 "Aadhaar update, MF nomination, special FDs: Dec deadlines you should know")
Free Aadhaar upgrade, updated bank locker agreements, the deadline for mutual fund and demat account nomination, and more—December 2023 marks the deadline for several changes. Additionally, on the investment front, a number of special fixed deposit schemes offering up to eight per cent return from leading banks are also set to expire next month.
Here is a look at the most important financial deadlines in the upcoming month:
Free Aadhaar update:
The last date to update your Aadhaar details online free of cost is December 14. The Unique Identification Authority of India (UIDAI), has been encouraging residents to upload Proof of Identity and Proof of Address (PoI/PoA) documents to revalidate their demographic details, especially if Aadhaar was issued 10 years ago and never got updated.
“This will help in improved ease of living, better service delivery and enhances authentication success rate,” said the Ministry of Electronics & IT in a statement back in March.
To update your Aadhaar details you will need to upload documents such as a Ration card, Voter identity card, Kisan photo passbook, Indian passport or any other government-issued identity card/certificate, on the myAadhaar portal. For submission of documents at an Aadhaar centre, the applicable charge is Rs 50.
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Revised Bank Locker agreement:
The deadline for banks to sign a revised agreement with safe deposit locker holders is December 31, 2023. The Reserve Bank of India (RBI) in January extended the deadline until the end of December.
“It has come to the notice of the Reserve Bank that large number of customers are yet to execute the revised agreement and are facing difficulties in doing the same. In many cases, the banks are yet to inform the customers about the need for renewal of agreements before January 1, 2023. Further, there is a need for revision in the Model Agreement drafted by the Indian Banks’ Association (IBA) to fully comply with the revised instructions,” said the RBI notification dated January 23, 2023.
In August 2021, the RBI directed banks to update agreements with existing locker holders citing developments in banking and technology, consumer grievances, and feedback received. The guidelines issued in August 2021 cover various aspects, including customer due diligence, model locker agreements, locker rent, security of strong rooms, and procedures for the attachment and recovery of contents by law enforcement authorities.
Deadline for MF, demat nomination
The deadline for existing demat account holders and mutual fund unit holders to provide a choice of nomination is December 31, 2023. Earlier, the deadline for nomination/opting out of nomination for mutual fund folios/demat Account was September 30, 2023. This was further extended till December 31, 2023, by Sebi.
“If you do not nominate or opt out of nomination by December 31, 2023, your folios/demat account will be frozen,” said Sebi on its website.
Nomination enables an individual investor to nominate a person, who can claim the securities held by him/her in their demat accounts or the redemption proceeds in respect of mutual fund units in the event of demise of the investor.
Inactive UPI IDs
The National Payments Corporation of India (NPCI) has instructed payment apps such as Google Pay, Paytm, PhonePe, and banks to deactivate UPI IDs and numbers inactive for over one year by December 31.
According to an NPCI circular dated November 7, the move aims to prevent accidental money transfers to unintended recipients when customers change their mobile numbers without disassociating the old number from the banking system.
According to the new guidelines, Third-Party App Providers (TPAP) and Payment Service Providers (PSP) must take the following actions and implement them by December 31, 2023.
Here are some deadlines for investment opportunities in the upcoming month:
SBI Amrit Kalash FD
The SBI’s Amrit Kalash special fixed deposit (FD) offering up to 7.60 per cent w.e.f. April 12, 2023, will expire on December 31. The Amrit Kalash special fixed deposit (FD) is a 400-day term deposit offered by the country’s largest lender.
The FD provides an interest rate of 7.1 per cent for the general public and 7.60 per cent interest for senior citizens w.e.f. April 12, 2023.
IDBI Utsav FD
IDBI Bank has extended the last date for its ‘Utsav FDs’ till December 31. The FDs previously dubbed as Amrit Mahotsav FD for 375 days and 444 days tenure offer up to 7.60 per cent and 7.75 per cent interest, as per the bank’s website. The rates are effective from November 12.
Indian Bank special FDs
Indian Bank has also extended the deadline for its special fixed deposit schemes, "Ind Super 400" and "Ind Supreme 300 days," offering up to 8 per cent interest rates. According to the bank's website, the deadline for these schemes has been extended to December 31 from the earlier November 3 deadline.