Money changes in Oct: SBI ATM, LPG, FD, NPS and EPF rules to know | Personal Finance

Several financial rules and charges are set to change in October, impacting bank customers, taxpayers and households. From revised SBI ATM transaction limits and new rules for bulk fixed deposits to Aadhaar authentication for subsidised LPG and changes in NPS charges, consumers will need to know what applies to them.

 

October will also bring developments beyond the first day of the month. The RBI’s monetary policy decision, revised UPI merchant charges from October 15 and the quarterly review of small-savings interest rates could affect borrowing, payments and investment returns.

 

SBI ATM rules: Free transactions cut for salary account holders

From October 1, SBI salary package account holders using their SBI debit cards at other banks’ ATMs will get five free transactions a month, down from 10. The limit covers both financial and non-financial transactions.

  

After the free limit is exhausted, SBI will charge Rs 23 plus GST for a financial transaction and Rs 11 plus GST for a non-financial transaction.

 

For Basic Savings Bank Deposit (BSBD) account holders, four cash withdrawals in a month will continue to be free. Every cash withdrawal after that will attract a charge of Rs 15 plus GST.

 

This change matters mainly to customers who frequently use other banks’ ATMs. Those who largely use SBI ATMs or digital banking may see little or no direct impact.

 

LPG subsidy: Aadhaar biometric authentication required

Domestic LPG consumers will need to complete Biometric Aadhaar Authentication (BAA) from October 1 to book refills at the regulated retail selling price with the applicable subsidy.

 

The government said consumers who have already completed authentication do not need to repeat the process. As of September 19, 27.43 crore active domestic LPG consumers, or 89.9 per cent, had completed BAA.

 

Consumers can complete the process during cylinder delivery, at the distributor’s showroom or through the mobile application of their oil marketing company.

 

Importantly, consumers who do not want to complete BAA will still be able to obtain LPG, according to the government. However, they will have to register their choice through the available OMC channels and will receive cylinders at the applicable market price without subsidy, subject to availability.

 

Bulk FD rates: New disclosure rules from October 1

The RBI’s revised rules on bulk deposits take effect from October 1. These are primarily relevant to large depositors rather than ordinary retail FD customers.

 

Banks will have to disclose applicable bulk-deposit interest rates on their websites every working day around 10 am. A 10-minute window is allowed for publication, meaning the rates must be available by 10:10 am.

 

Banks will generally have to offer the same rate for similar bulk deposits accepted on the same day. The revised framework also gives banks some flexibility to differentiate rates depending on the treatment of deposits under liquidity requirements.

 

For a customer investing a conventional retail FD below the bulk-deposit threshold, the new disclosure requirement does not by itself change the rate on the deposit.

 

NPS charges: New PoP fee structure

The PFRDA has revised the charge structure that Points of Presence (PoPs) can collect from NPS subscribers. The revised framework is applicable from October 1.

 

For new NPS accounts opened through a PoP, the onboarding charge is Rs 200 per new account, along with applicable taxes. PFRDA’s charge structure also provides for other PoP charges depending on the scheme and account structure.

 

Existing NPS subscribers should therefore distinguish the one-time onboarding charge from recurring charges applicable to their accounts.

 

UPI MDR: New framework from October 15

A new Merchant Discount Rate (MDR) framework for specified UPI person-to-merchant transactions above Rs 2,000 is scheduled to take effect from October 15.

 

MDR is not a charge that customers automatically pay when making a UPI payment. It is a fee within the merchant-payment ecosystem.

 

Person-to-person UPI transactions will remain outside the framework. Payments up to Rs 2,000 and transactions covered by the zero-MDR framework will also remain unaffected.

 

For consumers, the immediate point is that a UPI payment above Rs 2,000 does not automatically mean an additional charge on their bank account. The impact is primarily on the merchant and payment-service ecosystem.

 

Taxpayers get more time for audit-linked returns

October also brings an important tax deadline change. The Income Tax Department has extended the deadline for furnishing tax audit reports for AY 2026-27 from September 30 to October 21, 2026, for the specified taxpayers covered by the extension.

 

The corresponding ITR filing deadline has been extended from October 31 to November 21, 2026.

 

These extensions do not apply to every taxpayer. Individuals should check their filing category before assuming that the revised deadlines apply to them.

 

Buying property from an NRI: TDS compliance changes

From October 1, resident individuals and Hindu Undivided Families buying immovable property from a non-resident seller will get a simpler TDS compliance process.

 

A separate TAN will not be required for the prescribed TDS process in such cases, with PAN being used instead. However, this does not remove the underlying TDS obligation. Buyers must continue to deduct, deposit and report TDS wherever applicable.

 

EPF: October is the first full month under Rs 25,000 ceiling

The government raised the EPF wage ceiling from Rs 15,000 to Rs 25,000 with effect from September 17. October will therefore be the first full month in which the revised ceiling applies.

 

Employees whose PF wages fall between Rs 15,001 and Rs 25,000 could see higher monthly EPF contributions if their contributions are calculated on the revised ceiling. The employer contribution also rises on the higher wage base, subject to the applicable rules.

 

For employees already contributing on actual wages above the statutory ceiling, the impact will depend on their existing PF arrangement.

 

RBI policy, small-savings rates to be watched

The RBI’s Monetary Policy Committee is scheduled to meet from October 5 to 7, with its policy decision due on October 7. The repo rate stood at 5.25 per cent after the August review.

 

Any change in the repo rate can eventually influence loan and deposit rates, although the extent and timing of transmission vary between banks and products.

 

The government will also review interest rates on small-savings schemes for the October-December quarter. The review covers products such as PPF, NSC, Senior Citizens’ Savings Scheme and Sukanya Samriddhi Account.

 

Focus first on changes requiring action — particularly LPG authentication and applicable tax deadlines — while keeping an eye on bank charges, deposit rates, the RBI policy decision and small-savings rates during the month.