October Financial Rule Changes
India Announces Major Changes to Banking and LPG Rules Starting October
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From October 1, 2026, LPG subsidy recipients who have not completed Aadhaar biometric authentication will still be able to get refills but will have to pay the market price rather than receive the subsidy. SBI Basic Savings Bank Deposit account holders will retain four free cash withdrawals per month, with additional withdrawals costing ₹15 plus GST; Aadhaar-enabled withdrawals will count toward the limit. Banks will also face new deposit-rate transparency requirements, including publishing rates daily and applying uniform rates to equivalent deposits. A healthcare-linked NPS offering, NPS Swasthya, is scheduled to launch on October 1, while other reported changes include stricter procedures for delayed birth and death registrations.
Key Points
1
SBI Salary Package Account holders will see their free withdrawals at other banks’ ATMs reduced from 10 to five per month; the limit applies to both financial and non-financial transactions.
2
From October 15, MDR charges are reported to apply to selected merchant-to-person (P2M) UPI payments above ₹2,000, while transactions below that amount remain charge-free. The government said nearly 96% of digital transactions would not be affected.
3
People opening NPS Lite accounts through Points of Presence will face a one-time ₹200 onboarding fee for PRAN card registration.
4
Birth and death registrations made within 21 days will remain free. For later registrations, an affidavit and late fee will be required, according to the report.
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