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Mutual Fund rule change to ₹2000 note: Seven monetary changes that may impact your money matters
September brings changes in money matters: Let's take a look at key money changes
September brings various money changes, including Sebi's framework for direct mutual fund schemes and the deadline for exchanging ₹2,000 notes. This could be the last month to invest in banks' special fixed deposit (FD) schemes introduced by some lenders
Let's take a look at key money changes in September
1)Execution-only platforms for investing in direct MF schemes
The market regulator Securities and Exchange Board of India (SEBI) has introduced a regulatory framework for a execution only platforms for direct plans of mutual fund schemes. The new rules will make it convenient for investors to make investments via Execution Only Platforms (EOPs) as well as appropriate investor protection mechanisms; and help with ease of doing business . The new framework would be applicable from September 1, the Securities and Exchange Board of India (Sebi) said in its circular.
2)Exchange of ₹2,000 notes
The Reserve Bank of India (RBI)had given nearly four months to deposit or exchange notes worth ₹2000. “Banknotes in the denomination of ₹2000 must be exchanged or deposited by September 30, 2023,” RBI had said in the circular. The central bank had also said that the notes would continue to be accepted as legal tender beyond September 30, 2023.
3)Second instalment of advance tax
The second instalment of advance tax for the assessment year 2024-25 should be paid by 15th September.
4)Free Aadhaar update
UIDAI has extended the free Aadhaar update of documents till 14 September 2023. Earlier, the free service was available till 14 June 2023 only. This service is, however, free only on the myAadhaar portal and attracts a fee of ₹50 at physical Aadhaar centres.
5) Sebi nomination deadline for demat, trading accounts
SEBI has extended the deadline for existing eligible trading and demat account holders to nominate a beneficiary for their accounts to September 30, 2023.
“Based on the assessment of the trading as well as demat accounts in which choice of nomination details (i.e. furnishing of nomination or declaration for opting out of nomination) has not been updated and on the basis of representations received from the stakeholders, it has been decided that the provisions mentioned at para 7 of SEBI circular dated July 23, 2021, read with para 3 (a) of SEBI circular dated February 24, 2022, with regard to freezing of accounts shall come into force with effect from September 30, 2023 instead of March 31, 2023," the market regulator mentioned in a circular dated 27 March.
6)SBI Wecare Deposit Scheme
State Bank of India's (SBI) special fixed deposit scheme for senior citizens - SBI WeCare, which offers higher interest rates to the elderly on tenures between 5 years to 10 years. SBI WeCare will end on September 30, 2023. The scheme is available on fresh deposits and renewal of maturing deposits. The interest rate offered on SBI Wecare is 7.50%.
7)IDBI Amrit Mahotsav FD scheme
IDBI Bank offers an interest rate of 7.10% for the general public and 7.60% for senior citizens. IDBI's Amrit Mahotsav FD" for 375 Days and 444 Days is valid up to September 30, the lender mentioned on its website.
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Business NewsMoneyPersonal FinanceMutual Fund rule change to ₹2000 note: Seven monetary changes that may impact your money matters
First Published:31 Aug 2023, 02:02 PM IST
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