RBI – New rules for banks from tomorrow.

Many banking and tax rules will change from October 1st. Financial sector experts said that these are likely to have a direct or indirect impact on consumer investments and banking activities.

That’s why they say that they should be aware of them and arrange their financial affairs. And.. Reserve Bank of India also says to be vigilant in the matter of finance.

Small Savings Schemes

Several new regulations related to small savings accounts including Post Office Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY) will come into effect from October 1. These are likely to affect your savings.

ICICI Bank Debit Card Rules

ICICI Bank has introduced two new debit card benefits for its customers. Accordingly, a spend of Rs.10,000 in a quarter from October 1 will get 2 complimentary airport lounge access in the next three months. For example, suppose you spent Rs.10,000 using your ICICI Debit Card during the July-September quarter. Then you can get airport lounge access 2 times for free in October – December quarter.

HDFC Bank Credit Card Rules

HDFC Bank – Credit Card has introduced new rules regarding reward points. Accordingly, HDFC Bank customers will henceforth be able to redeem reward points for Apple products only once per calendar quarter. Along with this, it has also put a cap on the redemption of Tanishq vouchers. This means that henceforth only 50,000 reward points can be redeemed under Tanishq vouchers every quarter.

TDS

The central government has made many changes in the tax rules. This will have a direct impact on real estate sales. From October 1, if property worth more than Rs 50 lakh is sold, 1 per cent TDS will be payable on the payment.

Punjab National Bank Service Charges

Punjab National Bank (PNB) has made several changes in the service charges of savings accounts. Various changes have been made in fees related to maintenance of minimum balance in savings account, issuance of demand drafts, duplicating documents and locker rental.

NSE, BSE transaction fees

The National Stock Exchange and Bombay Stock Exchange have announced that various amendments in transaction charges will come into effect from October 1. In particular, NSE has announced that charges will be levied on both the cash and derivatives segments. And BSE has made special changes in Sensex and Bankex options contracts in its equity derivatives segment.

Retail, MSME Loans

The RBI has made it clear that banks and lenders must provide ‘KFS’ on loans given to micro, small and medium enterprises and retail loans from October 1. This means that the RBI has issued a circular to provide the borrowers with a ‘Key Facts Statement’ (KFS) with full details about the interest charged on their loans and the terms of the loan agreement.