5 Financial Tasks You Must Complete Before December 31

Several rules pertaining to banking, financial and other sectors are changing from December 31. Since these new rules are set to impact the day-to-day lives and also have implications on your finances, hence it is important to know more about these changes in detail.

The deadline for renewal of locker agreements between customers and banks also ends in December.The Reserve Bank of India (RBI) had in the begining of this year extended the deadline for renewal of locker agreements between customers and banks till December 31, 2023. The deadline was extended as it was noticed that till January 1 which was the original deadline for the renewal of agreements, a large number of customers had not signed the revised agreement.

As per the National Payments Corporation of India (NPCI) guidelines, inactive unified payments interface (UPI) IDs and associated UPI numbers will be deactivated by December 31, 2023. In other words, users will have to activate their UPI ID else all banks, third party apps giving the UPI facility will deactivate or shut down such IDs after December 31, 2023.

The deadline for current holders of trading and Demat accounts should choose a nominee or opt out of nomination before December 31 this year. All current eligible trading and Demat account holders have been asked by Sebi to submit their choice of nomination by December 31, otherwise the trading and demat accounts would be frozen for debits.

If you have somehow missed the deadline of July 31 for filing the Income Tax Returns for financial year 2022-23 and assessment year 2023-24, then you can still do so by filing a Belated ITR. The deadline to file belated income tax return (Belated ITR) is December 31. By paying a late penalty, you can file your Belated ITR.

If you are looking at investing in SBI's special deposit scheme, December 31 is the last date to do so. SBI had in August this year extended the deadline for Amrit Kalash Deposit Scheme Application State Bank of India (SBI). Issuing a circular, SBI had said that last date to apply for the 400-day tenor Amrit Kalash Deposit Scheme is December 31, 2023 from its initial deadline of August 15, 2023.