The month of October has begun, bringing with it several new rule changes. If you use UPI or receive LPG cylinder deliveries at home, this information is relevant to you. Here is a look at what is changing this month:

1. Changes to SBI ATM rules
If you hold a salary account with the State Bank of India (SBI), you will now be limited to five free transactions at other banks' ATMs instead of ten; charges will apply for any transactions beyond this limit. This rule covers not only cash withdrawals but also services like balance inquiries and mini-statement generation.

However, salary account holders will continue to enjoy unlimited free transactions at SBI ATMs, just as before. There have been no changes to ATM rules for other standard account types.

2. Major changes regarding Fixed Deposits (FDs)
Starting today, banks are required to publish interest rates for bulk fixed deposits online by 10:00 AM on every working day. The RBI has set a deadline of 10:10 AM for this. Additionally, the RBI mandates that interest rates must be identical for fixed deposit amounts deposited on the same date.

3. MDR on UPI payments
It should be noted that starting October 15, an MDR (Merchant Discount Rate) charge of 0.4% will apply to payments exceeding ₹2,000; this charge will be borne by the merchant, not the customer. The government has provided relief to small traders regarding this rule, exempting them from charges on transactions up to ₹1 lakh. Furthermore, banks have been strictly instructed to ensure that merchants do not levy any extra charges on customers. 

4. New Rule for LPG Subsidy
Starting today, Aadhaar-based biometric verification is mandatory for gas connection holders to avail of the LPG subsidy. This means that those who have not completed the e-KYC process for their connection will not receive the subsidy benefit. If you have not completed this verification, you will stop receiving the subsidized 14.2 kg cylinder; instead, you will have to purchase smaller, non-subsidized cylinders (such as 5 kg or 10 kg) at the full market price. The primary objective of this move is to curb the issue of fake connections.

5. New Fee for Opening an NPS Account
Effective October 1, the rules governing the National Pension System (NPS) and NPS Lite have been amended. Customers joining the NPS through a Point of Presence (PoP)—i.e., a service provider—will be required to pay a new joining fee of ₹200 for each PRAN (Permanent Retirement Account Number).

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