Navigating September: A comprehensive guide to 8 financial developments ahead

September brings significant financial developments that may affect your investments and savings. From currency note exchanges to credit card adjustments, here are the changes.

As we enter September, India is expected to experience an average level of rainfall this September, following the driest August in more than a century. However, money plays a pivotal role in our lives, especially when it's accessible in different forms and used through various channels. Hence, here are the financial changes that could impact you this September 2023.

Highlights:

• Exchange or deposit Rs 2,000 notes before September 30; they'll no longer be valid.

• High-yield FD schemes with attractive interest rates until September 30.

• Ensure KYC compliance for India Post's small savings schemes by September 30.

• Pay the second advance tax instalment by September 15 to avoid penal interest.

• Free Aadhaar card updates are available until September 14; fees apply after.]

Financial updates this September

1. Exchanging or depositing Rs 2,000 currency notes

The Reserve Bank of India (RBI) has withdrawn Rs 2,000 notes from circulation. To exchange or deposit these notes, visit your bank before September 30, 2023. Don't delay; these notes will no longer be legal tender after this month.

2. Final opportunity for high-yield fixed deposits

Several banks, like IDBI Bank and SBI, introduced high-rate FD schemes due to repo rate hikes. For instance, IDBI Bank’s Amrit Mahotsav FD offers senior citizens an impressive 7.60% interest rate per annum, while the existing 444-day scheme provides 7.65% interest. These rates are valid until September 30.

Also Read: Here Are 4 Special FD Schemes For Senior Citizens In 2023. Read More For Interest Rates And Other Details!

3. Registration of execution-only platforms (EOPs)

A new regulation by the Securities and Exchange Board of India (SEBI) affects mutual fund investors. EOPs need to be registered with regulators now. Monitor how this might impact direct plan prices and your investment choices.

4. Nomination for existing individual investors

For mutual fund and stock investors, ensure you provide nominations or opt-out confirmations before September 30 to avoid disruptions in transactions from October 1.

5. Compliance for small savings scheme depositors

If you have investments with India Post's small savings schemes, submit your Aadhaar by September 30. Failing to provide the necessary documentation can freeze your account.

6. Second advance tax instalment deadline - September 15

Don't forget to assess your advance tax liability and pay the second instalment by September 15. Missing payments or delays can incur penal interest.

7. Free Aadhaar card update period ending soon

Until September 14, you can update your Aadhaar card details for free on the myAadhaar portal. After this date, a fee will apply.

8. Axis Bank's modifications to Magnus and Reserve credit cards

Axis Bank has made significant changes to its Magnus and Reserve credit cards. Higher annual fees, altered reward point systems, and reduced conversion ratios are in effect from September 1. If you hold these cards, review your benefits.\

Find the latest articles on financial planning here.

Also Read: 7th Pay Commission: Dearness Allowance DA Hike for Central Government Employees Likely to be Announced in September in Hindi

 Disclaimer: This article is intended for general information purposes only and should not be construed as insurance or investment or tax or legal advice. You should separately obtain independent advice when making decisions in these areas.