New Financial Rules Take Effect: What October Brings for Your Money

October ushers in a series of significant financial rule changes impacting everyday payments, savings, retirement planning, and household budgets. These revisions, coming into effect from October 1 and October 15, affect everything from UPI transactions and ATM withdrawals to National Pension System charges and LPG cylinder bookings, according to Livemint Money.

From October 15, new UPI MDR (Merchant Discount Rate) charges will apply to person-to-merchant payments exceeding ₹2,000. Merchants will bear a 0.4% charge, capped at ₹300 for transactions of ₹75,000 or more. Importantly, payments between individuals and most daily merchant transactions will remain free for consumers. However, essential services like railways, telecom, fuel, and insurance will incur a flat ₹5 fee for transactions above ₹2,000. Capital markets transactions, including mutual funds and stockbroking, will see a lower 0.02% rate, also capped at ₹300.

Basic Savings Bank Deposit (BSBD) account holders with State Bank of India (SBI) will see revised service charges from October 1, 2026. While four free cash withdrawals per month will continue across SBI and other bank ATMs or branch channels, additional withdrawals will cost ₹15 plus GST each. Digital transactions for these account holders will remain free. Additionally, National Pension System (NPS) subscribers face a revised Point of Presence (PoP) charge structure from October 1, 2026, including a one-time onboarding fee of ₹200 for new Permanent Retirement Account Numbers (PRANs) and an annual fee of 0.20% of assets under management, excluding dormant accounts.

Another crucial change for households is the mandatory KYC requirement for all LPG consumers from October 1 to book efills at the regulated retail selling price. Consumers without completed KYC can still obtain LPG but at the applicable market price, without the subsidy, as per conditions set by oil marketing companies. While the Reserve Bank of India has also updated its framework for bulk deposits of ₹3 crore or more from October 1, requiring banks to publish daily interest rates, this change does not impact retail investors.

What to watch: How these new charges and requirements influence consumer payment habits and financial planning.

Editor's note: Comprehensive coverage of the financial rules changes with precise figures and dates.