With the beginning of every month, new rules and changes come into effect. Starting October 1, several such changes are set to take effect, directly impacting the daily routine and financial well-being of ordinary people. These include rules related to LPG, banking, UPI payments, property, and vehicles.
So, if you purchase an LPG cylinder, have a fixed deposit (FD) in a bank, are planning to purchase property, or drive a car, it’s important to be aware of these changes. Let’s explore the rules that will change from October 1.
Fixed Deposit Rules: As per Reserve Bank of India (RBI) directives, starting October 1, banks will be required to offer uniform interest rates to all branches and customers for the same amount deposited on the same date. Now, all small finance banks will be required to update their fixed deposit interest rate lists on their official websites by 10 am every day.
Property Purchases Made Easy: Buyers purchasing properties from NRI sellers will receive relief starting October 1. Under the new Income Tax rules, resident individual buyers and HUFs purchasing properties from NRI sellers will no longer need to obtain a TAN. They will instead be able to deduct and report TDS using their PAN.
Government’s strictness on PUC: From the 1st, teams from the Transport Department and Traffic Police will be deployed on Delhi roads to check vehicles’ PUC certificates. Under the Motor Vehicles Act (Amendment), not having a valid pollution certificate carries a fine of ₹10,000 and a jail term of 3 to 6 months, or both.
E-KYC mandatory on gas cylinders: According to the Ministry of Petroleum and Natural Gas, from October 1, domestic gas cylinders will no longer receive subsidies without biometric Aadhaar authentication (e-KYC).
SBI’s new rules on cash withdrawals: SBI is changing the charges for withdrawing cash from a Basic Savings Bank Deposit Account opened through a branch. Under this, cash withdrawals will be free four times a month starting on the 1st.
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