There are going to be many changes related to your pockets in October. There are going to be many changes in this, from tax collection rules at source on expenses incurred on traveling abroad to Aadhaar and birth certificate for government jobs and interest rates on FD of HDFC Bank. The impact of these changes can directly affect the lives of millions of people in the country. Let us also tell you what financial changes are going to happen from October 1.
There will be change in TCS rule
From October 1, 2023, new rules for tax collection at source i.e. TCS are going to be implemented. Which will affect the transactions taking place on foreign tours. This change is very important for people planning international travel, investing in foreign stocks, mutual funds, cryptocurrencies abroad or going abroad to pursue higher education. Under the Liberalized Remittance Scheme of the Reserve Bank of India, any person can send up to $250,000 in a year. From October 1, 2023, TCS of 20 percent will be levied on remittances above Rs 7 lakh for purposes other than medical and education.
Debit Card, Credit Card Rules
The Reserve Bank of India i.e. RBI has proposed that you be given the option to choose your network provider for your debit card, credit card or prepaid card. Currently, when you apply for a debit or credit card, the network provider usually determines who issues the card. The regulator wants banks to offer cards on multiple networks from October 1, 2023, and give customers the option to choose their preferred card network. This option can be used by the customer at any time during or after the card is in existence.
Demat accounts will be frozen if nomination is not given
Securities and Exchange Board of India i.e. SEBI has made it mandatory for all demat and mutual fund account holders to give nomination for their investments or opt out of nomination by September 30, 2023. Fund (MF) folios and demat accounts will be frozen for all debit transactions including redemptions and withdrawals from October 1, 2023.
Otherwise small savings scheme will be closed
People who are investing in small savings schemes like Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), National Savings Certificate will have to mandatorily submit their PAN and Aadhaar card documents by September 30, 2023. According to the government notification, if any investor does not do so, his account will be suspended from October 1.
Aadhaar, birth certificate will become single document for government job
The Birth and Death Registration (Amendment) Act, 2023 will be applicable across the country from October 1, 2023, which will be applicable for the purposes of admission in any educational institution, issuance of driving license, preparation of voter list, Aadhaar number, marriage registration or appointment in a government job. Birth certificate can be used as a single document.
RBI may give update on Rs 2,000 notes
On the other hand, Reserve Bank of India can give an update regarding Rs 2000 notes. RBI had announced to remove Rs 2000 notes from circulation in the month of May. It was also said that the people of the country should deposit their Rs 2,000 notes by 30th September. Now its timeline is ending. RBI may issue a new update in this matter on October 1.
HDFC special FD
HDFC Bank's special FD interest rates will be reduced from October 1, 2023. HDFC Bank had announced a special FD scheme on May 29, 2023 to give high returns to its customers. Under which the bank is giving 7.20 percent return on 35 months FD and 7.25 percent return on 55 months deposit. Senior citizens will be given an additional return of 0.5 percent on deposits with the same conditions. Under the scheme, senior citizens will get 7.7 percent interest on FD maturing in 35 months and 7.75 percent interest on FD maturing in 55 months.
Change in interest rates of small savings scheme
On the other hand, from October 1, changes in the interest rates of small savings schemes like PPF, Sukanya, National Savings Certificate, Kisan Vikas Patra, Post Office FD, Recurring Deposit will be announced on September 30. These new interest rates will be applicable from October 1.
Indian Bank Special FD Deadline
According to the bank's website, Indian Bank, a public sector bank, has extended the deadline of special FDs named “Ind Super 400” and “Ind Supreme 300” along with high interest rates. Now the benefit of this scheme can be availed till 31st October.
SBI vcare deadline
Senior citizens will no longer be able to invest in SBI from October 1, 2023 because the investment date is September 30, 2023. However, there is a possibility that the bank will postpone the deadline.
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