Financial Deadlines in December: Mandatory Things to Do This Month For No Regrets

December Deadlines 2023

Free Aadhar Update Deadline

If you have not updated your Aadhaar details in the last 10 years, you can do so for free until December 14, according to the website of the Unique Identification Authority of India (UIDAI). UIDAI is also urging those with over 10 years of Aadhaar cards to update their information to avoid Aadhaar-related fraud. 

Inactive UPI IDs Closure

The National Payments Corporation of India (NPCI) has directed payment apps such as Google Pay, Paytm, and Phone Pay, as well as banks, to block UPI IDs and numbers that have been inactive for more than a year. Third Party App Providers (TPAP) and Payment Service Providers (PSP) will be required to complete this work by December 31, 2023, according to the new guidelines.

SBI Home Loan Interest Offer

State Bank of India (SBI) is running a special campaign that offers home loan discounts of up to 65 basis points (bps), or 0.65 percent. These offers are valid on regular home loans, Flexipay, NRI, and non-salary loans, as well as Privilege. The special discount scheme on SBI home loan interest is only available until December 31, 2023.

Mutual Fund and Demat Nominee

The current demat account holders and mutual fund unit holders now have three more months until December 31, 2023, to provide nomination options. In the past, SEBI had warned holders of physical shares that their folios would be frozen if they failed to submit their PAN, nominee, contact information, bank account details, and specimen signature by September 30, 2023. The deadline for submitting nomination, bank account, contact, and PAN details has been moved to December 31, 2023.

Bank Locker Agreement Deadline

The RBI has set December 31, 2023 as the deadline for the systematic settlement of the revised locker agreement. You might still be required to sign and submit the updated Bank Locker Agreement again, even if you submitted it on or before December 31, 2022.