Several important changes in personal finance are set to take effect in September, including the extension of free Aadhaar updation, special FD schemes, and changes in credit card rules.

Free Aadhar Update

The Unique Identification Authority of India (UIDAI) has extended the deadline to update Aadhaar cards for free to September 14, 2024. The earlier deadline was June 14, 2024. To inform the public about this extension, UIDAI states on its website: “Update Aadhaar for continuous accuracy of demographic information. To update it, upload your proof of identity and address documents.” People can also update their Aadhaar cards offline at enrollment centres after paying a service charge of Rs 50. They can also update it on the MyAadhaar portal.

Also Read: Planning An Early Retirement? Beware Of The Risk!

Special FD schemes

Several banks have announced extensions of their special fixed deposit (FD) schemes that come with attractive interest rates. IDBI Bank has extended the validity date for Utsav FDs across various tenures and introduced a new 700-day FD. The bank offers a 7.05 per cent interest to regular citizens and 7.55 per cent to senior citizens on Utsav FDs maturing in 300 days and 7.15 per cent and 7.65 per cent, respectively, on those maturing in 375 days. IDBI extended the deadline for its special FDs to September 30 from the initial deadline of June 30.

Punjab and Sindh Bank has also extended the deadline to September 30, 2024, for its 222-day FD and 333-day FD, which offer 6.30 per cent and 7.15 per cent interest, respectively. State Bank of India’s 400-day Amrit Kalash FD scheme, which provides 7.10 per cent and 7.60 per cent to the general public and senior citizens, has also been extended till September 30, 2024. SBI WeCare term deposit, which offers 100 basis points above the card rate, will also be open until September 30, 2024.

Credit Card Rule Change

HDFC and IDFC FIRST banks have changed their credit card payment terms. HDFC Bank has modified its credit card loyalty programme, with new rules set for September 1, 2024. The changes include caps on reward points for specific utility, telecom, and cable transactions. Additionally, specific education payments made through third-party apps and wallet loading, among others, will no longer earn reward points.

IDFC FIRST Bank has changed the minimum amount due (MAD) computation and payment date effective from September 2024. The percentage of principal balance outstanding included in the MAD computation will decrease from 5 per cent to 2 per cent, providing customers with increased financial flexibility. Furthermore, the payment due date for IDFC FIRST Bank credit cards will be reduced from 18 to 15 days from the statement generation date.

SGB Premature Redemption Window

From September 16 to 30, 2024, four SGB series are due for premature redemption. The most recent one is 2017-18 Series III, issued on October 16, 2017, with request submission dates starting September 16, 2024. Then, two more SGBs will have their request submission window open the next week and one more series on September 30, 2024.