Free Aadhaar upgrade, updated bank vault agreements, the deadline for nomination of mutual funds and demat accounts, and more: December 2023 marks the deadline for several changes. Moreover, on the investment front, a number of special fixed deposit schemes offering returns of up to eight percent from leading banks will also expire next month.
Here is an overview of the most important financial deadlines in the coming month:
Free Aadhaar Update:
The last date to update your Aadhaar details online for free is December 14. The Unique Identification Authority of India (UIDAI) encourages residents to upload ID and Proof of Address (PoI/PoA) documents to re-validate their demographics , especially if Aadhaar was issued 10 years ago and never updated.
“This will help improve convenience of living, provide better services and increase the success rate of authentication,” the Ministry of Electronics and IT said in a statement in March.
To update your Aadhaar details, you need to upload documents such as ration card, voter identity card, Kisan photo pass book, Indian passport or any other government issued identity card/certificate on the myAadhaar portal. For submitting documents at an Aadhaar center, the applicable fee is Rs 50.
Revised Bank Locker Agreement:
The deadline for banks to sign a revised agreement with safety deposit box holders is December 31, 2023. The Reserve Bank of India (RBI) extended the deadline in January to the end of December.
“The Reserve Bank has noticed that a large number of customers are yet to implement the revised agreement and are experiencing difficulties in doing the same. In many cases, the banks are yet to inform the customers about the need for renewal of agreements before January 1, 2023. Further, there is a need to revise the model agreement prepared by the Indian Banks’ Association (IBA) to fully comply with the revised instructions,” the RBI notification dated January 23, 2023 said.
In August 2021, the RBI directed banks to update agreements with existing locker holders, citing developments in banking and technology, consumer complaints and feedback received. The guidelines issued in August 2021 cover various aspects including customer due diligence, model locker agreements, locker rentals, security of locker rooms and procedures for seizure and recovery of contents by law enforcement agencies.
Deadline for MF, demat nomination
The deadline for existing demat account holders and mutual fund holders to give nomination choice is December 31, 2023. Earlier, the deadline for nomination/opt-out of nomination for mutual fund folios/demat account was September 30, 2023. This had been further extended to December 31, 2023, by Sebi.
“If you fail to nominate or unsubscribe from nomination before December 31, 2023, your folios/demat account will be frozen,” Sebi said on its website.
Nomination enables an individual investor to nominate a person who can claim the securities held by him/her in his/her demat accounts or the redemption proceeds in respect of mutual fund units in case of death of the investor.
Inactive UPI IDs
The National Payments Corporation of India (NPCI) has directed payment apps like Google Pay, Paytm, PhonePe and banks to deactivate UPI IDs and numbers that have been inactive for more than a year by December 31.
According to an NPCI circular dated November 7, the move is aimed at preventing accidental fund transfers to unintended recipients when customers change their mobile numbers without disconnecting the old number from the banking system.
Under the new guidelines, Third-Party App Providers (TPAP) and Payment Service Providers (PSP) must take the following actions and implement them by December 31, 2023.
Here are some deadlines for investment opportunities in the coming month:
SBI Amrit KalashFD
SBI’s Amrit Kalash special fixed deposit (FD), which offers up to 7.60 percent from April 12, 2023, will expire on December 31. Amrit Kalash’s Special Fixed Deposit (FD) is a 400-day term deposit offered by the country’s largest lender. .
From April 12, 2023, the FD provides an interest rate of 7.1 percent for the general public and 7.60 percent interest for seniors.
IDBI Utsav FD
IDBI Bank has extended the last date for its ‘Utsav FDs’ to December 31. The FDs previously called Amrit Mahotsav FD for tenors of 375 days and 444 days offer up to 7.60 percent and 7.75 percent interest, according to the bank’s website. The rates apply from November 12.
Indian Bank Special FDs
Indian Bank has also extended the deadline for its special fixed deposit schemes, “Ind Super 400” and “Ind Supreme 300 days”, which offer interest rates up to 8 percent. According to the bank’s website, the deadline for these schemes has been extended to December 31 from the previous deadline of November 3.