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December 2023 Financial Must-Dos: Aadhaar, Mutual Funds, and More

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Updating your Aadhaar card, nominating beneficiaries for Mutual Funds, and renewing your Bank Locker Agreement are among the crucial financial tasks to complete in December 2023. As the year comes to a close, it’s vital to be aware of impending financial deadlines that can significantly impact your daily life. Here are four important deadlines to keep in mind:

Bank Locker Agreement:
The Reserve Bank of India (RBI) has introduced new guidelines for safe deposit lockers, requiring customers to sign a new agreement with their banks annually. To continue using lockers and avoid any issues, make sure to renew the agreement by December 31, 2023.

Aadhaar Card Update:
The deadline to update details on your Aadhaar card without incurring any charges is December 14, 2023. The UIDAI recommends users upload Proof of Identity and Proof of Address documents, especially if their Aadhaar card was issued a decade ago and hasn’t been updated.

To update your Aadhaar card, visit the myAadhaar portal. There is a Rs 50 fee for updating details at physical Aadhaar centers.

Mutual Fund Nomination:
The deadline for nominating beneficiaries for Mutual Funds is December 31, 2023. This allows investors to designate someone who can claim their securities or mutual fund redemption proceeds in the event of their demise. Note that the deadline was extended by Sebi from September 30, 2023.

Reactivating Inactive UPI IDs:
The National Payments Corporation of India (NPCI) has instructed payment apps and banks to disable UPI IDs that have been inactive for over a year. However, you can reactivate your UPI ID by December 31, 2023. Third-Party App Providers (TPAP) and Payment Service Providers (PSP) must adhere to the latest guidelines and take necessary actions for reactivation.

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