Banking Update: From October 1, 2021, several changes to be in effect. In just a matter of 3 days, the rule changes will affect everyone’s day-to-day activities. The rule changes are concerned with bank chequebooks, pension, debit card payments, etc. However, the 5 rules are to be changed from October.
5 Rules Changes You Should Know Before October 1
1. Pension Rule Change
From October 1, 2021, the rules concerned to digital life certificates are going to change. The change is likely to affect persons above the age of 80. In October, pensioners who are above 80 years will have the facility to submit their digital life certificate at the Jeevan Pramaan Center of all the Head Post Offices of the country. However, the last date to submit their digital life certificate is November 30, 2021.
2. Chequebooks Rule Change
The old chequebooks and MICR codes of the Oriental Bank of Commerce (OBC), United Bank of India, and Allahabad Bank will become invalid. Taking on Twitter, the banks announced these changes. The United Bank of India and Oriental Bank of Commerce (OBC) had merged with Punjab National Bank announced through the official Twitter account of Punjab National Bank. They stated that they would be halting old chequebooks and pre-existing MICR codes and IFSC codes from next month (October). Therefore, it becomes important for the account holders of these banks to get the things renewed with their respective bank branches.
3. Auto Debit Facility Rule Change
As per the latest changes of the Reserve Bank of India, the facility of auto-debit from debit or credit card will undergo certain changes. In particular, the Apex Bank has mandated that all the banks should carry out an ‘Additional Factor Authentication’. In other words, your utility bills or monthly auto-debit subscriptions like Amazon Prime, Disney+ Hotstar, Netflix, etc. will not go without your approval. The notification states that the relevant bank should inform the customer 24 hours ahead of the payment.
4. Rule Change in Investments
The Securities and Exchange Board of India (SEBI) has brought a change in the interest of mutual fund investors. The rule is generally applied to junior employees working in ‘Asset Under Management’, i.e. Mutual Fund House. The notification says that junior employees of AUM companies will have to invest 10 per cent of their gross salary in units of that mutual fund from October 1, 2021. In October 2023, the same will require to invest 20 per cent of their salary.
5. Private Liquor Shops to Close
In addition to the above, private liquor stores will be close till November 16, 2021, excluding government stores. Deputy CM Manish Sisodia said that under the new excise policy, the process of allotment of licenses has been done by dividing the capital into 32 zones. The rule states that only those shops will operate from November 17 onwards which comes under the new policy.