New Delhi:
As the year 2018 comes to an end, most of us are planning about holidays and parties. It’s human nature to celebrate at this point of time but this is also the time of the year when you need to finish your financial tasks as December 31 happens to be the deadline for many of them. So while you prepare to party on New Year, make sure you complete these five things to have sound financial health in 2019.
Last day to file ITR
You might be aware that the Income Tax Department has fixed December 31 as the last date to file Income Tax Returns (ITR) for the financial year 2017-18. Although, you will have to pay a late fee of up to Rs 5,000 as the extended due date of filing ITR was August 31, it is still a better option to fill it before December 31 as post this date the late fee will be doubled to Rs 10,000.
Get new debit cards
AS per the guidelines of the Reserve Bank of India, all the debit cards having Magstripe will stop working. The decision was taken to protect the customers from fraudulent transactions. From January 1, 2019, you will have to use Debit Cards having EMV Chip to withdraw money from ATMs. So get your new debit card issued from the bank as it is absolutely safe and comes with no charges.
Non-CTS cheque books won't work
Just like Debit Cards, get your non-CTS cheque books replaced with a CTS cheque book in order to avoid the cheque bounce situation. Check Truncation System (CTS) reduces the time required for check clearing and hence gives a better customer service.
Transfer your balance from SBU Buddy
SBI has completely shutdown its mobile wallet SBI Buddy and December 31 is the last to transfer your balance. SBI has offered the YONO integrated digital banking platform as an alternative.
Apply for home loan if you are planning to buy a new home
The State Bank of India (SBI) is providing home loan with zero processing fee. So those who are planning to buy new should apply for it by the end of the day today as the scheme is valid till December 31, 2018.
