Just like September, the month of October also many financial deadlines and changes that can have impact on your money matters. These include the new TCS (tax collected at source) rule, special FD deadlines, new debit card rule and more.
Here is a list of 8 money changes in October 2023:
1. TCS rule from October 1, 2023
The new tax collection at source (TCS) rates will take effect on October 1st, 2023. You must pay TCS if your spending exceeds a specific threshold in a fiscal year, regardless of whether you are taking a trip overseas, investing in foreign equities, mutual funds, or cryptocurrencies, or going abroad for further education.
The Reserve Bank of India (RBI)’s Liberalised Remittance Scheme (LRS) allows you to send up to $250,000 in one fiscal year. Beginning on October 1, 2023, a TCS of 20% would be applied to all international remittances over a threshold of Rs 7 lakh made within a fiscal year, excluding those made for medical and educational expenses.
2. Debit card, credit card rule
The Reserve Bank of India (RBI) has proposed that you be given the option of selecting your network provider for your debit card, credit card, or prepaid card. At the moment, when you apply for a debit or credit card, the network provider is normally determined by the card issuer.
Starting from October 1, 2023, the regulator wants the bank to offer cards on multiple networks and give customers the option to select their preferred card network. “Card issuers shall provide an option to their eligible customers to choose any one among the multiple card networks. This option may be exercised by customers either at the time of issue or at any subsequent time,” the draft proposal mentioned.
3. Indian Bank special FD deadline
According to the bank’s website, Indian Bank, a public sector bank, has extended the “Ind Super 400” and “Ind Supreme 300 days” special fixed deposits with higher interest rates.
The deadline has been extended to October 31, 2023.
4. SBI WeCare deadline
Senior citizens will no longer be able to invest in SBI from October 1, 2023 as the date to invest is September 30, 2023. However, there are chances that bank will extend the deadline.
5. IDBI Amrit Mahotsav FD deadline
IDBI launched a new FD scheme named Amrit Mahotsav FD with terms of 375 and 444 days. The deadline to invest in these special FD is October 31, 2023.
6. LIC revival campaign
The Life Insurance Corporation (LIC) has launched a special campaign for the reactivation of expired policies in order to continue providing risk cover in these unsettling times. For individual lapsed insurance, a special revival campaign is starting on September 1 to October 31, 2023.
7. Changes to perpetual SIPs- Time limit on SIP
The National Automated Clearing House (NACH) released a circular on August 18, 2023, requiring investors to designate a time period for their mutual fund contributions. The longest permitted time range for investment mandates will be set at 30 years beginning October 1, 2023, rendering the perpetual SIP option obsolete.
It’s important to remember that existing perpetual SIPs, as well as those started before October 1, 2023, will be unaffected. These modifications only apply to SIPs that begin after October 1, 2023.
8. Last date to exchange, deposit Rs 2,000 notes
The Reserve Bank of India has extended the deadline to exchange, deposit Rs 2000 notes to October 7, 2023 from September 30, 2023. As per an RBI press release dated September 30, 2023: As the period specified for the withdrawal process has come to an end, and based on a review, it has been decided to extend the current arrangement for deposit / exchange of Rs 2000 banknotes until October 07, 2023.
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