Important money matters to be aware of in August: Penalties for ITR, Raksha Bandhan, and Independence Day sale

Money matters that need your attention this month!

Important money matters to be aware of in August

The current month has some important news regarding your money matters that requires your urgent attention. We have compiled the 5 main developments you should be aware of. These money matters require you to understand their impact on your finances and how you should modify your finances to meet your goals. 

Related: How will the repo rate hike affect your home loans?

RBI monetary policy meet

This August, the RBI will announce the results of its monetary policy on 5th August, and the RBI is expected to increase the interest rates. As per various experts, the RBI is expected to hike the repo rates by 25 to 50 bps. The CPI inflation for June was 7.1%, which is above the RBI’s tolerance levels. The RBI tolerance level is 2-6% inflation. The RBI is expected to hike the repo rate beyond the pre-covid levels of 5.15%. The current repo rate is 4.9%.

Pay your penalties for ITR if you did not file the ITR in July

As you all know, the last date for filing of ITR was 31st July. If you missed the deadline, do not worry, as you can file the ITR by 31st December by paying a late payment fine of Rs 5000 if your total income exceeds Rs 5 Lakhs. If it is below Rs 5 lakhs, you can get away with a fine of Rs 1000 only. 

Bank of Baroda modifies cheque clearance rules

The Bank of Baroda has modified the cheque clearance rules, and now any cheque above Rs 5 Lakhs will require your confirmation of important information. Earlier, certain details had to be confirmed for cheques exceeding Rs 10 Lakhs. The customer will need to confirm the details electronically. 

Related: Everything you need to know about RBI’s repo rate hike

Yes Bank increases penalty charges for withdrawal of fixed deposits prematurely

The bank has hiked the penalty by 25 bps for premature withdrawals effective 8th August. The new penalty on premature withdrawals is 0.5% for FDs of less than or equal to 181 days and 0.75% for higher tenures. The penalty is applicable to all fixed deposits of less than Rs 5 crores except the fixed deposits of senior citizens. 

Festive sales start because of Raksha Bandhan and Independence Day

Various shopping offers are available across e-commerce websites, retail chains and neighbourhood retail stores. The reason for the sales is the festive season comprising Raksha Bandhan and Independence Day. You should prepare a list for shopping and ensure that you do not make impulsive purchases. You should purchase only the items you need if you want to save your money. Also, various card offers and discounts are available. Make sure to make the maximum benefit of the offers. Looking to buy products online?

Also Read: How to buy the best products online with No-Cost EMI

Money Matters with Shradha Sharma | Wealth-tech for Bharat

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