December 2023: An Eye on Finance-Related Deadlines

The last month of the calendar year 2023 is also the time to adhere to various deadlines related to finance and other services. Here’s the lowdown on a few of the crucial deadlines that an individual needs to keep in mind before the year comes to an end. 

Renewal of Locker Agreements Rule

The deadline for renewal of locker agreements between customers and banks comes to an end in December 2023. The Reserve Bank of India (RBI) had in January 2023 extended the deadline for renewal of locker agreements between customers and banks up to December 31, 2023.

The deadline was extended while taking into consideration that till January 1, 2023, which was the original deadline for the renewal of agreements, a significant number of customers had been unable to sign the revised agreement.

Change in Inactive Unified Payments Interface (UPI) ID Rule

According to the National Payments Corporation of India (NPCI) norms, inactive Unified Payments Interface (UPI) IDs and associated UPI numbers will be deactivated by December 31, 2023. This means users will have to activate their UPI ID; otherwise, all banks and third-party apps providing the UPI services will deactivate or shut down these particular IDs after December 31, 2023.

Free Update of Aadhaar Card

Aadhaar card holders will be able to modify their Aadhaar details for free till December 14, 2023, via the myAaadhar portal. Earlier, the Unique Identification Authority of India (UIDAI) had extended the deadline for updating Aadhaar for free till December 14, 2023. The announcement was made after its previous deadline of September 14, 2023.

Deadline for Mutual Fund, Demat Nomination

The existing demat (dematerialised) account holders and mutual fund unit holders have been provided with an additional three months to opt for a choice of nomination. The new deadline for submitting the nomination is December 31, 2023, as per the Securities and Exchange Board of India’s (SEBI’s) circular, pending which the folios will be accordingly frozen.

Deadline for Advance Tax Payment

Individuals with a net income tax liability of more than Rs 10,000 in a financial year are required to pay their third quarterly installment of advance tax by December 15, 2023. In order to avoid penalties, timely payment is essential.

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