New Rules Effective October 1st: The start of a new month often brings significant changes. With the new month beginning today, October 1st, several rules affecting your finances are coming into effect. It is important to be aware of these changes to avoid any future inconvenience. These changes cover areas such as interest rates for large Fixed Deposits (FDs), ATM cash withdrawals, NPS charges, and TDS rules for property purchases from NRIs. Let’s take a look at the changes being implemented from October 1, 2026.

Rules for Large FD Interest Rates

Banks will be required to display the applicable interest rates for bulk deposits of ₹3 crore or more on their websites daily by 10:00 AM. A rule will also come into effect, mandating uniform interest rates across branches for deposits with identical terms. This will impact both banks and customers making large-value FDs. Banks retain the flexibility to set different interest rates based on their requirements; however, FDs opened on the same date for the same amount and tenure must carry the same interest rate across all bank branches. This measure aims to enhance rate transparency and reduce rate disparities between branches.

Gas Subsidy Rules

Rules regarding LPG subsidies have been modified, effective October 1, 2026.
Biometric Aadhaar Authentication (BAA) has now become mandatory to avail of the subsidy benefit.
LPG customers who have not yet completed their BAA must do so.
However, the supply of gas cylinders will continue even if authentication is not completed.

Charges on UPI Transactions

The NPCI will levy a Merchant Discount Rate (MDR) on transactions exceeding ₹2,000.
This charge will apply to ‘Person-to-Merchant’ (P2M) transactions. Customers will not have to pay this additional charge on transactions exceeding ₹2,000.
This rule comes into effect on October 15; charges on UPI transactions will apply from that date.
The question arises: will the customer have to pay the charge directly? The answer is no. The NPCI has clarified that the MDR is not a charge levied directly on the customer.

Rules for cash withdrawals from SBI ATMs

Changes have been made to the free withdrawal limits at other banks’ ATMs for certain SBI accounts. For BSBD accounts, a fee of ₹15 plus GST applies after four free cash withdrawals.