December 2023: A Busy Month for Financial Deadlines

December is upon us, and with it comes a flurry of year-end activities, including several crucial financial deadlines. From updating your Aadhaar details to making nominations for your mutual funds, staying on top of these deadlines is essential to avoid complications and ensure your financial well-being.

Here’s a breakdown of some key financial deadlines in December 2023:

Aadhaar Update:

Deadline: December 14, 2023
Action: Update your Aadhaar details online at the myAadhaar portal if you haven’t done so in the last 10 years.
Importance: Linking your Aadhaar to various financial accounts and government schemes is mandatory. Updating your details ensures seamless access to these services.
Cost: Free online update. Rs. 50 fee for updates at physical Aadhaar centers.

Mutual Fund Nomination:

Deadline: December 31, 2023
Action: Nominate a beneficiary to inherit your mutual fund units in case of your demise.
Importance: Without a nomination, the legal heirs may have to go through a lengthy process to claim the assets.
Process: Submit a nomination form to your mutual fund provider or online through the AMC portal.

Inactive UPI IDs:

Deadline: December 31, 2023
Action: If you haven’t used your UPI ID for over a year, it may be deactivated by payment service providers (PSPs).
Importance: Ensure your UPI ID is active for seamless online payments.
Process: Log in to your UPI app and perform a transaction to reactivate your ID.

Demat Account Nomination:

Deadline: December 31, 2023
Action: Nominate a beneficiary to inherit your securities held in your demat account in case of your death.
Importance: Similar to mutual funds, a nomination ensures smooth transfer of assets to your legal heir.
Process: Submit a nomination form to your depository participant (DP) or online through the DP portal.

Indian Bank Special FDs:

Deadline: December 31, 2023
Action: Invest in Indian Bank’s “Ind Super 400” and “Ind Supreme 300 days” special fixed deposit schemes offering attractive interest rates.
Importance: These schemes offer higher interest rates than regular FDs, making them a good option for short-term investments.

SBI Amrit Kalash:

Deadline: December 31, 2023
Action: Invest in SBI’s Amrit Kalash scheme to enjoy term deposits with interest rates exceeding 7.10%.
Importance: This scheme offers competitive interest rates for senior citizens, making it a suitable investment option for long-term savings.

Remember, missing these deadlines can result in financial inconvenience and delays. Therefore, it’s crucial to take action promptly and ensure your financial affairs are in order.

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