{"id":2826,"date":"2020-06-08T12:32:19","date_gmt":"2020-06-08T07:02:19","guid":{"rendered":"https:\/\/www.finsafe.in\/financial-wellness\/?page_id=2826"},"modified":"2022-11-18T12:33:58","modified_gmt":"2022-11-18T07:03:58","slug":"march-2020-monthly-updates","status":"publish","type":"page","link":"https:\/\/www.finsafe.in\/financial-wellness\/march-2020-monthly-updates\/","title":{"rendered":"Monthly Updates"},"content":{"rendered":"\t\t
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12) In March 2020, online transactions were deactivated for all credit and debit cards where no transactions had taken place since inception. Few changes in Sukanya Samriddhi Yojana were made too. \nAs part of Covid-19 relief measures, moratorium on loans was allowed till June 2020, PAN Aadhar linking dates, income tax returns filing date, investment deadline for claiming tax benefits were extended and a few banking related measures were also introduced. <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Particulars<\/td>Old<\/td>New<\/td><\/tr>
Online and contactless transaction facility for credit and debit cards<\/td>Online and contactless transaction allowed by default for all debit and credit card holders<\/td>
  1. all debit and credit card holders.Mar 2020 for all existing cards with no online transactions from the time of issue of card.<\/li>
  2. New cards issued from 16 Mar 2020 will only be enabled for domestic transactions at ATM and point of sale terminals.<\/li>
  3. Card holders have to request issuing bank to enable activities like online and contactless transactions.<\/li><\/ol><\/td><\/tr>
Changes in Sukanya Samriddhi Scheme<\/td>
  1. Default accounts (where minimum deposit of Rs 250\/- was not made in a financial year) would earn interest at the Post Office Savings Bank interest rate<\/li>
  2. Girl child can operate the account after she attains the age of 10.<\/li>
  3. A guardian\/parent opening account for more than 2 girl children, required to submit medical certificate.<\/li>
  4. Premature closure allowed only in case of death of girl child or change in residency status of girl child.<\/li><\/ol><\/td>
  1. Default accounts will continue to earn interest applicable to SSY till the date of maturity.<\/li>
  2. Girl child can operate the account only after she attains the age of 18.<\/li>
  3. For a guardian\/parent opening account for more
    than 2 girl children, need to submit affidavit along with birth certificate.<\/li>
  4. Premature closure allowed on death of girl child or on compassionate grounds like for treatment of life threatening diseases or death of guardian.<\/li><\/ol><\/td><\/tr>
PPF interest rate<\/td>(Jan \u2013 Mar 2020)7.9% per annum<\/td>(Apr \u2013 June 2020)
7.1% per annum<\/td><\/tr>
Senior Citizens Savings Scheme interest rate<\/td>(Jan \u2013 Mar 2020)
8.6% per annum<\/td>		(Apr \u2013 June 2020)7.4% per annum<\/td><\/tr>
National Savings Certificate interest rate<\/td>(Jan \u2013 Mar 2020)7.9% per annum<\/td>(Apr \u2013 June 2020)6.8% per annum<\/td><\/tr>
Sukanya Samriddhi interest rate<\/td>(Jan \u2013 Mar 2020)8.4% per annum<\/td>(Apr \u2013 June 2020)7.6% per annum<\/td><\/tr><\/tbody><\/table>
    • For existing investors of Senior Citizens Savings Scheme and National Savings Certificate, the rate of interest remains the same until maturity.<\/li>
    • The new rates are applicable for starting fresh investments into SCSS & NSC from Apr 2020.<\/li>
    • All existing & new PPF & SSY accounts will earn the new rates from April 1,2020.<\/li><\/ul><\/li><\/ul>
      Particulars<\/td>Old<\/td>New<\/td><\/tr>
      Banking Related Measures<\/td>
      1. Debit card holders would be charged a penalty for ATM withdrawals from other bank ATM\u2019s beyond a specified limit.<\/li>
      2. Each bank has a specific minimum balance requirement which savings account holders need to maintain.<\/li><\/ol><\/td>
      1. Debit card holders can withdraw cash from any bank ATM for the next 3 months without any charge.<\/li>
      2. No charges for not maintaining any minimum balance in your savings account for the next 3 months.<\/li><\/ol><\/td><\/tr>
      Income Tax Related Measures<\/td>
      1. PAN had to be linked to Aadhar by 31Mar 2020, else PAN card would become inoperative.<\/li>
      2. Investments into tax saving instruments had to be made by 31Mar 2020 to avail tax benefits in FY 2019-20.<\/li>
      3. Last date for filing belated income tax returns for FY 2018-19 was 31Mar 2020.<\/li><\/ol><\/td>
      1. PAN would become inoperative if not linked to Aadhar by 30June 2020.<\/li>
      2. Investments into tax saving instruments can be made by June 2020 to claim tax benefits in FY 2019-20<\/li>
      3. Last date for late filing of income tax returns for FY 2018-19 is now 30 June 2020.<\/li><\/ol><\/td><\/tr>
      Moratorium on loans<\/td>
      1. EMI on home loans, vehicle insurance, personal loans, education loan, credit card loans to be paid on the due date every month.<\/li><\/ol><\/td>
      1. EMI on all loans can be delayed by 3 months without any impact on credit scores.<\/li>
      2. Interest to be charged for the 3 months when EMI is not being paid. This will lead to increase in loan tenure and additional interest being paid.<\/li><\/ol><\/td><\/tr><\/tbody><\/table><\/div>