Income tax payers will not be able to take advantage of Atal Pension Yojana from October 1. As per the current rules, any Indian citizen between the age group of 18 to 40 years can join this pension scheme of the government. A monthly pension of up to Rs.5000 per month is paid under this scheme.
Tokenization system implemented
Card Tokenization system will be implemented from October 1 for card payments. Once implemented, merchants, payment aggregators and payment gateways will no longer store customer card information. The objective of implementing the tokenization system is to prevent online banking fraud. Tokenization is not mandatory, but it makes it easier to make repeated purchases from the same website or app.
Nomination details required
Those investing in mutual funds on or after 1st October will be required to provide nomination details. Nominated and non-nominated investors have to file a declaration form. Nomination facility has to be provided in declaration. Asset Management Companies (AMCs) have to fill in the nomination form or declaration form as per the requirement of the investor or submit it online. Under the physical option the form is signed by the investor, while in the online form the investor can use the e-sign facility.
Interest may increase
After the RBI increased the Repo Rate, most of the banks in the country have increased the interest on FDs. In such a situation, the interest rates of Post Office Small Saving Schemes like PPF, Senior Citizen Saving Scheme, Sukanya Samriddhi Yojana may increase. New interest rates on Post Office Small Savings Schemes may be announced on September 30.
Changes in rules regarding Demat account
Demat account holders have to complete two-factor authentication by 30 September 2022. Only then you will be able to login to your demat account. If you do not need to do so, you will not be able to log into the Demat account from October 1. According to NSE, biometric authentication has to be used as authentication to log into a demat account. Another authentication can be the ‘Knowledge Factor’. This can be a password, pin or any location element known only to the user.
Gas cylinders can be cheap
LPG Gas Cylinder prices are reviewed on the 1st of every month. In such a scenario, prices of domestic (14.2 kg) and commercial (19 kg) gas cylinders are expected to decrease this time due to softening of crude oil and natural gas prices.