Like every month, a couple of rules related to personal finance and taxes will come into effect in September. The deadlines and changes for several important financial tweaks are changing next month. There are a total of 5 changes listed for September 2024, including the Aadhaar free update, special fixed deposit deadlines, and credit card modifications.
Here’s the full list of changes with dates.
1. Aadhaar Card free update
Deadline: September 14, 2024
The Unique Identification Authority of India (UIDAI) announced the extension of the deadline for free Aadhaar document updates to September 14, 2024. Initially, the cut-off date for UID updates was scheduled for June 14, 2024. This move, spearheaded by the government, is designed to encourage individuals to renew their Proof of Identity (POI) and Proof of Address (POA) credentials without incurring any charges. The primary goal is to enhance data accuracy and minimize issues associated with Aadhaar-linked services.
According to the UIDAI website, “Please update Aadhaar for continues accuracy of demographic Information. To update it, upload your proof of identity and proof of address documents.”
It is important to maintain updated Aadhaar details to maintain access to government services and financial systems. Aadhaar, the essential 12-digit identification number, is crucial for verifying identity across various platforms.
2. Rupay Card reward points
Effective from: September 1, 2024
Under the recent directive set forth by the National Payments Corporation of India (NPCI), it has been established that the charges associated with RuPay credit card and UPI transactions must not be debited from the accumulated reward points or any other designated benefits. This directive by NPCI is effective from September 1, 2024.
NPCI said: “Credit card rewards points are a key lever to drive spending on credit cards. It has been observed that the reward points, benefits and features for RuPay credit cards on UPI transactions are not equivalent to the rewards points, benefits and features offered on card transactions. Issuers shall ensure that the reward points, benefits, features and other ancillary offers should not be lower (directly and indirectly) for RuPay Credit cards on UPI transactions and RuPay credit cards, except for transactions where the issuer does not earn any interchange fee.”
3. Credit card rules: RBI
Effective date: September 6, 2024
The Reserve Bank of India (RBI) has issued a directive to card issuers, such as banks, instructing them not to enter into exclusive contracts with card networks that limit their ability to work with other networks. This decision stems from a thorough evaluation that identified an absence of consumer-centric flexibility in certain card network and issuer agreements. The implementation of this directive is scheduled to come into effect six months after the issuance of this circular, specifically on September 6, 2024.
4. Credit card rules
Effective date: September 1, 2024
IDFC FIRST Bank has recently updated its credit card payment terms, including adjustments to the minimum amount due (MAD) and payment due date. According to information published on the official IDFC FIRST Bank website, these changes will come into effect starting from September 2024.
Similarly, HDFC Bank has made revisions to the credit card loyalty program for select credit cards. The new rules will be implemented from September 1, 2024. HDFC Bank proactively notified eligible cardholders of these modifications via email.
5. Special FD schemes
IDBI Bank: IDBI Bank has recently decided to extend the validity date for Utsav Fixed Deposits (FDs) across various tenures, including 300 Days, 375 Days, 444 Days, and a new addition of 700 Days to the existing list.
For Utsav FDs maturing in 300 days, the bank offers an interest rate of 7.05% for regular citizens and an increased rate of 7.55% for senior citizens. Similarly, for Utsav FDs maturing in 375 days, customers can benefit from an interest rate of 7.15%, while senior citizens are entitled to earn 7.65%.
In addition, IDBI Bank has also stretched the validity date for the special FD deadline to September 30, extending it from the initial deadline of June 30, 2024.
Indian Bank: It will now offer 7.05% interest rates to the general public, 7.55% to seniors, and 7.80% to super senior citizens on Ind Super 300 Days. The last date has been extended to September 30, 2024. Earlier the date was June 30, 2024.
Punjab and Sindh Bank: The special Fixed Deposit (FD) duration of 222 days at Punjab and Sindh Bank offers an interest rate of 6.30%. Additionally, the bank provides a competitive rate of 7.15% on special deposits with a duration of 333 days. If interested, please note that the deadline for availing these limited-time special deposit schemes at Punjab and Sindh Bank is September 30, 2024.
State Bank of India: Amrit Kalash scheme is available for SBI customers with a tenor of “400 days” at an interest rate of 7.10% commencing from 12th April 2023. Senior Citizens can avail an interest rate of 7.60%. The scheme is active until September 30, 2024.
SBI WeCare scheme has also been extended till September 30, 2024. This scheme is applicable for fresh deposits and the renewal of maturing deposits. Customers can enjoy an additional premium of 50 basis points (bps) on top of the existing 50 bps for the general public, making it a total of 100 bps above the card rate.
Tax deadlines
The deadline for deposit of Tax deducted/collected for August, 2024, is September 7, 2024. Similarly, September 14, 2024, is the due date for issuing the TDS Certificate for tax deducted under section 194-IA in July, 2024.