The month of October has brought some very important changes for the bank customers.
SBI ATM Transaction Rules
For SBI salary account holders, the number of free ATM transactions at other banks’ ATMs has been reduced from 10 to 5. Charges will apply if the customer makes more than five such transactions.
The limit includes cash withdrawals as well as non-cash services such as balance enquiries and mini statements.
However, salary account holders can continue to make unlimited free transactions at SBI ATMs. There is no change in the ATM transaction rules for other regular account types.
New Rules for Bulk Fixed Deposits
From October 1, banks are required to publish the interest rates applicable to bulk fixed deposits online every working day.
The RBI has instructed banks to publish these rates by 10:00 AM, with the process to be completed by the prescribed deadline of 10:10 AM. The interest rate offered must also be the same for fixed deposits of the same amount booked on the same date.
MDR Charge on UPI Payments
From October 15, an MDR charge of 0.4% will apply to certain UPI payments above ₹2,000. This charge will be paid by the merchant and not by the customer.
Small traders have been given relief under the new arrangement, with transactions up to ₹1 lakh exempt from the charge. Banks have also been instructed to ensure that merchants do not recover this charge separately from customers.
Aadhaar Verification for LPG Subsidy
Aadhaar-based biometric verification has become mandatory for LPG connection holders who want to receive the subsidy benefit.
Customers who have not completed the required e-KYC process may not receive the LPG subsidy. They will have to complete the Aadhaar-based verification to continue receiving the applicable benefit.
The main purpose of this verification is to identify fake or duplicate LPG connections and ensure that subsidies reach eligible customers.
New NPS and NPS Lite Joining Fee
From October 1, new rules have also come into effect for the National Pension System (NPS) and NPS Lite. Subscribers who join NPS through a Point of Presence (PoP), which acts as a service provider, will have to pay a joining fee of ₹200 for each Permanent Retirement Account Number (PRAN).
