September 2023 holds significant personal finance deadlines that you need to be aware of. From depositing or exchanging Rs 2,000 notes to updating your Aadhaar information, this month brings essential financial changes. In this article, we’ll provide essential information on these deadlines and updates.
1. Last Date for Rs 2,000 Banknote Deposit/Exchange
The Reserve Bank of India (RBI) has declared that existing Rs 2,000 banknotes remain valid, but the last date for depositing or exchanging them at banks is September 30, 2023.
2. Aadhaar and PAN Number Mandatory for Small Saving Schemes
To continue availing benefits from schemes like PPF, Sukanya Samriddhi Yojana (SSY), National Savings Certificate, and others, you must submit your Aadhaar number for KYC by September 30. Failure to do so will freeze your account from October 1.
3. PAN Requirement for Small Savings Accounts
For new small savings account holders, submitting PAN details during account opening is mandatory. Existing account holders must provide PAN under specific conditions:
- If the account balance exceeds Rs 50,000 at any time.
- If total credits to the account in a financial year exceed Rs 1 lakh.
- If total withdrawals and transfers in a single month exceed Rs 10,000.
Also Read: New Update for PAN Card: These PAN Card Holders May Face a Fine of Rs 10,000, Check Your Status Now!
4. Deadline for Nomination in Demat and Trading Accounts
Existing trading and demat account holders have until September 30, 2023, to nominate beneficiaries. New account holders can choose to nominate or opt out of nomination through a declaration form.
5. Free Aadhaar Update
UIDAI has extended the deadline for free Aadhaar card updates to September 14, 2023. Take advantage of this opportunity to revalidate your credentials.
“The service of uploading documents PoI/PoA as mentioned in the list of acceptable documents to revalidate your credentials through my Aadhaar portal (SSUP) is now free of cost till 14.09.2023,” UIDAI said in a tweet.
Also Read: Simple Steps Included For Effortless EPFO Update: Adding Aadhaar and 11 Vital Details Now Mandatory
6. Deadline for Second Advance Tax
If your estimated tax liability for the financial year 2023-2024 is Rs 10,000 or more, the second advance tax installment is due on September 15, 2023. Ensure you pay 45% of your estimated tax liability by this date to avoid interest charges.
Advance tax can be paid in four installments:
- September 15, 2023: 45% of estimated tax liability
- December 15, 2023: 30% of estimated tax liability
- March 15, 2024: 25% of estimated tax liability
- June 15, 2024: Balance amount of estimated tax liability
7. Special Schemes from Banks
September is your last opportunity to benefit from special schemes offered by certain banks:
- SBI WeCare FD for Senior Citizens: Enjoy higher interest rates on deposits between 5 to 10 years. The deadline has been extended to September 30, 2023.
- IDBI Amrit Mahotsav FD: This special fixed deposit scheme offers attractive interest rates and has been extended until September 30, 2023.
8. Revision of Axis Bank Magnus Credit Card Terms and Conditions
Axis Bank is revising the terms and conditions of its Magnus Credit Card. Starting from September 1, 2023, the annual fee will increase to Rs 12,500 + GST, and certain benefits will be discontinued.
Stay informed and act promptly to meet these financial deadlines and make the most of the opportunities offered by various banks. Keep your finances in order and avoid any disruptions to your accounts.