Know these upcoming money moves in August 2023

August 2023 brings several significant changes in the financial landscape, impacting credit card users, deposit investors, income taxpayers, and bank customers in India, say experts. 

Here are key money-related updates

Axis Bank credit card rule change

Axis Bank announced a credit card rule change effective from August 12, 2023. Credit card holders will now enjoy a 1.5 per cent cashback on travel-related expenses when using their cards to pay for transactions on Flipkart. However, cashback will not be applicable for purchases made under the Merchant Category Code (MCC) 9399, which includes government services. Additionally, cashback will not be provided for fuel purchases, gift cards on Flipkart and Myntra, EMI transactions, among others.

SBI Amrit Kalash scheme deadline

State Bank of India (SBI) has set the deadline for investing in the lucrative SBI Amrit Kalash term deposit scheme as August 15, 2023. The scheme offers an attractive interest rate of 7.1 per cent for regular customers and 7.6 per cent for senior citizens. The 400-day term deposit allows for early withdrawals and loans against the deposit.

IDBI Amrit Mahotsav FD scheme

IDBI Bank introduced the "Amrit Mahotsav FD" with two attractive options. The "Amrit Mahotsav FD for 375 days" offers a maximum interest rate of 7.60 per cent per annum until August 15, 2023. On the other hand, the "Amrit Mahotsav FD for 444 days" provides a callable option with a peak interest rate of 7.65 per cent per annum and a non-callable option with a peak interest rate of 7.75 per cent per annum.

Bank Holidays in August 2023

In August 2023, banks in India will remain closed for 14 days, including the second and fourth Saturdays, Sundays, and other state-specific and national holidays. One notable holiday is August 15, when all banks will be closed nationwide for Independence Day.

According to experts, these changes signal a shift in the financial landscape for consumers, investors, and taxpayers.

(Disclaimer: Readers are advised to consult financial experts before making any investment decision.)