Several major financial and regulatory changes will take effect from today, i.e. October 1, across the country. These money rule changes include new rules for the National Pension System (NPS), IRCTC’s ticket booking policy, bank charges, speed post rates, and the RBI’s new cheque clearing system. These changes will directly impact the pockets and daily lives of ordinary people.
Let’s discuss all these changes in details –
100% equity option in NPS
The Pension Fund Regulatory and Development Authority (PFRDA) has made NPS more flexible for non-government subscribers. From today, multiple investment schemes can be selected under a single PAN. Investors can also invest their entire corpus (100%) in equities if they wish.
This change has been implemented under the Multiple Scheme Framework (MSF), which will provide greater choice and flexibility to investors.
New bank charges
HDFC Bank –
-New conditions apply to Imperia Program customers.
-A minimum Total Relationship Value (TRV) of Rs 1 crore or an average quarterly balance of Rs 15 lakh is now required.
-Salaried customers must have a minimum monthly salary of Rs 3 lakh in their HDFC corporate account.
YES Bank –
-New charges apply to salary account holders.
-RuPay debit card issuance fee Rs 200.
-Three free ATM transactions in metros and five in non-metros, followed by a fee of ₹23 per financial transaction and ₹10 per non-financial transaction.
-A fee will be charged for not receiving Rs 10,000 in salary for three consecutive months.
-A penalty of Rs 500 for the first time and Rs 750 for the second time for cheque bouncing.
Punjab National Bank (PNB)
-Fees for locker and other services have been increased.
-The fee for a medium-sized locker will be Rs 2,500 in rural areas, Rs 3,000 in semi-urban areas, and Rs 4,000 in urban areas.
-A fee of Rs 500 will be charged for a series request for cheque stop payment.
New Speed Post rates and features
The Postal Department has implemented new Speed Post rates. From October 1st, the minimum cost for sending documents outside the local area will be Rs 47.
OTP-based delivery, real-time updates, and security features will also be introduced.
RBI’s cheque clearing system
From October 4th, the RBI is completely changing the cheque clearing process. Cheques will no longer have to wait two days for clearance; they will be cleared within a few hours. Several banks, including HDFC and ICICI, are implementing this system.
Changes in NPS service charges
PFRDA has fixed charges for NPS subscribers.
e-PRAN Kit: Rs 18
Physical PRAN Card: Rs 40
Transaction Charges: Zero
New Form for Atal Pension Yojana (APY)
The Postal Department has implemented a new registration form for the Atal Pension Yojana (APY). The old form will no longer be accepted after September 30th. The new form can be downloaded from the post office website.
RBI Monetary Policy and repo rate
The RBI Monetary Policy Committee (MPC) meeting will conclude on October 1st. Most experts expect the repo rate to remain stable at 5.5%. However, SBI Research has predicted a 25 basis point cut.
Repo rate changes directly impact home loans, fixed deposits, and other financial products.
IRCTC’s New Ticket Booking System
Aadhaar-based authentication will now be required for ticket booking on IRCTC. For the first 15 minutes after the reservation window opens, only users who have been identified through Aadhaar will be able to book tickets. This is intended to prevent ticket black marketing and provide booking opportunities to genuine travellers.
Summing up…
These changes, mostly from today, will directly impact the public’s savings, investments, banking, and daily transactions. Both investors and consumers should be aware of these new rules in advance to make informed financial decisions.