December Reminder: Ensure Completion of These 5 Critical Tasks Before the Deadline

As the final month of 2023 approaches, December brings with it crucial tasks that must be completed at all costs, as missing the deadlines could lead to significant regrets. Here are five tasks that require your immediate attention:

1. Updated Bank Locker Agreement:

   • If you submitted the updated Bank Locker Agreement on or before December 31, 2022, be aware that you may need to sign and submit it again. The Reserve Bank of India (RBI) has set December 31, 2023, as the last date for the sequential implementation of the revised locker agreement.

2. UPI ID Deactivation:

   • The National Payment Corporation of India (NPCI) has issued a circular instructing third-party app providers and payment service providers to deactivate UPI IDs that have not been used for a transaction in the past year. UPI IDs of inactive customers will be deactivated by December 31. NPCI has mentioned that these inactive accounts can be reactivated by performing at least one transaction.

3. Nomination for Mutual Funds and Demat Accounts:

   • For those investing in mutual funds who have not designated a nominee, it is essential to complete this task before December 31, 2023. Failure to do so may result in the freezing of the mutual fund account, preventing redemption. This requirement also extends to demat account holders. Despite its importance, many individuals overlook nominating, making it crucial to meet the December 31 deadline.

4. Aadhar Card Update:

   • If you wish to update your Aadhar card without incurring any fees, make sure to complete the process by December 14. Beyond this date, fees will be applicable for Aadhaar updates. The government emphasizes the importance of updating Aadhaar cards, even for those with a 10-year-old card.

5. SBI Amrit Kalash Scheme Investment:

   • Those interested in benefiting from the SBI's special FD scheme, Amrit Kalash, must invest by December 31. This unique scheme with a maturity period of 400 days offers an attractive interest rate of 7.10 percent. Ensure timely investment to capitalize on this opportunity before the December 31 deadline."

Remember, prompt action on these tasks will help you avoid potential losses and setbacks."