December 31 Deadline: From Nominations To ITR Filing, A Checklist Of Financial Tasks To Complete

Like other tasks, there are certain deadlines regarding financial tasks to meet as well to ensure that individuals don’t have to tolerate any money-related losses or inconveniences

The deadline to sign the new locker agreement for all the customers has been decided by the Reserve Bank of India till December 31, 2023.

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As the year comes to a close, everyone is busy preparing for 2024 and meeting deadlines to complete work before getting started with the celebrations. Like other tasks, there are certain deadlines regarding financial tasks to meet as well to ensure that individuals don’t have to tolerate any money-related losses or inconveniences. Let’s take a look at some of the primary deadlines approaching as 2023 ends, which will help everyone finalise all their tasks in time. 

Finalise Nomination In Demat Account

If you haven’t finished the nomination process in your mutual fund and demat account, then make sure you complete this quest as soon as possible. The deadline for giving the nomination is December 31, 2023. If you fail to adhere to the timeline, your mutual fund or demat account risk facing deactivation. 

Sign Bank Locker Agreement

The deadline to sign the new locker agreement for all the customers has been decided by the Reserve Bank of India till December 31, 2023. Make sure to complete this task as soon as possible, or else you risk facing inconveniences and problems later. 

Invest Money In the SBI Amrit Kalash Scheme

The State Bank of India’s special fixed deposit scheme, i.e., the Amrit Kalash Scheme, will take investments till December 31, 2023. As part of the scheme, general customers would receive the benefit of 7.10 per cent interest rate on the 400-day special FD, while senior citizens would get an interest rate of 7.60 per cent. 

Filing ITR With Penalty

The last date to file Income Tax Returns with penalty fees for the fiscal year 2022-23 is also approaching on December 31, 2023. If you fail to adhere to the timeline, you might be at risk of facing income tax notices in the future. In terms of fines, individuals with income below Rs 5 lakh would be entitled to pay a fine of Rs 1,000, while those with income above Rs 5 lakh would be able to file ITR for the fiscal year after paying a fine of Rs 5,000. So make sure, you are not counted among the list of defaulters by the tax department.

Closure of UPI IDs

If customers haven’t used their UPI ID for the last year, they run the risk of getting their ID closed after December 31, 2023. In such a situation, make sure to use your UPI ID at least once before the year ends to save it from deactivation. 

Festive Home Loan Offer

The State Bank of India is providing a special home loan offer in the festive season and the last date for the offer is on December 31, 2023. Under the loan, customers would be entitled to a home loan at 8.40 per cent interest rate on an annual basis, in addition to a 0.17 per cent discount on processing fees. Further, customers would also get an additional interest rate discount of 0.65 per cent.