5 big money changes in October 2023

There are a lot of financial deadlines and changes in October that could affect your financial situation. The new TCS (tax collected at source) norm, unique FD deadlines, and more are among them. Seven monetary changes will occur in October 2023, as listed below.

Now, you must pay TCS if your spending in a fiscal year above a certain threshold, regardless of whether you are travelling abroad, investing in foreign shares, mutual funds, or cryptocurrencies. The new tax collection at source (TCS) rates will take effect on October 1st, 2023.

The Reserve Bank of India (RBI)'s Liberalised Remittance Scheme (LRS) allows you to send up to $250,000 in one fiscal year. Beginning on October 1, 2023, a TCS of 20% would be applied to all international remittances over a threshold of Rs 7 lakh made within a fiscal year, excluding those made for medical and educational expenses.

According to the bank's website, Indian Bank, a public sector bank, has extended the "Ind Super 400" and "Ind Supreme 300 days" special fixed deposits with higher interest rates. The deadline has been extended to October 31, 2023.

IDBI launched a new FD scheme named Amrit Mahotsav FD with terms of 375 and 444 days. The deadline to invest in these special FD is October 31, 2023.

The Life Insurance Corporation (LIC) has launched a special campaign for the reactivation of expired policies in order to continue providing risk cover in these unsettling times. For individual lapsed insurance, a special revival campaign is starting on September 1 to October 31, 2023.

The National Automated Clearing House (NACH) released a circular on August 18, 2023, requiring investors to designate a time period for their mutual fund contributions. The longest permitted time range for investment mandates will be set at 30 years beginning October 1, 2023, rendering the perpetual SIP option obsolete.