With only eight days left in September, the dawn of October 1, 2023, brings a host of new financial rules that will affect common citizens.
To avoid complications later, individuals are urged to complete essential tasks related to their money, investments, and financial savings by September 30.
Exchange Your Rs 2,000 Notes Before September 30
One crucial change involves the withdrawal of Rs 2,000 notes, announced by the RBI on May 19.
Individuals are reminded to exchange or deposit any Rs 2,000 notes they possess in banks before the September 30 deadline.
Update Aadhaar for Small Savings Schemes
Investors in schemes such as the Senior Citizen Savings Scheme (SCSS), Public Provident Fund (PPF), National Savings Certificate (NSC), and other small savings schemes must visit their post office or bank branch to update their Aadhaar information by September 30, 2023.
Failure to do so may result in the freezing of savings scheme accounts, though the government has not yet announced an extension of the deadline.
SBI WeCare Scheme Deadline
Senior citizens interested in the WeCare Special Fixed Deposit Scheme, offered by SBI, have until September 30 to invest.
This scheme offers senior citizens a 7.5 percent interest rate on fixed deposits, which is 100 basis points higher than the rate offered to the general public.
IDBI Amrit Mahotsav FD Scheme Closing Soon
IDBI Bank’s Amrit Mahotsav FD Scheme, which provides an interest rate of 7.10 percent for a 375-day FD, is set to close on September 30.
Senior citizens can enjoy a higher interest rate of 7.60 percent under this scheme.
Additionally, the bank offers 7.15 percent interest for common citizens and 7.65 percent interest for senior citizens on a 444-day FD.
Nomination Mandatory for Demat and Trading Accounts
SEBI has mandated nomination for demat and trading accounts, with the deadline set for September 30.
To ensure the continuity of your demat account, it is imperative to finalize the nomination process promptly.
Nomination Required for Mutual Fund Investors
Mutual fund investors are also required to nominate their accounts, with SEBI stipulating a deadline of September 30.
Completing the nomination process on time is essential to prevent account freezing.
As the clock ticks down to October 1, these financial rule changes demand immediate attention to ensure a smooth financial transition into the new month.
Take action now to avoid potential hassles in the days ahead.