Several changes will inherit effect from tomorrow, 1 October 2021 and you want to keep a tab on these notable changes to avoid any confusion or difficulty within the future. From pension rule changes to cheque books to open-end credit payments, these changes which will are available place from tomorrow will affect everyone’s daily lives in how or another.
Pension: the principles associated with digital life certificates will change from tomorrow, 1 October 2021, and it’s applicable for people above the age of 80. Under the new rule, pensioners above the age of 80 are going to be ready 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, mastercard payment rules: From October 1, the Federal Reserve Bank of India (RBI) mandated changes within the auto-debit rule will inherit effect. The change is especially important for patrons who use a open-end credit for his or her recurring transactions. After the changes, all the standing instructions on cards won’t be honoured. Under the new rules, all recurring transactions will need additional authentication. For payments exceeding ₹5,000, a one-time password (OTP) will need to be validated by a customer whenever a payment is due. this may apply to all or any 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 aren’t head of any department, need to mandatorily invest 10% of the compensation in units of their open-end fund schemes within the first year. the principles will inherit effect from 1 October. it’ll be increased to fifteen within the second year and, from 1 October 2023, all employees are going to be mandatorily required to take a position 20% of their compensation in such schemes.
Suryoday Small Finance Bank informed its customers that it’ll pack up its cash machine machines (ATMs). The bank on its website said that it’ll discontinue its ATM services from tomorrow, October 1. “Due to operational reasons, Suryoday Bank ATMs are going to be discontinued w.e.f. 1st Oct 2021. However, one can still use their Suryoday Bank ATM/Debit Card at the other Bank’s ATM for your cash withdrawal requirements,” Suryoday Small Finance Bank mentioned on its website