UPI transactions New Rules Effective April 1: The month of April marks the start of a new fiscal year, with only a few days remaining. With the new fiscal year, several money-related restrictions will change, which will have a direct influence on your pocket. Along with this, many users’ UPI transactions would be suspended. Let’s find out what the full thing is.
The UPI transactions will be suspended
Starting April 1, the NPCI will suspend UPI transactions for mobile banks that have been dormant for a long time. If you want to continue UPI transactions, use the mobile number associated with your UPI.
You will gain greater benefit from FD
Beginning April 1, the bank would not deduct TDS on interest up to Rs 1 lakh on FD, RD, and other similar savings programs. Previously, the ceiling for senior folks was Rs 50000, but it has now been doubled to Rs 1 lakh. For other investors, the maximum has been increased from Rs 40 thousand to Rs 50 thousand.
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Interest rate changes
Many banks’ interest rates on savings accounts and fixed deposits may change beginning April 1. Many banks, including SBI, HDFC Bank, Indian Bank, IDBI Bank, and Punjab & Sind Bank, have modified the interest rates on their FDs and special FDs, which you may check by going to the bank’s website.
If the PAN and Aadhaar are not linked, the dividend would be lost
If your PAN and Aadhaar are not connected, you will not get stock dividends beginning April 1. In addition, the TDS deduction on capital gains will be increased, and no credit will be given in Form 26AS, resulting in a longer refund period.
Strict regulations for Demat-Mutual Fund Account
SEBI has also tightened the criteria for creating mutual fund and demat accounts. As a result, all users must re-verify their KYC and nominee details, or their accounts may be frozen. It can be reactivated, but there may be issues if the nominee’s information is not available.
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