From Bank Checkbooks and MICR to ATM and Credit Card: These 6 Rules Will Change From October | Personal finance news

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New Delhi: Several rules that have a major impact on the life of the common man will change from October. These rules concern the banking, financial and other sectors.

Since these new rules have an impact on the daily life of an ordinary man, it is therefore important to know more about these changes in detail.

Here are 6 rules impacting the common man that will change from October 2021

Post office vending machine

From October 1, the annual maintenance fee for post office debit cards / ATMs will be Rs 125 plus GST. These charges will be applicable until October 1, 2021 and September 30, 2022. India Post will now charge Rs 12 plus GST including SMS alerts sent to its customers. If an India Post customer loses their ATM card, they will be charged Rs 300 plus GST from October 1 to get another debit card. Additionally, if the ATM PIN code is lost, a fee will also need to be paid for the duplicate PIN from October 1. For this, customers will have to go to the branch and get the PIN code again, for which they will be charged Rs.50 plus GST. If ATM or POS transactions are declined due to a lack of balance in the savings account, the customer will have to pay Rs 20 plus GST for the same.

Digital certificate

The rules for digital life certificates will change from October 1, 2021. Retirees over 80 will be able to submit their digital life certificate at any of the Jeevan Pramaan centers at major post offices nationwide. The date for its completion has been set for November 30, 2021.

Checkbooks and MICR code

The old checkbooks and MICR codes of the three banks – Oriental Bank of Commerce (OBC), United Bank of India and Allahabad Bank – will become invalid. Banks made announcements on Twitter about the changes. If customers have old checkbooks and pre-existing MICR and IFSC codes, they should update them by October.

Automatic debit for credit / debit card

Reserve Bank of India (RBI) Additional Factor Authentication (AFA) rules will be implemented from October 1. Your permission.

SEBI for AMC junior workers

The Securities and Exchange Board of India (SEBI) has required junior staff of asset management companies to invest at least 20 percent of their gross salaries in a phased manner from October 2023. Designated employees will be required to invest 20 percent from Oct. 1, 2023, while the junior employee will need to invest gradually, Sebi said in a circular. For junior employees, 10 per cent of the remuneration of these employees will be invested in the mutual fund units of the fund house as of October 1, 2021. As of October 1, 2022, this amount will be increased to 15 per cent. cent and from October 1, 2023, it will be increased up to 20%.

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