Home Business Financial Rules Changing From 1 Oct 2023

Financial Rules Changing From 1 Oct 2023

0
Financial Rules Changing From 1 Oct 2023

As September bids adieu and October beckons, it’s time to brace ourselves for significant changes in financial rules. These changes are poised to directly affect the common man’s wallet. From credit and debit card alterations to special Fixed Deposit (FD) schemes, this article will guide you through what you need to know. So, let’s dive into the details.

Credit and Debit Card Rules Evolve

Starting from October 1, 2023, a pivotal change awaits in the realm of credit and debit cards. Customers will now have the liberty to choose their network provider when acquiring new cards. This newfound freedom promises a more tailored and personalized card experience, putting the power back in the hands of consumers.

Indian Bank’s Extended Special FD Deadline

Indian Bank, a major public sector bank, has extended the deadline for its ‘Ind Super 400’ and ‘Ind Supreme 300 days’ special FD schemes until October 31, 2023. These schemes offer higher interest rates than conventional FDs, presenting an attractive opportunity for savvy investors.

IDBI Amrit Mahotsav FD Scheme

IDBI Bank introduces the ‘Amrit Mahotsav’ FD scheme, offering customers higher interest rates than regular FDs. Available for 375 and 444 days, this special FD presents a unique chance for individuals to secure their financial future. Act fast, as the deadline for this enticing scheme is October 31, 2023, leaving you with just one month to capitalize on this opportunity.

TCS Rule Changes on the Horizon

From October 1, 2023, brace yourself for significant changes in Tax Collected at Source (TCS) rules. If your foreign travel expenses or investments in foreign equity, mutual funds, or cryptocurrencies exceed the prescribed limit within a financial year, you’ll be subject to TCS. For those spending over Rs 7 lakh on foreign travel, this could translate to a TCS rate of up to 20 percent.

SBI WeCare Scheme

SBI has rolled out a special FD scheme catering exclusively to senior citizens, with durations ranging from 5 to 10 years. The scheme’s deadline is set for September 30th, but there’s speculation that the bank may extend it. While official confirmation is pending, consider seizing this opportunity to invest today.

LIC Revival Campaign: A Second Chance

LIC policyholders with lapsed insurance policies have a golden opportunity to revive them. The Life Insurance Corporation of India has initiated a special revival campaign spanning from September 1 to October 31, 2023. By paying a modest penalty, policyholders can rekindle their lapsed policies.

FAQs

Q: Are these changes applicable to all credit and debit cards? A: Yes, the new rules regarding the selection of network providers will apply to all credit and debit cards issued after October 1, 2023.

Q: Can I invest in Indian Bank’s special FD schemes after October 31, 2023? A: Unfortunately, no. The deadline for these schemes is October 31, 2023, and investments made after this date will not be eligible.

Q: Is the IDBI Amrit Mahotsav FD Scheme open to all customers? A: Yes, the IDBI Amrit Mahotsav FD Scheme is available to all customers interested in securing higher interest rates for their investments.

Q: How can I check the TCS rate applicable to my foreign expenses? A: To determine your TCS rate for foreign expenses, consult a financial advisor or the income tax department, as rates can vary based on individual circumstances.

Q: What happens if I miss the deadline for the SBI WeCare Scheme? A: If the bank decides not to extend the scheme and you miss the deadline, you may lose the opportunity to invest in this special FD scheme for senior citizens.

Q: Can I revive multiple lapsed LIC policies during the revival campaign? A: Yes, you can revive multiple lapsed LIC policies during the revival campaign by paying the applicable penalties.

LEAVE A REPLY

Please enter your comment!
Please enter your name here