New Rule From August: Many things are going to change in August, from ITR filing to investment in special FDs, which can affect your pocket.
Rule Change From August 2023: Many major changes related to money are going to happen in August. This can affect your savings and investments. Here is information about five such changes, ranging from special fixed deposits, ITR filing and credit card related things. You should know about them.
Credit Card Rules
If you use Axis Bank’s credit card and shop from Flipkart, now you will get some cashback and less incentive points. This private sector bank has cut it till 12 August 2023. According to the bank’s website, from August 12, 2023, you will be eligible for 1.5 per cent cashback on using your credit card to pay for travel related expenses on Flipkart.
SBI Amrit Kalash
The last time to invest in SBI’s special FD scheme Amrit Kalash is 15 August. This is a 400-day term deposit scheme, whose interest rate will be 7.1 percent for regular customers and 7.6 percent for senior citizens. Premature withdrawal and loan facility can also be availed under this special FD.
Indian Bank IND SUPER 400 Days Special FD
Special FD has been introduced by Indian Bank, whose name is “IND SUPER 400 DAYS”. Under this 400-day fixed deposit scheme, an investment of Rs 10,000 to Rs 2 crore can be made. The last chance to invest in it is 31 August 2023. Under the 400-day special FD, 7.25% interest is being given to common people and 7.75% interest to senior citizens.
At the same time, there is also a 300-day FD of Indian Bank, under which investment can be made from 5 thousand to 2 crore rupees and the last time to invest in it is 31 August. It is giving 7.05 percent interest to the common people and 7.55 percent interest to the senior citizens.
Income tax return filing
If you have not filed ITR till 31st July then you will have to pay penalty on filing income tax return. This fine of 5 thousand rupees will be applicable from 1 August 2023. If you fail to file your ITR by the deadline, you have time till December 31, 2023, to file the belated return. A penalty of Rs 5,000 will have to be paid under Section 234F of the Income Tax Act 1961 for filing ITR after July 31. However, those whose annual income is less than five lakhs, they will have to deposit Rs 1000.
IDFC Bank FD
IDFC Bank has launched Amrit Mahotsav Fixed Deposit Scheme for 375 days and 444 days, in which the last chance to invest is 15th August. The maximum interest on FD of 375 days is 7.60 percent. At the same time, the maximum interest on FD of 444 days is 7.75 percent.
Bank Holidays
If you have any work related to the bank, which will not be completed without going to the branch, then settle it soon, because in August the banks are going to be closed for a total of 14 days.
