Key financial tasks must be completed before March 31, 2025, to optimize tax savings, invest in special FDs, and activate UAN for EPF-linked insurance

Money deadlines in March 2025: From special FD deadline to UAN activation Special FD schemes from banks like SBI and Indian Bank offer higher interest rates, and these opportunities should be seized before their deadlines

As the current financial year ends on March 31, it is important to complete several key financial tasks to optimize tax savings, invest in special fixed deposits, and UAN activation for Employees' Provident Fund (EPF) linked Insurance (ELI) to ensure smooth financial planning. Here are some of the important financial tasks that should be completed before the end of the financial year on March 31,2025.

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Following the Reserve Bank of India's (RBI) repo rate cut by 25 basis points (bps) from 6.50% to 6.25%, several banks have reduced their fixed deposit (FD) interest rates.

For the past few years, many banks have been offering special fixed deposit schemes with higher interest rates for a limited period. However, with the recent RBI rate cut, there is a high possibility that these special FDs will not be extended further.

Investors looking to lock in higher returns should consider investing before these schemes end. Banks currently offering these special FDs include SBI, Indian Bank, IDBI Bank, and Punjab & Sind Bank, with the deadline set for March 31, 2025.

Tax Saving Investments (Section 80C, 80D, 80G, etc.)

Before March 31, 2025, you should invest in tax-saving options to lower your taxable income if you have opted for the old tax regime. The Income Tax Act offers several important deductions, including the National Pension System (NPS), Employees' Provident Fund (EPF), Public Provident Fund (PPF), Tax-saving Fixed Deposits (with a five-year lock-in), and Equity Linked Savings Scheme (ELSS).

Filing or updating Income Tax Returns (ITR)

You can file an updated return (ITR-U) for correction if you made a mistake or left out any income in your prior ITR. You have two years from the end of the relevant assessment year to file your ITR-U. The last date to file an updated tax return is March 31, 2025.

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UAN activation for Employees' Provident Fund (EPF) linked insurance (ELI)

EPF members must activate their Universal Account Number (UAN) in order to access and manage their provident fund account online. The Employees' Provident Fund (EPF) offers up to Rs 7 lakh in insurance coverage to its members as part of the Employees' Deposit Linked Insurance (EDLI) scheme. The UAN must be activated by March 15, 2025, in order to receive benefits under the EDLI scheme.

Read more: Deadline to activate UAN for EPFO's ELI Scheme extended again; here is how to activate your UAN and avail benefits

Special fixed deposit deadline

SBI Amrit Vrishti
For general citizens, SBI’s Amrit Vrishti, a special tenor plan of "444 days", offers a rate of interest of 7.25%, while for senior citizens, the rate is 7.75% under the scheme. The scheme will be effective till March 31, 2025.

SBI Amrit Kalash
For general residents, SBI’s Amrit Kalash, a special tenor scheme of "400 days", offers an interest rate of 7.10%; for senior citizens, it offers a rate of 7.60% under the scheme. The scheme will be valid till March 31, 2025.

Also read: Get FD interest rate up to 8.05%: Check these special FD deadlines in 2025

IDBI Bank
Utsav Callable FD is a special FD scheme with interest rates that vary depending on the maturity period. The last date to invest in Utsav FD is March 31, 2025.

Indian Bank
Indian Bank offers special fixed deposit (FD) schemes of IND Supreme 300 Days and IND Super 400 Days. These schemes offer interest rates of up to 8.05% for super senior citizens. The last date to invest in the scheme is March 31, 2025.

This story originally appeared on: India Times - Author:Faqs of Insurances