The year 2023 is coming to an end, and during this end season, it is essential to not only enjoy holidays but also take care of some important financial tasks before December 31st.
Here are five financial guides that you should complete before the end of the year:
Nominate Your Beneficiaries for Assets
Make sure to nominate beneficiaries for all your assets, including your demat account, by December 31st.
Nominating your demat account ensures that your family members can access and manage your assets smoothly in case of your passing.
Without proper nomination, the process of transferring your assets to your heirs can become lengthy and complicated.
Update Aadhaar Card Details for Free
Take the time to update your Aadhaar card details such as your address and phone number.
You can do this through the UIDAI website or by visiting an Aadhaar Seva Kendra before December 14th.
Delaying this update may result in charges after December 14th.
Use UPI at Least Once
The NPCI has announced that all inactive UPI IDs will be deactivated by December 31st, 2023.
To avoid account deactivation, make at least one transaction using your UPI app before the deadline.
If you have not used your UPI ID for any transactions in a year, now is the time to do so.
Reactivate Your PAN Card
Around 11.5 crore PAN cards were deactivated this year due to non-linkage with Aadhaar.
If your PAN card is deactivated, you will need to pay a penalty of Rs 1,000 to reactivate it.
Ensure that your PAN card is active to avoid any complications.
Revise Your Locker Agreement with Banks
New RBI guidelines require all banks to revise their locker agreements with customers.
Review and update your current agreement according to the latest guidelines before the December 31, 2023, deadline.
Taking action before the deadline is crucial to avoid disruptions or complications.
If you have not completed any of these tasks yet, it is important to do so now before December 31st to avoid extra charges and penalties.