3 Financial Deadlines In June 2024 Seniors Should Not Ignore

June 2024 is just a day away and it’s worthwhile to keep note of the few deadlines that could have a bearing on your financial planning process. These majorly relate to investment and documentation processes and special rates on bank fixed deposits (FDs).

Also Read: 5 Reasons Fiji Is Perfect For Elderly Travellers 

So, here are the details.

Aadhaar Updation: June 14, 2024

Aadhaar detail is a mandatory for the ‘know your customer’ (KYC) process for banks as well as for making investments in post office schemes or in the securities market.

Therefore, it is important to keep your Aadhaar details updated. In case of any change in your Aadhaar details, you can update it either on the Unique Identification Authority of India (UIDAI) website or the UIDAI mobile app, or even at a nearby Aadhaar centre. 

The last date for making the changes free of charge is June 14, 2024. The previous date was March 14, 2024, which was extended by three months to June 14, 2024.

Incidentally, UIDAI also suggests that one should get his/her Aadhaar updated if it is more than 10 years old.

As Aadhaar is required for authentication purposes for bank and various other transactions, so it advisable to update the change free of charge before the due date of June 14, 2024, and keep the records up-to-date.

Nomination Updation In Demat, MFs: June 30, 2024

The deadline to update nominations in dematerialised accounts and mutual funds is June 30, 2024.

The date has been extended several times in the past, after the Securities and Exchange Board of India (Sebi) issued a circular on July 29, 2022, regarding updating or opting out of the nomination in dematerialised accounts and mutual funds.

One can update the nomination in their dematerialised account through the broker with whom they have an account. For mutual funds, investors can update the nomination details either online with the asset management companies (AMCs), or the Registrar and Transfer Agent (RTA), such as KFin Technologies or Computer Age Management Services Limited (CAMS), or, offline through brokers, AMCs, and RTAs.

Including nominee in investments is crucial to avoid financial feuds within the family in case of unexpected demise of the investor. Therefore, one should not neglect updating their nomination details as required, especially if one is a senior citizen.

Bank FDs: June 30, 2024

A couple of banks are offering special rates on fixed deposits (FDs) till the end of June 2024.

IDBI Bank’s Utsav FDs is available for three tenures: ‘300 days’, ‘375 days’, and ‘444 days’. The bank is offering a deposit rate of 7.55 per cent, 7.60 per cent, and 7.70 per cent, to senior citizens for these tenures, respectively, and 0.50 per cent lower to the general public.

Indian Bank is offering special rates on its FDs till June 30, 2024, extended from the previous date of May 3, 2024. The rate for seniors for its ‘Ind Super 400 Days’ FD is 7.75 per cent, and for ‘Ind Supreme 300 Days’ is 7.55 per cent. For super senior citizens (80 years and above), the deposit rates for these two special FDs are 8.0 per cent and 7.80 per cent, respectively.

Punjab and Sind Bank is also offering special rates on its FDs till June 30, 2024. The deposit rate on its special FD for ‘222 Days’ is 7.05 per cent interest, and for tenures of ‘333 days’ and ‘444 days’, the bank is offering 7.10 per cent, and 7.25 per cent, respectively. The bank is offering an additional deposit rate of 0.50 per cent to senior citizens.