From Mutual Fund And Cheque Book to Debit Card Payment: Major Rules to Change From Oct 1 | Full List Here | Earth Indian

New Delhi: Starting from Mutual Fund and Cheque Book to Debit Card Payment, a slew of major rules will take effect from Friday that is October 1, 2021. As these changes will come into effect, you must keep a tab on these notable changes to avoid any confusion or difficulty in the future. Moreover, these changes will affect everyone’s daily lives in some way or the other. Apart from these, some other changes such as auto-debit policy, LPG prices are also expected to come into effect on the first day of the month. Here’s a look at what will change from 1 October 2021.

Mutual fund investments: As per the notification issued by Sebi, the employees below 35 years, who are not head of any department, have to mandatorily invest 10% of the compensation in units of their mutual fund schemes in the first year. Sebi has said that the new rule will come into effect from 1 October 2021. Sebi has further notified that it will be increased to 15% in the second year and, from 1 October 2023, all employees will be mandatorily required to invest 20% of their compensation in such schemes.

Cheque book: It must be noted that the cheque books of Allahabad Bank, Oriental Bank and United Bank of India will become invalid from 1 October 2021.

ATM services: Suryoday Small Finance Bank has recently informed its customers that it will shut down its automated teller machines (ATMs) from October 1. The bank on its website said that it will discontinue its ATM services from tomorrow, October 1. “Due to operational reasons, Suryoday Bank ATMs will be discontinued w.e.f. 1st Oct 2021. However, one can continue to use their Suryoday Bank ATM/Debit Card at any other Bank’s ATM for your cash withdrawal requirements,” Suryoday Small Finance Bank mentioned on its website

Pension rules: The regulations related to digital life certificates will change from 1 October 2021 and it is applicable for people above the age of 80. As per the new rule, pensioners above the age of 80 will be able to submit their digital life certificate at the Jeevan Pramaan Centres, which are located in head post offices in India. Moreover, they can also submit their digital life certificates till November 30, 2021.

Debit card, credit card payment: Starting from Friday, the Reserve Bank of India (RBI) has said that the changes in the auto-debit rule will come into effect. Notably, the change is particularly important for customers who use a debit card for their recurring transactions. As per the new rules, all recurring transactions will need additional authentication. However, for the payments exceeding Rs 5,000, a one-time password (OTP) will have to be validated by a customer each time a payment is due.

LPG price: the prices of LPG cylinders change every month. However, the customers can expect another hike in their cooking gas cylinders from October 1. It must be noted that the prices of LPG cylinders in all categories, including subsidised LPG, were increased by Rs 25 per cylinder September 1. This was the third hike in rates within two months.

By Shivam Urkude || Earth Indian