From mutual fund and checkbook to payment by debit card: the main rules to change from October 1

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New Delhi: From mutual funds and checkbook to debit card payment, a series of major rules will come into effect as of Friday, October 1, 2021. As these changes take effect, you need to keep an eye out for these notable changes to avoid confusion. or difficulties in the future. In addition, these changes will affect everyone’s daily life in one way or another. Apart from these, other changes such as auto debit policy, LPG prices are also expected to go into effect on the first day of the month. Here’s a look at what will change from October 1, 2021.Read also – Bank customer alert: the check books of these banks will no longer be valid from October 1 | Details here

Mutual fund investments: According to the notification issued by Sebi, employees under 35, who are not responsible for any service, must invest 10% of the remuneration in shares of their mutual the first year. Sebi said the new rule will take effect from October 1, 2021. Sebi further notified that it will be increased to 15% in the second year, and from October 1, 2023, all employees will be required to pay mandatory invest 20% of their compensation in such plans. Also Read – Credit Card, Debit Card Holders Attention! RBI’s direct debit rule goes into effect on October 1 – here’s what that means

CheckbookNote: Allahabad Bank, Oriental Bank and United Bank of India checkbooks will become invalid as of October 1, 2021. Also Read – SBI Reduces Interest Rate On Home Loans To 6.7 Percent For Any Amount, Waives Processing Fee | Deets inside

ATM services: Suryoday Small Finance Bank recently informed its customers that it will be closing its automated teller machines (ABMs) from October 1. Suryoday Bank ATMs will be discontinued on October 1, 2021. However, you can continue to use your Suryoday Bank ATM / Debit Card at any other ATM of the bank for your cash withdrawal needs ” Suryoday Small Finance Bank said on its website.

Retirement rules: The regulations for digital life certificates will change from October 1, 2021 and will apply to people over 80 years old. Under the new rule, retirees over 80 will be able to submit their digital life certificate to Jeevan Centers Pramaan, which are located at major post offices in India. In addition, they can also submit their digital life certificates until November 30, 2021.

Debit card, credit card payment: As of Friday, the Reserve Bank of India (RBI) said changes to the automatic debit rule will take effect. Notably, the change is particularly significant for customers who use a debit card for their recurring transactions. Under the new rules, all recurring transactions will require additional authentication. However, for payments exceeding Rs 5,000, a one-time password (OTP) will need to be validated by a customer each time a payment is due.

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


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