Mumbai: A fresh set of financial and household rules will kick in from October 1, bringing changes across UPI payments, LPG refills, ATM transactions, pensions and tax compliance.
Here is a simple breakdown
of what changes and how consumers could be affected.
UPI Rules: What Changes?
A new merchant discount rate (MDR) framework will apply to specified merchant UPI transactions above Rs 2,000.
Importantly, customers will not have to pay the MDR. Person-to-person UPI transfers will also continue to remain free, meaning regular users will not face a direct charge under the framework.
LPG Users Face Aadhaar Requirement
Domestic LPG consumers will need to complete biometric Aadhaar authentication to book cylinders at the regulated retail selling price with applicable subsidy.
Those who do not complete authentication can still purchase LPG, but may have to pay the applicable market price without subsidy, subject to oil marketing company rules.
SBI ATM Limits Change
SBI will reduce free monthly transactions at other banks’ ATMs for salary package account holders from 10 to five. The limit covers both financial and non-financial transactions.
Basic Savings Bank Deposit account customers will continue to receive four free cash withdrawals every month. Transactions beyond this limit will attract Rs 15 plus GST.
Tax Deadlines Get More Time
The tax audit report deadline for Assessment Year 2026-27 has been extended from September 30 to October 21.
For taxpayers covered by tax audit provisions, the income tax return filing deadline has moved from October 31 to November 21.
Property buyers who are resident individuals or Hindu Undivided Families purchasing from non-resident sellers will also no longer require a separate TAN for applicable TDS compliance and can use PAN.
NPS, Bank Deposit Rules Change
The revised NPS Point of Presence fee structure takes effect from October 1, including a one-time Rs 200 onboarding fee per PRAN.
Regional rural banks will also have to publish applicable bulk deposit rates on their websites by 10 am on business days.
Meanwhile, the RBI Monetary Policy Committee will meet from October 5-7, with its decision scheduled for October 7. The repo rate currently stands at 5.25 percent.
