Monthly Updates

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. As 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.

Particulars	Old	New
Online and contactless transaction facility for credit and debit cards	Online and contactless transaction allowed by default for all debit and credit card holders	all debit and credit card holders.Mar 2020 for all existing cards with no online transactions from the time of issue of card. New cards issued from 16 Mar 2020 will only be enabled for domestic transactions at ATM and point of sale terminals. Card holders have to request issuing bank to enable activities like online and contactless transactions.
Changes in Sukanya Samriddhi Scheme	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 Girl child can operate the account after she attains the age of 10. A guardian/parent opening account for more than 2 girl children, required to submit medical certificate. Premature closure allowed only in case of death of girl child or change in residency status of girl child.	Default accounts will continue to earn interest applicable to SSY till the date of maturity. Girl child can operate the account only after she attains the age of 18. For a guardian/parent opening account for more than 2 girl children, need to submit affidavit along with birth certificate. Premature closure allowed on death of girl child or on compassionate grounds like for treatment of life threatening diseases or death of guardian.
PPF interest rate	(Jan – Mar 2020)7.9% per annum	(Apr – June 2020) 7.1% per annum
Senior Citizens Savings Scheme interest rate	(Jan – Mar 2020) 8.6% per annum	(Apr – June 2020)7.4% per annum
National Savings Certificate interest rate	(Jan – Mar 2020)7.9% per annum	(Apr – June 2020)6.8% per annum
Sukanya Samriddhi interest rate	(Jan – Mar 2020)8.4% per annum	(Apr – June 2020)7.6% per annum

- For existing investors of Senior Citizens Savings Scheme and National Savings Certificate, the rate of interest remains the same until maturity.
- The new rates are applicable for starting fresh investments into SCSS & NSC from Apr 2020.
- All existing & new PPF & SSY accounts will earn the new rates from April 1,2020.

Particulars	Old	New
Banking Related Measures	Debit card holders would be charged a penalty for ATM withdrawals from other bank ATM’s beyond a specified limit. Each bank has a specific minimum balance requirement which savings account holders need to maintain.	Debit card holders can withdraw cash from any bank ATM for the next 3 months without any charge. No charges for not maintaining any minimum balance in your savings account for the next 3 months.
Income Tax Related Measures	PAN had to be linked to Aadhar by 31Mar 2020, else PAN card would become inoperative. Investments into tax saving instruments had to be made by 31Mar 2020 to avail tax benefits in FY 2019-20. Last date for filing belated income tax returns for FY 2018-19 was 31Mar 2020.	PAN would become inoperative if not linked to Aadhar by 30June 2020. Investments into tax saving instruments can be made by June 2020 to claim tax benefits in FY 2019-20 Last date for late filing of income tax returns for FY 2018-19 is now 30 June 2020.
Moratorium on loans	EMI on home loans, vehicle insurance, personal loans, education loan, credit card loans to be paid on the due date every month.	EMI on all loans can be delayed by 3 months without any impact on credit scores. 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.

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ITR Form	Base Rate **	Services Offered
ITR 1	Rs. 750+taxes	Only for ITR 1 filing, Single Form 16 and only Salary Income
ITR 1	Rs. 1000+taxes	Multiple form 16, interest income from FD/Savings ac & salary income
ITR 2	Rs. 3500+taxes	Multiple form 16, Multiple house property, Capital gains from Indian stocks, house property, 1 Demat account, RSU Disclosure
ITR 2	Rs. 5000+taxes	Multiple form 16, Multiple house property, Capital gains from Indian stocks, house property, multiple Demat accounts – upto 5, sale of RSU
ITR 2	Rs. 7500+taxes	Multiple form 16, Multiple house property, Capital gains from Indian stocks, house property, multiple Demat accounts – upto 5,sale of RSU, filing of form 67, dividends from foreign stocks
ITR 2	Cost will be discussed based on complexity	Other than the above cases
ITR 3	Rs. 12,500	F&O Income and RSU
ITR 3	Cost will be discussed based on complexity	If Audit required

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