October Financial Changes
Major Indian financial rule changes for October affect payments, banking, and pensions.
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Key Points
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NPS subscribers face an annual charge of 0.20% of assets under management; dormant accounts are exempt from this charge.
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SBI salary-package account holders using other banks’ ATMs will see their monthly free-transaction allowance cut from 10 to five. After four transactions, additional withdrawals are charged ₹15 plus GST.
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Small-savings scheme interest rates were left unchanged for the October–December 2026 quarter; the schemes include PPF, NSC, Sukanya Samriddhi and Senior Citizens’ Savings Scheme.
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Other October tax-compliance dates include October 7 for September TDS/TCS deposits and certain quarterly filings, and October 15 for specified TDS certificates and quarterly forms.
India's financial landscape shifts in October 2026 with changes affecting digital payments, banking fees, pensions, and energy subsidies. From October 15, merchants will pay a new 0.4% merchant discount rate (MDR) on high-value UPI transactions over ₹75,000, capped at ₹300 per transaction TradingView. Meanwhile, SBI ATM fees rise, NPS charges kick in, and LPG subsidy rules tighten for users without biometric verification.
UPI Payments Get New Merchant Fees
Starting October 15, a 0.4% MDR applies to qualifying UPI transactions TimesNowNews. The fee caps at ₹300 for transactions of ₹75,000 or more. Merchants—not customers—bear the cost. This marks the first time UPI users face transaction-linked charges, shifting the payment burden away from consumers.
SBI ATM Withdrawals Become More Expensive
SBI salary-package account holders using other banks' ATMs face tighter limits starting in October TradingView. Free withdrawals drop from 10 to 5 per month. After four transactions, each additional withdrawal costs ₹15 plus 18% GST. This change directly impacts millions of salaried workers who rely on ATM access beyond SBI's network.
NPS Subscribers Face Annual Asset Charges
National Pension System subscribers must now pay an annual charge of 0.20% on assets under management LiveMint. Dormant accounts escape this fee entirely. The charge applies across all investment tiers. For a ₹10 lakh portfolio, this translates to ₹200 annually, reducing net retirement savings over decades.
LPG Subsidies End Without Aadhaar Biometric Link
LPG consumers who haven't completed biometric Aadhaar authentication lose their subsidy starting October TradingView. Affected users pay market rates instead of subsidized prices. Existing KYC records alone no longer suffice. Banks must also publish bulk-deposit interest rates daily for deposits of ₹3 crore or more, enhancing transparency in the fixed-income market TimesNowNews.
Tax Deadlines Shift Into Late Fall
Income tax filers face extended deadlines in October and November CNBCTV18. Tax-audit reports must be filed by October 21 for specified taxpayers. Income-tax returns slide to November 21. September TDS and TCS deposits remain due October 7. These extensions provide relief but require careful tracking to avoid penalties.
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