As March 31, 2025, approaches, several financial deadlines and policy changes are set to take effect. They may potentially impact savings, taxes, and financial planning. Key deadlines include the last chance to invest in the Mahila Samman Savings Certificate, filing updated income tax returns, expiring offers on fixed deposits with special interest rates, and new rules for UPI transactions. SBI credit cardholders will face changes in reward points redemption policies, and investors should be aware of potential adjustments to small savings scheme interest rates. It is crucial to stay aware and act before these deadlines pass. Staying informed about these deadlines and changes can help you make timely decisions and avoid potential penalties or missed opportunities.
As March 31, 2025, approaches, several important financial deadlines and changes are set to occur. Here's a breakdown of key events to keep in mind:
1. Last Chance to Invest in Mahila Samman Savings Certificate
Mahila Samman Savings Scheme Certificate is a scheme for women and young girls that requires a minimum investment of ₹1,000 and allows a maximum of ₹2 lakh per person and earns an interest of 7.5 per cent. The said investment scheme will end on March 31, 2025.
2. New UPI Consent Rules Begin
Starting April 1, 2025, UPI apps will need clear permission from users before creating or updating their UPI ID numbers. Users will be opted out by default and must choose to opt in. This permission cannot be requested during a transaction to prevent confusion and to make the detection of fraudulent transactions easier.
3. Deadline to Update Income Tax Returns (ITR)
Taxpayers have until March 31, 2025, to submit revised returns for the applicable assessment year. Filing beyond this deadline will result in increased penalties:
• Before March 31, add 25% to the tax and interest payable.
• After March 31, add 50% of the tax and interest payable.
4. Possible Changes to Small Savings Scheme Interest Rates
The government reviews interest rates for Post Office Small Savings Schemes every quarter. The rates for April to June will be announced by March 31, 2025, which may vary from the existing rates.
5. Tax-Saving Investment Deadline
March 31 marks the end of the financial year, making it the last day to complete tax-saving investments and declarations. Proper planning can reduce tax liability such as making investments with high-earning returns that may result in enhanced financial security. It is important to make investments in order to claim tax deductions that can put a start on your savings while earning returns on your investment.
6. Special Fixed Deposit (FD) Schemes Ending
Several banks offer unique FD plans that end on March 31, 2025:
• IDBI Bank's Utsav Callable FD provides flexible terms, including the maximum interest rate of 7.40% for 555 days.
• Indian Bank's IND Supreme and IND extremely FDs provide interest rates of up to 8.05% for extremely elderly folks.
7. PM Internship Scheme Application Deadline
The Prime Minister's Internship Scheme, which offers opportunities for students and recent graduates to gain experience in various government departments, has an application deadline of March 31, 2025. Interested candidates should apply before this date to be considered. It allows guaranteed work for up to one year as well as insurance by the state, and the company may also provide insurance. It is a good opportunity for newcomers of the industry to gain the inner workings, important experience and professionalism.
