From Cheque books and bank MICR code to ATM and credit card: These 6 rules will change from October

New Delhi: Several rules that have a major impact in the lives of common man are going to change from October. These rules pertain to banking, financial and other sectors. 

Since these new rules are set to impact the day-to-day lives of a common man and hence it is important to know more about these changes in detail.

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

Post Office ATM

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

Digital Certificate

Digital life certificates rules will change from October 1, 2021. Those retirees above age of 80 will be able to submit their digital life certificate at any of the country's Head Post Offices' Jeevan Pramaan Centers. The completion date of this has been fixed for November 30, 2021. 

Cheque books and MICR code

The old chequebooks and MICR codes of the three banks --Oriental Bank of Commerce (OBC), United Bank of India, and Allahabad Bank -- will become invalid. The banks have made Twitter announcements regarding the changes. If customers have old chequebooks and pre-existing MICR codes and IFSC codes, they need to updat them by October.

Auto-debit for credit/debit card

The additional factor authentication (AFA) rules of the Reserve Bank of India (RBI) will be implemented from October 1. After the implementation, monthly auto-debit transactional subscriptions like Netflix, Amazon Prime, and others, will not be processed until you give your permission.

SEBI for junior AMC workers

The Securities and Exchange Board of India (SEBI) has asked junior staff of asset management companies will have to invest at least 20 per cent of their gross salaries in a phased manner starting from October 2023. The designated employees will be mandatorily required to invest 20 per cent from October 1, 2023, while the junior employee will be required to invest in a phased manner, Sebi said in a circular. For junior employees, 10 per cent of the compensation of such employees will be invested in the mutual fund units of the fund house from October 1, 2021. From October 1, 2022, this will be increased to 15 per cent and from October 1, 2023, it will be increased up to 20 per cent.

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