6 Essential Tasks for Your Year-End Checklist: The due dates for mutual fund applications and late income tax returns (ITR) are coming up quickly. As the year ends, it’s important to remember to do these six money-related things before December 31, 2023.
6 Essential Tasks for Your Year-End Checklist:
The last day to nominate people for MF and Demat
According to the Securities and Exchange Board of India (Sebi), the last day to nominate a mutual fund is now December 31, 2023. People who own units in a mutual fund (MF) have until the deadline to choose whether to nominate someone or not.
Unitholders can send in their choices using certain forms that can be found at fund houses, registers, or online. If you don’t follow the rules, your folios could be frozen. This would make it harder to do things with your mutual funds, like redemptions, swaps, or systematic withdrawal plans (SWPs).
Last Date To File Belated ITR
People who weren’t able to file their income tax return (ITR) by July 31, 2023, can now do so until December 31, 2023, but they will be fined for doing so.
Revised Timeline For IPOs
Sebi wants to make initial public offers (IPOs) more efficient by cutting down on the time between when the IPO ends and when the shares are listed on the stock market. The listing time will be cut from T+6 (transaction plus six days) to T+3 days as of December 1, 2023. This is what the announcement about allotment says.
Bank Locker Agreement Deadline
By December 31, 2023, all new locker agreements must comply with the Reserve Bank of India’s (RBI) revised rules. You might need to sign and send in the new agreement if you haven’t already.
The new rules say that only legal things can be kept in lockers. They make it clear that illegal or dangerous items are not allowed. The new rules give the bank the power to “appropriately act” against people who are thought to be doing something wrong.
Inactivation Of UPI IDs
The National Payments Corporation of India (NPCI) has told people with idle Unified Payment Interface (UPI) IDs that haven’t been used in over a year to turn them off. By December 31, 2023, this process ought to be complete. Banks and payment apps like Google Pay, Paytm, and PhonePe must remove UPI IDs and lines that haven’t been used in more than a year.
This step was taken to protect the UPI environment and stop funds from being sent to the wrong account. Users should activate their UPI ID before this date so that their frozen UPI IDs don’t get deleted. Users will get a message from their bank before their UPI ID is deactivated.
Special FDs
The ICICI Bank has extended the dates for special fixed deposits (FDs), also known as Utsav FDs, for terms of 375 days and 444 days until December 31, 2023. This can be seen on the bank’s website.
The interest rate on the 37-day term deposit is 7.10 percent, and seniors get an extra 50 basis points (bps). The State Bank of India (SBI) has also extended the limit for its Amrit Kalash special FD until December 31, 2023. This FD has a 7.10% deposit rate and an extra 50 basis points for older citizens.
