Key Financial Tasks to Complete Before 31 March 2025

News:

MAS Team | 28 February 2025

As the current financial year draws to a close on March 31, individuals should prioritize several critical financial tasks to maximize tax benefits, secure higher interest rates on special fixed deposits, and ensure proper activation of employee benefits. Taking action before these deadlines will help optimize financial planning for the coming year.

UAN Activation for EPF-Linked Insurance Benefits

EPF members must activate their Universal Account Number (UAN) by 15 March 2025, to access the Employees' Deposit Linked Insurance (EDLI) scheme, which offers insurance coverage of up to Rs7 lakh. UAN activation is essential for online management of provident fund accounts and for securing these valuable insurance benefits.

Taking prompt action on these financial matters before their respective deadlines will ensure optimal financial planning and help secure beneficial rates and tax advantages in the coming fiscal year.

Tax-Saving Investment Deadlines

For those who have opted for the old tax regime, investing in tax-saving instruments before 31 March 2025 can significantly reduce taxable income. Key options under various sections of the Income Tax Act include:

National Pension System (NPS)
Employees' Provident Fund (EPF)
Public Provident Fund (PPF)
Tax-saving Fixed Deposits with five-year lock-in periods
Equity Linked Savings Scheme (ELSS)

Income Tax Return Updates

If you've made errors or omitted income in previous returns, you can file an updated return (ITR-U) for correction. The deadline for filing updated tax returns is 31 March 2025, which provides a two-year window from the end of the relevant assessment year.

Special Fixed Deposit Opportunities Ending Soon

Following the Reserve Bank of India's recent repo rate reduction from 6.50% to 6.25%, numerous banks have adjusted their fixed deposit interest rates downward. Several institutions have been offering special fixed deposit schemes with attractive interest rates, but these opportunities may not be extended beyond 31 March 2025, given the rate cut environment.

Investors seeking to lock in higher returns should consider these special FD schemes before they expire:

SBI Amrit Vrishti: A 444-day tenor plan offering 7.25% interest for general citizens and 7.75% for senior citizens
SBI Amrit Kalash: A 400-day special tenor scheme with 7.10% interest for general residents and 7.60% for senior citizens
IDBI Bank's Utsav Callable FD: Features varying interest rates based on maturity period
Indian Bank's IND Supreme and IND Super: These 300-day and 400-day schemes offer up to 8.05% interest for super senior citizens

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