6 Financial Changes In August 2023

Here we enlist the 6 monetary updates for the month of August:-

SBI Announces Its New FD Scheme

SBI has announced its new special fixed deposit scheme. The name of this scheme is “Amrit Kalash”. It is a 400-day term deposit which will provide interest @7.10% for normal customers and 7.60% for senior citizens. This scheme includes features such as pre-mature withdrawals and loans against deposits. 

Axis Bank Credit Card

If you use a Flipkart axis bank credit card, then it is bad news for you. As per the change in rules, the bank has reduced the amount of cashback and incentive points on Flipkart Axis Bank credit cards from August 12 2023. According to the new rules, you can be qualified for cashback of 1.5% if you use a credit card for travel expenses on the Flipkart app. Apart from that, using the merchant code 9399 won’t earn you any cashback. In addition, you won’t be able to claim cashback on fuel purchases and gift card purchases made on Flipkart, Myntra, etc.

Bank Holiday

In August 2023, banks will remain closed for 14 days. This also includes the second and the fourth Saturday. On August 15 2023, all banks in the country will remain closed on occasion on Independence Day.  

Also Read: Your Checklist for ITR Filing

Income Tax Penalty

The last date to file ITR is 31st July. Those who don’t file the income tax returns before that day will be subjected to a penalty. The penalty ranges up to Rs. 5000 starting from 1st August 2023. Even if you fail to file the income tax return before 31st July, you can still file a belated return till 31st December 2023. In case the annual income of the taxpayer is below 5 lacks, then a fine of Rs 1000 will be applicable instead of Rs 5000. You can take the assistance of organisations like FileMyReturn to file your return and save tax.

IDFC Special “Amrit Mahotsava” FD Scheme

IDBI Bank has recently introduced a special scheme called “Amrit Mahotsav FD for 375 days,” which provides an attractive interest rate of 7.60% per annum. This offer is valid until August 15, 2023. Additionally, the bank also offers an existing “Amrit Mahotsav FD for 444 days” with a peak interest rate of 7.65% per annum under the callable option and 7.75% per annum under the non-callable option. Another new scheme for 375 days has been launched, effective from July 14, 2023, and valid until August 15, 2023.

Indian Bank’s IND SUPER 400 Days

The Indian Bank launched its IND SUPER 400 Days on March 9, 2023. These investments last for 400 days and range from Rs 10000 to Rs 2 crore in the form of fixed deposits. The last date to invest under this scheme is 31st August 2023. The bank provides an interest of 7.25% to the public. Apart from this, they will provide an interest of 7.75% for senior citizens and 8% for super senior citizens.  

Conclusion

The month of August has presented various opportunities for investments in various schemes announced by different banks. At the same time, there are some challenges such as Flipkart credit card rules and income tax return filing due dates. May your August be filled with financial good luck. 

For any finance or tax-related services you can contact our experts at FileMyReturn.