In June 2023, people in India should be aware of several important deadlines related to personal finances.
These include linking PAN with Aadhaar, applying for a higher EPS pension, availing free Aadhaar updates, managing bank locker agreements, and taking advantage of special fixed deposit schemes offered by the Indian Bank and State Bank of India (SBI).
PAN-Aadhaar Linking Deadline
The deadline for linking PAN (Permanent Account Number) and Aadhaar, India's unique identification number, has been extended to June 30, 2023.
The extension, provided by the Central Board of Direct Taxes (CBDT), allows taxpayers more time to complete the linking process without facing penalties.
According to the Income-tax Act, individuals who have held a PAN since July 1, 2017, and are eligible for an Aadhaar number must link the two by March 31, 2023, by paying a specified fee.
Failing to comply can result in penalties. However, with the extended deadline, individuals have until June 30, 2023, to link their Aadhaar to their PAN by informing the prescribed authority.
Applying for Higher EPS Pension Deadline
The Employees' Provident Fund Organisation (EPFO) has extended the deadline for applying for a higher pension from the Employees' Pension Scheme (EPS) until June 26, 2023.
This extension is a result of the Supreme Court's verdict, which initially provided a four-month timeframe from November 4, 2022, until March 3, 2023.
The deadline extension aims to give eligible employees more time to consider and apply for an increased pension from EPS.
Free Aadhaar Update Deadline
The Unique Identification Authority of India (UIDAI) has introduced a new provision allowing Aadhaar holders to update their details online for free.
This initiative focuses on the welfare of the people and offers significant benefits to millions of Indians. The free service is accessible exclusively on the myAadhaar portal from March 15 to June 14, 2023.
It is worth noting that physical Aadhaar centers will still charge a fee of Rs 50 for updating Aadhaar details.
UIDAI is encouraging residents to submit valid Proof of Identity and Proof of Address documents to verify their demographic details.
Bank Locker Agreement Deadline
The Reserve Bank of India (RBI) has extended the deadline for banks to complete the phased renewal of locker agreements.
The new deadline is December 31, 2023, with intermediate milestones of 50 percent by June 30, 2023, and 75 percent by September 30, 2023.
State Bank of India (SBI) is actively encouraging its customers to sign the revised documents.
SBI is sending messages to customers, stating the need to visit their branch to execute the revised locker agreement.
Even if customers have already signed the revised agreement earlier, they are still required to execute a supplementary agreement.
Indian Bank Special FD
Indian Bank has extended the duration of the "IND SUPER 400 DAYS" special fixed deposit scheme until June 30, 2023.
Under this scheme, Indian Bank is offering competitive interest rates.
The interest rates applicable are 7.25% for the general public, 7.75% for senior citizens, and 8.00% for super senior citizens.
SBI Amrit Kalash
The State Bank of India (SBI) has reintroduced the "AMRIT KALASH" retail term deposit scheme with a tenor of 400 days.
The scheme allows investors to avail themselves of attractive interest rates.
Effective from April 12, 2023, the scheme offers an interest rate of 7.10% for the general public and 7.60% for senior citizens.
The investment deadline for this scheme is June 30, 2023.
To support senior citizens in safeguarding their income, State Bank of India (SBI) offers the "SBI WECARE" deposit scheme.
This scheme provides higher interest rates on term deposits specifically designed for senior citizens.
The minimum tenure for the scheme is 5 years, while the maximum tenure is 10 years.
The SBI Wecare scheme offers an interest rate of 7.50 percent
This program is valid until June 30, 2023, allowing senior citizens to take advantage of the favorable interest rates provided by SBI to protect and grow their savings.