Don't Get Left Behind: 7 Year-End Financial Deadlines to Meet
The year is winding down, but that doesn't mean you can afford to relax just yet. Several crucial financial deadlines are looming just around the corner, and missing them could have serious consequences. From frozen investments to hefty penalties, ignoring these deadlines can put a damper on your financial well-being. Complete these 7 tasks by their respective deadlines.
1. Mutual Fund & Demat Nominations:
Ensure you choose or opt out of nominations for your mutual funds and demat accounts by December 31st, 2023. Failure to do so could freeze your folios, preventing you from accessing your investments or making transactions like redemptions or systematic investment plans (SIPs).
2. Belated Income Tax Returns:
If you missed the July 31st deadline to file your income tax returns (ITR), you still have a chance to avoid penalties. File your ITR by December 31st, 2023, but be prepared to face late filing fees and interest charges on unpaid taxes.
3. Revised Timeline for IPOs:
Stay vigilant throughout December as timelines for upcoming Initial Public Offerings (IPOs) might be revised. This early awareness can help you make informed decisions about potential investment opportunities.
4. Bank Locker Agreement Deadline:
Don't forget to sign and submit your updated bank locker agreement as mandated by the Reserve Bank of India (RBI) before December 31st, 2023. Neglecting this requirement could lead to restricted access to your locker, causing inconvenience and delays.
5. Closing Inactive UPI IDs:
Regularly use your Unified Payments Interface (UPI) ID throughout December to avoid deactivation. If your UPI ID remains inactive until December 31st, 2023, it will be blocked, necessitating re-registration and potentially delaying your online transactions.
6. Update Aadhar Card:
By 14 December,you can still enjoy a free aadhar update. Ensure your Aadhar card details are linked to your bank accounts and other important documents. An unlinked Aadhar card could lead to service disruptions and delays in financial transactions, causing unwanted headaches. Update your Aadhaar details for free on the myAadhaar portal, or pay Rs. 50 at an Aadhaar center.
7. Special FDs Maturing in December:
Several special fixed deposit (FD) schemes are maturing on 31st December, 2023, offering attractive interest rates. Check the bank FDs named below and make an informed decision of withdrawal or renewal.
- IDBI Bank Utsav FD
- State Bank of India (SBI) Amrit Kalash
- Indian Bank Ind Super 400
Don't Procrastinate!
These deadlines might seem distant, but time has a way of slipping by quickly. Taking action now can save you from unnecessary stress and ensure a smooth financial transition into the new year.
By taking control of your finances now, you can navigate the year-end financial landscape with ease and ensure a stress-free start to the new year.
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