Several changes will come into effect from tomorrow, 1 October 2021 and you must keep a tab on these notable changes to avoid any confusion or difficulty in the future. From pension rule changes to cheque books to debit card payments, these changes that will come in place from tomorrow will affect everyone’s daily lives in some way or another.
Here’s a look at what will change from 1 October 2021.
Pension: The rules related to digital life certificates will change from tomorrow, 1 October 2021, and it is applicable for people above the age of 80. Under 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. Pensioners can submit their digital life certificates till November 30, 2021.
Debit card, credit card payment rules: From October 1, the Reserve Bank of India (RBI) mandated changes in the auto-debit rule will come into effect. The change is particularly important for customers who use a debit card for their recurring transactions. After the changes, all the standing instructions on cards will not be honoured. Under the new rules, all recurring transactions will need additional authentication. For payments exceeding ₹5,000, a one-time password (OTP) will have to be validated by a customer each time a payment is due. This will apply to all credit and debit cards, both domestic and international.
Chequebook: Cheque books of Allahabad Bank, Oriental Bank and United Bank of India will become invalid from 1st October 2021.
Mutual fund investments to undergo rule change
According to the Sebi notification, 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. The rules will come into effect from 1 October. 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.
Suryoday Small Finance Bank shuts down ATM services
Suryoday Small Finance Bank informed its customers that it will shut down its automated teller machines (ATMs). 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
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