Last month to deposit Rs 2000 notes
Banks will remain closed for a total of 16 days on different occasions in September. This includes every Sunday, as well as the holiday on every second and fourth Saturday. The month will observe holidays on Ganesh Chaturthi, Eid-e-Milad and Janmashtami. There are numerous national holidays as well. On that day, all banking operations across the nation will be closed. Some holidays, however, are only observed locally or regionally. Only banks in selected states will be closed on local holidays.
For example: On September 6, banks will remain closed in Bhubaneswar, Chennai, Hyderabad and Patna, due to Shri Krishna Janmashtami. On September 7, due to Shri Krishna Janmashtami, there will be a bank holiday in Ahmedabad, Chandigarh, Dehradun, Gangtok, Telangana, Jaipur, Jammu, Kanpur, Lucknow, Raipur, Ranchi, Shillong, Shimla and Srinagar.
On September 18, banks will remain closed in Bengaluru and Telangana due to Vinayak Chaturthi. Banks will remain closed in Ahmedabad, Belapur, Bhubaneswar, Mumbai, Nagpur, and Panaji on account of Ganesh Chaturthi on September 19.Banks will remain closed in Kochi and Bhubaneswar due to Ganesh Chaturthi and Nuakhai on September 20.
Banks will remain closed in Kochi, Panaji and Trivandrum on September 22 on the occasion of Sree Narayana Guru Samadhi Day.
On September 25, due to the birth anniversary of Shrimant Sankardeva, there will be a holiday in banks in Guwahati.
Banks in Jammu, Kochi, Srinagar and Trivandrum will remain closed on September 27 due to Milad-e-Sharif.
Second instalment of advance tax
The second instalment of advance tax for the assessment year 2024-25 should be paid by 15 September.
Execution-only platforms for investing in direct MF schemes
Over the past few years, direct plans of mutual fund schemes have gained traction among investors as such schemes are cheaper compared to regular plans, which include a commission paid to distributors. This resulted in the mushrooming of several online platforms that provide the facility of investing in direct plans.
Demat and mutual fund nomination
Nomination is the process of designating someone to manage your assets in the event of your passing. For new funds, making a nomination is mandatory. If an investor chooses not to nominate, they can skip the process while filling out the form. Nomination registration simplifies fund transfer to nominees upon the investor’s demise.
Nominations can be completed through various methods. Websites of Registrar and Transfer Agents (RTAs) like CAMS and KFintech offer this feature, requiring a one-time password (OTP). Alternatively, MF Central—an investment management platform by CAMS and KFintech—allows updating nominations using your PAN. After logging in, select your mutual funds, update nominee details, and verify with an OTP.
PAN -Aadhaar link for small savings scheme
Free Aadhaar update on myAadhaar portal
Last month to lock in these FD rates
Similarly, IDBI Bank offers an interest rate of 7.10% for the general public and 7.60% for senior citizens. IDBI’s Amrit Mahotsav FD” for 375 Days and 444 Days is valid till September 30.
Axis Bank revises benefits in Magnus Credit Card from 1 September
Axis Bank has revised the terms and conditions of its Magnus Credit Cards for customers. From 1 September 2023, the bank will start charging an annual fee of Rs 12,500 for its Magnus Credit Card. This is a change from the current policy, which waives the annual fee for the card if the customer spends Rs 25 lakh in the preceding card anniversary year. Moreover, removal of the Monthly milestone benefit is the major hit for most.
Here are the changes
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The monthly milestone benefit of 25,000 bonus points is removed. -
Accelerated Rewards of 35/200 INR (14% beyond 1.5L spend a month) -
Transfer ratio to partners drops from 5:4 to 5:2 -
The annual fee hiked to 12,500 INR and the renewal fee waiver only on Rs 25 lakh worth spend -
No renewal benefit