From SBI ATM limits to LPG subsidy: Key rule changes from October 1
Several financial rules will change in October, including lower free ATM transactions for some SBI salary account holders, Aadhaar authentication for subsidised LPG, revised NPS charges and new bulk-deposit disclosures. A new UPI MDR framework will take effect from October 15.
New Delhi: As we approach October, several changes affecting banking, taxes, savings and household expenses are set to take effect from Thursday, such as revised SBI ATM limits, LPG Aadhaar authentication requirements and changes to NPS and UPI rules.
One of the major changes in the next month is a new UPI MDR framework that will apply to specified merchant transactions above Rs 2,000. However, customers will not be charged MDR and person-to-person UPI transactions will remain free.
In addition, the Central Board of Direct Taxes has extended key deadlines for taxpayers covered by tax audit provisions for assessment year 2026-27.
The deadline for filing the tax audit report has been extended to October 21 from September 30, while the income tax return filing deadline has been extended to November 21 from October 31.
Apart from that, from October 1, domestic LPG consumers will need to complete biometric Aadhaar authentication to book refills at the regulated retail selling price with applicable subsidy.
Consumers who do not complete the process can still obtain LPG but at the applicable market price without subsidy, subject to oil marketing company rules.
Moreover, India’s largest lender, State Bank of India will reduce free monthly transactions at other banks’ ATMs for salary package account holders from 10 to five starting from the month. The limit will cover both financial and non-financial transactions.
For Basic Savings Bank Deposit accounts, four cash withdrawals a month will continue to be free after which a charge of Rs 15 plus GST will apply.
From October 1, resident individuals and Hindu Undivided Families buying property from non-resident sellers will not need a separate TAN for applicable TDS compliance and can use PAN.
Similarly, the revised NPS Point of Presence fee structure will also take effect, including a one-time onboarding charge of Rs 200 per PRAN.
RBI rules on bulk deposit rate disclosures will require regional rural banks to publish applicable rates on their websites by 10 am on business days.
Additionally, the Reserve Bank of India’s Monetary Policy Committee will meet from October 5-7 with the policy decision due on October 7. In its last review the central bank kept repo rate unchanged at 5.25 per cent
