Key Financial Deadlines and Changes in October 2023

Key Takeaways:

1. TCS Rule from October 1, 2023

New TCS rates will be effective from October 1, 2023, requiring individuals to pay TCS if their spending exceeds a specific threshold in a fiscal year, regardless of the purpose.

A TCS of 20% will be applied to all international remittances over a threshold of Rs 7 lakh made within a fiscal year, excluding those made for medical and educational expenses.

2. Indian Bank Special FD Deadline

The deadline for special fixed deposit schemes, “Ind Super 400” and “Ind Supreme 300 days,” with higher interest rates has been extended to October 31, 2023.

3. SBI WeCare Deadline

Senior citizens will no longer be able to invest in SBI from October 1, 2023, as the deadline for investment is September 30, 2023. There is a possibility that the bank may extend the deadline.

4. IDBI Amrit Mahotsav FD Deadline

The deadline to invest in the special FD schemes named Amrit Mahotsav FD with terms of 375 and 444 days is October 31, 2023.

5. LIC Revival Campaign

LIC has initiated a special campaign for the reactivation of expired policies, offering concessions for reviving lapsed policies. The campaign is scheduled from September 1 to October 31, 2023.

6. Changes to Perpetual SIPs

The NACH has mandated that investors designate a time period for their mutual fund contributions, with the longest permitted time range for investment mandates set at 30 years beginning October 1, 2023, rendering the perpetual SIP option obsolete.

7. Last Date to Exchange/Deposit Rs 2,000 Notes

The RBI has extended the deadline to exchange or deposit Rs 2,000 notes to October 7, 2023, from the previous deadline of September 30, 2023.

Money Changes in October 2023

In October 2023, several significant financial changes and deadlines are set to take effect, impacting various aspects of personal finance. Let’s delve into each of these changes and deadlines in detail:

1. TCS Rule from October 1, 2023

The new Tax Collection at Source (TCS) rates will come into effect from October 1, 2023.

Individuals will be required to pay TCS if their spending exceeds a specific threshold in a fiscal year, irrespective of the purpose, such as international trips, foreign investments, education abroad, etc.

A TCS of 20% will be applied to all international remittances over a threshold of Rs 7 lakh made within a fiscal year, excluding those made for medical and educational expenses.

2. Indian Bank Special FD Deadline

Indian Bank has extended the deadline for its special fixed deposit schemes, “Ind Super 400” and “Ind Supreme 300 days,” with higher interest rates. The new deadline for investment is October 31, 2023.

3. SBI WeCare Deadline

Senior citizens will no longer be able to invest in SBI from October 1, 2023, as the deadline for investment is September 30, 2023. However, there is a possibility that the bank may extend the deadline.

4. IDBI Amrit Mahotsav FD Deadline

IDBI has introduced a new FD scheme named Amrit Mahotsav FD with terms of 375 and 444 days. The deadline to invest in these special FDs is October 31, 2023.

5. LIC Revival Campaign

The Life Insurance Corporation (LIC) has initiated a special campaign for the reactivation of expired policies, offering concessions for reviving lapsed policies. The campaign is scheduled from September 1 to October 31, 2023.

6. Changes to Perpetual SIPs

The National Automated Clearing House (NACH) has mandated that investors designate a time period for their mutual fund contributions. The longest permitted time range for investment mandates will be set at 30 years beginning October 1, 2023, rendering the perpetual SIP option obsolete. Existing perpetual SIPs and those started before October 1, 2023, will remain unaffected.

7. Last Date to Exchange/Deposit Rs 2,000 Notes

The Reserve Bank of India has extended the deadline to exchange or deposit Rs 2,000 notes to October 7, 2023, from the previous deadline of September 30, 2023.

These changes and deadlines in October 2023 are likely to have a significant impact on various financial matters, including taxation, investments, fixed deposits, insurance, and currency exchange.

FAQ

Q1: What are the changes to the TCS rule from October 1, 2023?

A1: The new TCS rates will be effective from October 1, 2023, requiring individuals to pay TCS if their spending exceeds a specific threshold in a fiscal year, with a 20% TCS applied to international remittances over a threshold of Rs 7 lakh.

Q2: What is the deadline for Indian Bank’s special fixed deposit schemes?

A2: The deadline for the special fixed deposit schemes “Ind Super 400” and “Ind Supreme 300 days” with higher interest rates has been extended to October 31, 2023.

Q3: When is the last date to invest in the IDBI Amrit Mahotsav FD?

A3: The deadline to invest in the special FD schemes named Amrit Mahotsav FD with terms of 375 and 444 days is October 31, 2023.

Q4: What is the duration of LIC’s revival campaign for lapsed policies?

A4: The special revival campaign by LIC is scheduled from September 1 to October 31, 2023, offering concessions for reviving lapsed policies.

Q5: What is the new rule regarding perpetual SIPs starting from October 1, 2023?

A5: The NACH has mandated that the longest permitted time range for investment mandates will be set at 30 years beginning October 1, 2023, rendering the perpetual SIP option obsolete.

Q6: What is the extended deadline for the exchange or deposit of Rs 2,000 notes?

A6: The RBI has extended the deadline to exchange or deposit Rs 2,000 notes to October 7, 2023, from the previous deadline of September 30, 2023.