Rule Changes: From LPG to UPI-NPS, these changes coming into effect on October 1 could upset your budget..
The month of October is about to begin, bringing with it the festive season and a host of celebrations. However, this month also sees significant changes that could directly impact your finances. It is advisable to familiarize yourself with these upcoming rule changes now so you can enjoy the festivities without worry. Let us take a look at the changes related to LPG, ATMs, NPS, FDs, and UPI.
1. Changes to SBI ATM Rules
If you hold a salary account with the State Bank of India (SBI), starting in October, you will be limited to five free transactions at other banks' ATMs instead of ten; charges will apply for any transactions beyond this limit. This rule covers not only cash withdrawals but also services such as balance inquiries and mini-statement generation.
However, salary account holders will continue to enjoy unlimited free transactions at SBI ATMs, just as before. There have been no changes to ATM rules for other standard account types.
2. Changes to Fixed Deposits (FDs)
Effective October 1, banks are required to publish interest rates for bulk fixed deposits online by 10:00 AM on every working day. The RBI has set a deadline of 10:10 AM for this disclosure. Additionally, the RBI mandates that interest rates must be identical for fixed deposit amounts deposited on the same date.
3. MDR on UPI Payments
It is worth noting that starting October 15, an MDR (Merchant Discount Rate) charge of 0.4% will apply to UPI payments exceeding ₹2,000; this charge will be borne by the merchant rather than the customer. Small merchants have been granted relief under this rule, as they will not incur any charges on UPI payments up to ₹1 lakh. Meanwhile, the government has issued clear instructions to banks to ensure that the Merchant Discount Rate (MDR) is not charged to customers in any way.
4. New rule regarding LPG subsidy
Starting October 1, gas connection holders must undergo Aadhaar biometric verification to avail of the LPG subsidy. This means that if the e-KYC for a connection is not completed, the holder will not receive the subsidy benefit. You can seek assistance from your gas agency or the delivery person for this, or complete the entire process yourself from the comfort of your home.
If verification is not completed on time, you will stop receiving the subsidized 14.2 kg cylinder. Instead, you will have to purchase smaller, non-subsidized cylinders (such as 5 kg or 10 kg) at the full market price. The primary objective of this move is to curb fraudulent connections.
How to complete LPG e-KYC from home
5. New fee for opening an NPS account
Rules regarding the National Pension System (NPS) and NPS Lite have been amended effective October 1. Customers joining NPS through a Point of Presence (PoP)—i.e., a service provider—will be required to pay a new joining fee of ₹200 for each PRAN (Permanent Retirement Account Number).
Disclaimer: This content has been sourced and edited from Dainik Jagran. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
