Seven Money Changes Coming in April 2023

As the new financial year begins, there are several financial rule changes that may affect your personal finances and investments. Here are seven changes that will come into effect in April 2023:

Gold to be Sold with 6 Digit HUID Number
The Bureau of Indian Standards (BIS) has made it mandatory to sell hallmarked gold jewellery or gold antiquities with a 6-digit alphanumeric Hallmark Unique Identification Number (HUID) from April 1, 2023. This move aims to protect consumers and increase their trust in purchasing hallmarked gold jewellery with traceability and quality certification.

NPS KYC Documents
The Pension Fund Regulatory and Development Authority (PFRDA) has directed National Pension System (NPS) subscribers to upload certain documents from April 1, 2023, to simplify annuity payments after exiting the system.

HDFC Bank Service Charges on Personal Loan
HDFC Bank has revised its charges and fees structure for unsecured loans, such as personal loans, effective from April 24, 2023.

Changes in Axis Bank Savings Accounts Service Charges
The tariff structure for savings/salary/trust accounts will be revised from April 1, 2023, with changes in average balance requirement criteria for Prestige savings accounts and rationalized free cash transaction limits.

Mahila Samman Savings Scheme
The government has unveiled a new set of small savings programs, the Mahila Samman Savings Scheme, for women with a maximum investment limit of Rs 2 lakh and an interest rate of 7.5% until March 2025.

Investment Limit Hiked in Senior Citizen Savings Scheme
The investment cap for the Senior Citizens Savings Scheme has been increased to Rs 30 lakh, giving senior citizens the option to deposit up to Rs 30 lakh in the scheme starting from April 1, 2023.

Investment Limit Hiked in PO MIS
The investment limit for Post Office Monthly Income Scheme (PO MIS) has been hiked to Rs 9 lakh for single holding accounts and Rs 15 lakh for joint holding accounts from April 1, 2023.