Here’s a look at four personal finance-related changes that go into effect on October 1.
auto debit Recurring payments with debit/credit cards can fail: From October 1, as mandated by the Reserve Bank of India (RBI), banks and other financial institutions will have to ask customers to provide additional factor authentication if the auto-debit mandate for payment is above Rs 5,000.
With effect from October 1, 2021, under the new additional factor authentication rules, a bank is required to send an intimation to the customer at least 24 hours before the auto-debit payment is deducted and debit is allowed only after the customer has gives. confirmed it. Pre-transaction notification will be sent through SMS, Email etc. The notification will inform the cardholder about the name of the merchant, transaction amount, date/time of debit, reference number/e-mandate of the transaction, reason for debit, ie. , e-mandate registered by the cardholder. The Cardholder will have the facility to opt-out of that particular transaction or e-mandate.
You should ensure that your correct mobile number is linked to your debit/credit card so that you can receive a notification for approval.
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Your Debit/Credit Card may fail from next month if auto-debit is not approved
Submission of Life Certificate for Pensioners: The submission of Life Certificate for pensioners above 80 years of age will start from October 1, 2021 and can be done till November 30, 2021. Pensioners below the age of 80 years can submit their life certificate from November 1, 2021 to November 30, 2021. You have to visit your bank or post office to submit your Jeevan Pramaan (Life Certificate). Some banks have started offering life certificate submission through their doorstep banking initiative. The government has also provided a platform that enables pensioners to submit certificates online and do away with physical travel.
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How government pensioners can submit life certificate online
Checks of these banks will be invalid: The old check books of the erstwhile Allahabad Bank, Oriental Bank of Commerce and United Bank of India will become invalid with effect from October 1, 2021. This has happened because of the announcement of merger. These are the merged banks: Oriental Bank of Commerce and United Bank of India have merged with Punjab National Bank (PNB) and Allahabad Bank with Indian Bank.
According to the Indian Bank website, the old check books of the erstwhile Allahabad Bank will not be accepted for payment from October 1, 2021.
The customers of these banks should get the Anchor Bank check book.
Suryoday Bank will close its ATMs: Suryoday Small Finance Bank has decided to shut down its 26 automated teller machines, giving customers the option to use their debit cards at other banks’ ATMs, the first to do away with such machines completely. Has become a domestic lender. According to a news report in Economic Times, the small finance bank is now devising a strategy where it will provide 5-7 transactions per month free of cost to its customers, when they use it. ATM Network of other banks to withdraw cash.
Bank holiday: With various festivals in October, it would be prudent to know when banks will be closed in October 2021.
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