Hyderabad: A series of financial rule changes takes effect from October 1, covering State Bank of India (SBI) ATM transactions, LPG subsidy verification, fixed deposit (FD) rate disclosure and the National Pension System (NPS). A separate change to UPI merchant payments will come into force on October 15.
SBI salary account holders, who had 10 free transactions per month at other banks’ ATMs, will now get only 5. Balance checks and similar services will also count toward this limit. Once the free transactions are exhausted, cash withdrawals will cost Rs 23 plus GST each, and other services such as balance enquiries will cost Rs 11 plus GST. The cap will not apply to free transactions at SBI’s own ATMs for salary account holders.
Banks will be required to publish interest rates on large-value FDs online every day from October 1. Deposits of Rs 3 crore and above are generally treated as large-value, though the threshold may vary by bank. The rule does not apply to regular small-value FDs, and their interest rates will not change. On October 15, a charge will apply to certain UPI merchant payments above Rs 2,000. Payments up to Rs 2,000 and some payments to small merchants that are currently free will remain charge-free. According to the government, around 96 percent of UPI merchant payments will be unaffected.
LPG subsidy beneficiaries must complete an identity check using Aadhaar fingerprint or other biometric details from October 1. The check can be done at the gas agency, on a phone through the required app, or through the delivery person when a cylinder is delivered. Consumers who skip it will not be able to receive the subsidised 14.2 kg cylinder and will have to take 5 kg or 10 kg cylinders, where available, without subsidy. Subsidised booking can resume once the check is complete.
Under the NPS, a new charge will apply from October 1. People enrolling for the first time through a service centre will have to pay Rs 200 per account.