Major Changes in October.. New Rules for ATMs, LPG and FDs

Several important changes related to banking, digital payments, LPG and deposits have come into effect from October 1. For SBI salary package account holders, the number of free transactions at other banks’ ATMs has been reduced from 10 to five per month, with both financial and non-financial transactions counted. Aadhaar-based biometric e-KYC is also required for continued access to LPG subsidies. In addition, banks must disclose bulk deposit interest rates on their websites by 10 a.m. on each business day under the revised RBI framework.

The revised UPI merchant discount rate structure will take effect from October 15. A 0.4% MDR will apply to certain merchant transactions above ₹2,000, while this is not a direct charge imposed on ordinary person-to-person UPI payments. Meanwhile, the RBI Monetary Policy Committee is scheduled to meet from October 5 to 7. On the LPG front, the price of a 19-kg commercial cylinder in Delhi has increased by ₹62.50 from October 1 to ₹2,810, while domestic LPG prices have remained unchanged.