From Updating Aadhaar To Renewing Bank Locker Agreement, Here's A List of Important Money Tasks For December 2023

As we approach the final stretch of 2023, a string of critical financial obligations looms, demanding our immediate attention. Staying abreast of these impending deadlines is paramount, given their potential impact on our day-to-day lives. Here are the pivotal financial tasks that beckon our consideration this December:

# Bank Locker Agreement Renewal
The Reserve Bank of India (RBI) has introduced fresh directives concerning safe deposit lockers, necessitating customers to renew their agreement with banks annually. It's imperative to abide by this mandate, ensuring continued access to lockers by fulfilling rent obligations. The deadline for compliance with this agreement stands at December 31, 2023.

# Aadhaar Card Update Deadline
December 14, 2023, marks the culmination of the free Aadhaar card update window. The Unique Identification Authority of India (UIDAI) emphasizes the urgency for users, especially those whose Aadhaar cards were issued a decade ago and remain unaltered, to upload essential Proof of Identity and Proof of Address documents.

Updating your Aadhaar card is a straightforward process via the myAadhaar portal. However, physical Aadhaar centers levy a fee of Rs 50 for this service.

# Mutual Fund Nomination Finalization
Investors in mutual funds have until December 31 to nominate beneficiaries. This crucial provision enables investors to designate individuals eligible to claim their securities or mutual fund redemption proceeds in the event of their demise. The revised deadline, extended by Sebi from September 30, 2023, applies to existing demat account holders and mutual fund unit holders.

# Reactivation of Inactive UPI IDs
In a recent circular issued on November 7, the National Payments Corporation of India (NPCI) directed payment apps and banks to deactivate dormant UPI IDs that have been inactive for over a year. To retain access, users must reactivate these IDs by December 31, 2023. Third-Party App Providers (TPAP) and Payment Service Providers (PSP) are bound to implement these guidelines, necessitating prompt action from users to ensure uninterrupted service.

Staying vigilant and acting swiftly to fulfil these financial obligations is imperative to avoid potential disruptions in financial services and safeguard your interests.