Closing of debit card payment at ATMs to pension rule: key changes from tomorrow

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Several changes will go into effect from tomorrow, October 1, 2021 and you should keep an eye out for these noticeable changes to avoid any confusion or difficulty in the future. From changes in retirement rules to checkbooks to debit card payments, these changes that will come into place from tomorrow will affect everyone’s daily life in one way or another.

Here’s a look at what will change from October 1, 2021.

Pension: The rules for digital life certificates will change from tomorrow, October 1, 2021, and they are applicable to people over the age of 80. Under the new rule, retirees over 80 will be able to submit their digital life certificate to Jeevan Pramaan Centers, located at major post offices in India. Retirees can submit their digital life certificates until November 30, 2021.

Debit card, credit card payment rules: From October 1, the Reserve Bank of India (RBI) imposed changes to the direct debit rule will go into effect. The change is especially significant for customers who use a debit card for their recurring transactions. After the changes, all standing instructions on the cards will not be followed. Under the new rules, all recurring transactions will require additional authentication. For payments exceeding ??5,000, a one-time password (OTP) will need to be validated by a customer each time a payment is due. This will apply to all credit and debit cards, domestic and international.

Checkbook: Allahabad Bank, Oriental Bank and United Bank of India checkbooks will become invalid as of October 1, 2021.

Mutual fund investments will undergo a rule change

According to the Sebi notification, employees under 35, who are not responsible for any service, must invest 10% of the remuneration in shares of their mutual the first year. The rules will take effect from October 1. It will be increased to 15% in the second year and, as of October 1, 2023, all employees will be required to invest 20% of their compensation in such plans.

Suryoday Small Finance Bank closes ATM services

Suryoday Small Finance Bank has informed its customers that it will close its automatic teller machines (ATMs). The bank on its website said it will stop its ATM services from tomorrow, October 1. at any other ATM for your cash withdrawal needs, ”Suryoday Small Finance Bank mentioned on its website

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