9 Important September Financial Alerts: Aadhaar Updates, FD Rates, and More
Introduction: As August draws to a close and September begins, it’s crucial to be aware of the significant financial deadlines and changes that could impact your finances next month. Missing these deadlines might directly affect your pocket. Here are nine important updates to keep in mind:
1. Deadline for Free Aadhaar Updates |
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| The Unique Identification Authority of India (UIDAI) extended the deadline for updating Aadhaar documents for free from June 14 to September 14, 2024. If you haven’t yet updated your Aadhaar details, make sure to do so by this date. Keeping your Aadhaar information up to date is vital for maintaining the accuracy of your demographic data, such as your name and address. To update, you’ll need to upload identification and address proof on the UIDAI website. | |
2. IDFC First Bank Royalty Program Changes |
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| Starting from September 1, 2024, IDFC First Bank will implement new rules in its royalty program. Customers were informed about these changes via email. Notably, the limit on reward points for utility, telecom, and cable transactions will be capped at 2,000 points per calendar month. Additionally, reward points will no longer be available on education payments made through third-party apps. | |
3. TRAI’s Crackdown on Fake Messages |
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| The Telecom Regulatory Authority of India (TRAI) is tightening its regulations on fake calls and messages. From September 1, 2024, telecom companies have been instructed to block messages containing non-white-listed URLs, APK files, or callback numbers. This white-listing process ensures that only pre-approved entities can provide specific services. While this measure aims to reduce spam, it could potentially delay OTP delivery if telecom providers do not update their systems promptly. | |
4. Special FD Schemes with Extended Deadlines |
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| Several banks have extended the deadlines for their special Fixed Deposit (FD) schemes, offering attractive interest rates: | |
IDBI Bank |
The deadline for its special festival FD has been extended to September 30, 2024. The 375-day FD offers a 7.4% interest rate, while the 444-day FD provides 7.85%. |
SBI |
The Amrit Kalash Special FD, available until September 30, 2024, offers a 7.10% interest rate for a 400-day tenure. Senior citizens enjoy a higher rate of 7.60%. |
Punjab & Sind Bank |
The 222-day FD offers a 6.30% interest rate, while the 333-day FD provides 7.15%. The deadline for these offers is September 30, 2024. |
Indian Bank |
For its special FD scheme, the bank offers a 7% interest rate for the general public on a 400-day tenure. Senior citizens can earn 7.4%, and super senior citizens receive 8%. The deadline for this scheme has also been extended to September 30, 2024. |
5. NPCI’s Directive on Rupay Credit Card Reward Points |
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| The National Payments Corporation of India (NPCI) has instructed banks issuing Rupay credit cards to ensure parity in reward points and benefits starting from September 1, 2024. Specifically, NPCI noted that UPI transactions made with Rupay credit cards should offer reward points equivalent to those earned on other Rupay card transactions. This change means more reward points for UPI transactions on Rupay credit cards beginning September 1. | |
6. Potential Changes in LPG Prices |
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| On the first of each month, the government revises the prices of Liquefied Petroleum Gas (LPG). This revision could lead to changes in the prices of both commercial gas cylinders and domestic LPG. Stay informed about these adjustments to manage your household budget effectively. | |
7. TRAI’s Impact on OTP Delivery |
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| As part of TRAI’s initiative to block fake messages, telecom companies may experience delays in differentiating between genuine and fake messages. This could potentially lead to problems with receiving One-Time Passwords (OTPs). It’s advisable to stay vigilant and ensure your telecom provider updates their systems accordingly to avoid any inconvenience. | |
8. Utility and Telecom Reward Points |
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| With the changes in IDFC First Bank’s royalty program, starting September 1, 2024, reward points for utility and telecom transactions will be capped at 2,000 points per month. This is a significant change for those who frequently use these services and rely on accumulating reward points. | |
9. Education Payments via Third-Party Apps |
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| Another key change from IDFC First Bank is that reward points will no longer be earned on education payments made through third-party apps starting September 1, 2024. If you regularly use such apps to pay for educational expenses, be aware that these transactions will no longer contribute to your reward points balance. | |
Conclusion
As September approaches, it’s crucial to stay informed about these financial changes and deadlines. By being proactive and staying on top of these updates, you can avoid any potential financial losses and make the most of the opportunities available.
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