As the month of June begins, there are several crucial tasks and deadlines that individuals should be aware of to avoid future complications and inconveniences.
Failure to address these matters promptly could lead to unnecessary worries later on. Here are the important activities to keep in mind:
RBI Monetary Policy Announcement: Will Interest Rates Rise Again?
On June 8, the Reserve Bank of India (RBI) is set to make its second monetary policy announcement for the financial year 2023-24.
After the relief brought by the RBI’s decision to maintain the repo rate at 6.5 percent during the first bi-monthly monetary policy review of FY24, borrowers are keen to know if there will be any changes this time.
Bank Locker Agreement Revisions
Customers with lockers in banks such as State Bank of India (SBI) and Bank of Baroda have been requested to sign revised bank locker agreements by June 30, 2023.
It is expected that other banks will also implement this requirement, so it is essential to fulfill the necessary formalities within the specified time frame.
New Rule for Mutual Fund Investments in the Name of Children
Starting from June 15, a new regulation issued by the Securities and Exchange Board of India (SEBI) allows investments in mutual funds to be made from the bank account of a minor, parent, or legal guardian.
The account must be jointly held by the minor and either the parent or legal guardian. Previously, investing in the child’s name required a dedicated bank account in the child’s name, creating challenges for some investors.
Deadline for Advance Tax Payment: June 15
It is crucial to remember that the deadline for depositing advance tax is June 15.
Even if you are a salaried individual who assumes advance tax is not applicable, you may still need to pay it if you have other sources of income, such as savings interest, rental income, or capital gains.
Application for Enhanced Pension Based on Actual Salary: Deadline on June 26
The Employees’ Provident Fund Organization (EPFO) has extended the deadline until June 26 for employees who were members of EPFO and Employees’ Pension Scheme (EPS) before September 1, 2014, but missed the earlier opportunity to opt for a higher pension.
It is essential to apply within this timeframe to avail of the enhanced pension options based on actual salary.
Taking prompt action on these tasks and meeting the specified deadlines will ensure a smooth and hassle-free financial journey in the coming months.
Stay informed and complete the necessary procedures to avoid any unnecessary concerns or inconveniences down the line.
