Starting September 2025, several financial rules are set to change, impacting individuals and businesses across India. Here is a simplified summary of the key updates you should be aware of:
1. ITR Filing Deadline Extended
The deadline for filing income tax returns (ITR) for the financial year (FY) 2024-25 has been extended. The new due date for individuals and Hindu Undivided Families (HUFs) who do not require an audit is September 15, 2025, a shift from the typical July 31 deadline.
2. Unified Pension Scheme (UPS) Deadline
Central Government employees enrolled in the National Pension System (NPS) now have until September 30, 2025, to opt for the new Unified Pension Scheme (UPS). This extension gives more time for eligible employees to consider a transition from the market-linked NPS to the government-backed, guaranteed UPS.
3. Silver Hallmarking
From September 1, 2025, the Bureau of Indian Standards (BIS) has mandated hallmarking for all silver jewelry and artifacts. This measure is intended to ensure the purity and authenticity of silver products, similar to the existing system for gold jewelry.
4. SBI Credit Card Rules Revised
State Bank of India (SBI) is implementing new rules for its credit cardholders.
- Reward Points: Starting September 1, 2025, certain cardholders (specifically those with Lifestyle Home Centre SBI Cards) will no longer earn reward points on purchases made on digital gaming platforms and government transactions.
- Card Protection Plan (CPP): From September 16, 2025, all existing CPP customers will be automatically moved to updated plan variants upon their renewal date. The prices for these new plans—Classic, Premium, and Platinum—have been revised.
5. Special FD Schemes Closing
Several banks are closing their special fixed deposit (FD) schemes. The deadline to invest in Indian Bank’s special 444-day and 555-day FD plans, as well as IDBI Bank’s special 444, 555, and 700-day plans, is September 30, 2025. These schemes offer higher interest rates compared to standard FDs.