Authority in 2015, have been amended. These changes now allow subscribers to withdraw their pension wealth partially within the National Pension System.

Upon submission of the withdrawal form, subscribers can withdraw a maximum of 25% from their individual pension account contributions, excluding contributions made by the employer.

Partial withdrawals are permissible solely for the following specified purposes:

  • Funding the higher education of the subscriber’s children, which includes a legally adopted child.
  • Financing the marriage of the subscriber’s children, including a legally adopted child.
  • Acquiring or constructing a residential house or flat in the subscriber’s name or jointly with their legally wedded spouse. However, no withdrawal shall be permitted if the subscriber owns a residential house or flat (excluding ancestral property).
  • Covering specified medical conditions, including hospitalization and expenses related to the treatment of illnesses such as cancer, kidney failure (end-stage renal failure), primary pulmonary arterial hypertension, multiple sclerosis, major organ transplant, coronary artery bypass graft, aorta graft surgery, heart valve surgery, stroke, myocardial infarction, coma, total blindness, paralysis, serious/life-threatening accidents, and Covid-19.
  • Covering all the costs related to medical treatment and other unforeseen expenses resulting from the subscriber’s disability or incapacitation.
  • Undertaking the expenditures by the subscriber for initiating their own venture or any startup.

FASTag eKYC

The National Highway Authority of India (NHAI) has announced the deactivation of FASTags for individuals who have not completed the Know Your Customer (KYC) process. The deadline for updating FASTag KYC is January 31.

The NHAI has initiated the “One Vehicle, One FASTag” campaign to discourage practices where multiple FASTags are associated with a single vehicle or a single FASTag is used for multiple vehicles. As per a Press Information Bureau (PIB) release on January 15, 2024, this initiative is designed to enhance the efficiency of the Electronic Toll Collection system, ensuring a seamless flow at Toll Plazas.

How to do KYC for FASTag?

If you intend to update your KYC details to transition from a Non-KYC customer to a Full-KYC customer, please adhere to the following steps:

Step 1: Access the IHMCL (Indian Highway Management Company Limited) customer portal using the link https://fastag.ihmcl.com. Log in using your registered mobile number and password, or opt for OTP-based validation.

Step 2: Navigate to the dashboard menu and select the “My Profile” feature. On the “My Profile” page, you can check the status of your KYC and review all the profile details submitted during the registration process.

Step 3: Within the same page, click on the ‘KYC’ sub-section beside the ‘Profile’ sub-section. In the ‘KYC’ sub-section, choose “Customer Type” and complete the mandatory fields by providing the required ID and address proof documents, accompanied by your passport-sized photo and address (matching the Address Proof).

Upon submitting your request for a KYC upgrade, your KYC process will be completed within 7 working days. Following the submission of your KYC request, you can track its status on the “My Profile” page of the Customer portal. It is important to note that if there are any discrepancies in the information provided or the submitted documents are not valid or proper, your KYC request can be rejected. In such cases, you will be notified to update the information accordingly through the same process.

Way Forward

It is imperative for users of IMPS, NPS, and FASTag to be aware of the rule changes that come into effect. Whether it is the round-the-clock operation of IMPS, increased withdrawal limits in NPS, or the streamlined toll payment process with FASTag, these adjustments aim to align these financial services with the dynamic needs of users. Staying informed about these changes empowers individuals and businesses to make the most of these essential financial services’ enhanced features and options. As we navigate these rule changes, it is an opportune time to reassess our financial strategies and ensure we leverage these services to their fullest potential.

Suggested Readings

1. What Happens to Term Insurance Plan With No Beneficiary

2.Term Insurance Trends You Must Know
Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

Kotak e-Term

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Features

  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**
Want to Know More?
Invest NOW

Ref. No. KLI/22-23/E-BB/2435

T&C

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The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.

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