The new financial year is going to start from April 1, but the day of 31 March will also be important. Despite being the festival of Eid on this day, the offices of the bank and the Life Insurance Corporation of India (LIC) will be open. If your LIC premium is not yet deposited, this news may be useful for you.
LIC gave additional time to deposit premium
Life Insurance Corporation of India (LIC) has said that the policy holders do not have any problem in depositing the premium, for this, LIC branches will be open on weekends and Mondays. This facility is especially for policyholders who have to submit their premiums by 31 March. This step by LIC has been taken on the basis of advisory issued by the Insurance Regulatory and Development Authority of India (IRDAI) on 12 March 2025. This means that policyholders can also submit their premium on Eid day, because LIC’s offices will work like a common day on 31 March.
LIC office will open on normal time on 29, 30, and 31 March
LIC has issued a statement on its behalf that on March 29, March 30 and March 31, their office will be open in normal work time, so that policyholders can avoid any kind of trouble. Its purpose is to ensure that no policyholder is unable to deposit its premium amount on time.
Income tax and CGST offices will also open
Similarly, the Reserve Bank of India (RBI) has ordered that all the banks will be open on 31 March, so that clearing works related to government transactions can be completed in the end of the year. This order has been issued to ensure correct accounting of government financial activities for the financial year of 2024-25. Due to this, Income Tax and CGST offices across the country will also be open from 29 to 31 March, whether it is Eid or general weekend.
Importance of 31 March and the end of financial year
Every year the new financial year begins in India on 1 April, and the old financial year ends on 31 March. Because of this, the last week of March or the last few days are very important for all business establishments, banks, tax collectors and government offices. By 31 March, everyone has to calculate their last year’s financial records and tasks.
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The Post Bank Holidays: New financial year starts from April 1, banks and LIC offices will open on 31 March. First appeared on News India Live | Breaking India News, The Indian Headline, India Express News, Fast India News.
