7 Important Financial Tasks to Complete Before March 31, 2025, to Save Money and Avoid Penalties

7 Financial Tasks to Complete Before March 31

As the financial year 2024-25 comes to an end on March 31, several important deadlines are approaching. Missing them could result in lost opportunities, penalties, or increased costs.

For instance, after this date, you will no longer be able to invest in special deposit schemes like the Mahila Samman Savings Certificate (MSSC). Additionally, vehicle prices from companies like Maruti Suzuki and Tata Motors are set to rise, making March the last chance to save on car purchases.

Here are seven crucial financial tasks to complete before March 31:

1. Invest in the ‘Mahila Samman Savings Certificate’ (MSSC)

The Mahila Samman Savings Certificate (MSSC) scheme, launched by the government to encourage savings among women, will close on April 1, 2025. After this date, new investments will not be allowed.

Offers 7.5% annual interest
Minimum investment: ₹1,000; Maximum investment: ₹2 lakh
Tenure: 2 years

If you haven’t yet invested, this is your last chance to take advantage of this high-yield savings option.

2. Deposit the Minimum Amount in PPF & Sukanya Samriddhi Yojana

If you have a Public Provident Fund (PPF) or a Sukanya Samriddhi Yojana (SSY) account but haven’t deposited funds this financial year, you must deposit the minimum required amount before March 31 to keep the account active.

If no deposits are made, the account may become inactive
Reactivation requires paying a penalty

A timely deposit ensures you continue earning interest and retain tax benefits under these schemes.

3. Buy a Car Before Prices Increase

Maruti Suzuki, Tata Motors, Kia India, Hyundai India, and Honda Cars have announced price hikes starting April 2025.

Maruti Suzuki vehicles will become up to 4% more expensive, depending on the model
If you plan to buy or book a car, doing so before March 31 can help you avoid price hikes and save money

4. Reactivate Inactive Mobile Numbers Linked to UPI

If you use Unified Payments Interface (UPI) for transactions and your bank-linked mobile number has been inactive, reactivate it before March 31.

From April 1, UPI will deactivate inactive mobile numbers, potentially disrupting payments
Affected users may face difficulties in making transactions

To avoid issues, ensure your mobile number is active and linked to your bank account.

5. Invest in Special Fixed Deposit (FD) Schemes

Several special deposit schemes are closing by March 31, 2025. This is your last opportunity to invest in high-interest FDs:

SBI ‘Amrit Kalash’ FD (closing on March 31, 2025)
SBI ‘Amrit Drishti’ Deposit Scheme
IDBI Bank ‘Utsav Deposit’ Scheme, offering FD options ranging from 300 to 700 days with interest rates between 7.05% and 8.05%

If you’re looking for safe investment options with good returns, consider these limited-period FD schemes.

6. Invest in Tax-Saving Schemes

If you haven’t made any tax-saving investments, do so before March 31 to claim deductions for the financial year.

Eligible tax-saving schemes include:

Senior Citizen Savings Scheme (SCSS)
Sukanya Samriddhi Yojana (SSY)
Public Provident Fund (PPF)
National Savings Certificate (NSC)
Time Deposit Schemes
Equity Linked Savings Scheme (ELSS)

Investing in these schemes can help you reduce taxable income while ensuring long-term savings growth.

7. File Your Updated Income Tax Return (ITR-U)

If you need to update your income tax return (ITR) for the last two years, the deadline to file an Updated Return (ITR-U) is March 31.

ITR-U allows you to correct mistakes or update income details in your previously filed returns
You must specify the reason for filing, such as missing the original deadline, incorrect income declaration, or errors in the earlier return
This provision was introduced in the Finance Act 2022

Failing to file the updated return on time may result in penalties or legal consequences.