From debit and credit card standards to the new Atal Pension Yojana rule


By Anshul STI (Update)


Here are 4 personal finance changes that could take place starting October 1

October 2022 is significant from a personal finance perspective, as a host of changes are set to come into effect, ranging from new debit/credit card rules to two-factor authentication for demat accounts.

Here is a list of major expected changes:

New credit and debit card rules

Tokenization is the process of transforming sensitive data into “non-sensitive” data called “tokens”. Therefore, the platforms will not be able to store a buyer’s card credentials in any form. With the new RBI order, a buyer will have to enter all their card details when they buy something.

Two-factor authentication of demat accounts

Demat account holders are required to enable two-factor authentication by September 30, 2022, or may face difficulties logging into their trading accounts from October 1, 2022.

According to the National Stock Exchange (NSE), members should preferably use biometrics as one of the authentication methods to log into their Demat accounts. The other can be a “knowledge factor” – something only the user knows, like a password or PIN, or a “possession factor”.

Taxpayers will not be able to join Atal Pension Yojana

A person paying income tax will not be eligible to open an Atal Pension Yojana (APY) account from October 1, 2022. In the event that a subscriber who joined on or after October 1, 2022 proves by Following having been a taxpayer on or before the date of the application, the APY account will be closed and the retirement estate accumulated up to that date will be returned to the subscriber.

Appointment rules for mutual fund investors

For investors subscribing for mutual fund shares on or after October 1, it will be mandatory to submit the details of the appointment or the declaration of withdrawal of the appointment.

In the case of online submissions, AMCs have been allowed to validate forms also via two-factor authentication (2FA) in which one of the factors must be a one-time password sent to the unitholder at his email/phone address. number registered with the AMC.


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