Major Money Rule Changes In September 2025: ITR Filing, UPS Deadline, Silver Hallmarking And More
The month of September brings a series of important financial changes that could impact your money management, savings and investment decisions.
One must stay updated on these developments to avoid any penalties and make informed financial choices. From revised deadlines for income tax return (ITR) filing and opting for the Unified Pension Scheme (UPS) to new rules on silver hallmarking, optimise financial benefits by taking note of these key updates.
Major Financial Changes In September:
1. Income tax return filing deadline: The ITR filing deadline has been extended till Sept. 15, 2025. It was earlier July 31, but the Income Tax Department later revised the date to offer taxpayers more time and convenience to file their income details for FY 2024-25. The Central Board of Direct Taxes (CBDT) announced this change on May 27. This extension is only applicable to taxpayers who don't need their accounts to be audited.
2. Unified Pension Scheme (UPS): The deadline to opt for the Unified Pension Scheme (UPS) is Sept. 30. The eligible central government employees can choose UPS till the end of September as their preferred retirement pension scheme. Earlier, the deadline was June 30. This gives central government employees more time to switch from the National Pension System.
3. Silver hallmarking: Starting September 1, silver hallmarking has become optional. Customers will now have the opportunity to choose hallmarked or non-hallmarked silver jewellery. The Bureau of Indian Standards (BIS) will offer hallmarking services, but it's not mandatory for now. This is similar to how gold hallmarking was introduced earlier, a move aimed at promoting transparency in silver jewellery purchases.
4. SBI credit card reward structure: From Sept. 1, SBI credit card reward rules will change. No reward points will be given for digital gaming, merchant, or government payments. This applies to Lifestyle Home Centre SBI Cards, Lifestyle Home Centre SBI Card PRIME, among others. From Sept. 16, Card Protection Plan SBI Card users will be moved to new plans on renewal. The Card Protection Plan has been divided into three categories: Classic, Premium and Platinum. New prices are Rs 999 for Classic, Rs 1,499 for Premium and Rs 1,999 for Platinum. Customers are advised to check the new terms before renewal.
5. FD Rates: Indian Bank and IDBI Bank are offering special fixed deposit schemes for their customers. Indian Bank's 444-day and 555-day FDs are open till Sept. 30. Similarly, IDBI Bank's special FDs for 444, 555 and 700 days will also end on the same date.
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