From October 1, there are going to be changes in many rules related to the bank and your salary, which will directly affect your income. Know which rules are going to change from October 1.
There are only 10 days left to complete the month of September and after that October will start. With the beginning of October, many rules related to your bank and salary are going to change. After the implementation of these rules, your salary will be affected and the salary coming in the bank may be reduced. Apart from this, there are going to be changes regarding the money lying in the bank, which you need to take care of.
In such a situation, know which rules related to the bank are going to change and how it can affect your income. In such a situation, you should also know these rules so that you do not have any problem.
In hand salary can be less?
Compensation rules under the Wages 2019 Act may be applicable everywhere in October, although most private companies have implemented it. According to these rules, the share of allowance coming in your salary cannot now exceed 50 percent. In simple words, this means that now it is necessary to have 50 percent of the basic salary in your salary, which many companies keep very less. Let us tell you that your salary is divided into many parts, in which there is also a part of allowance. This can reduce the salary coming in your account, on the contrary, more money will start accumulating in your PF.
KYC rules for trading account
The Securities and Exchange Board of India (SEBI) had earlier made KYC mandatory for investors in trading accounts. Earlier the last date for KYC update was 31st July, which was later changed to 30th September. Now investors are required to get KYC done. It is necessary to update the address, name, PAN, mobile number, email id, income range etc. in the KYC details.
No auto debit
According to the new guidelines of RBI, customers will have to first give approval for their automatic transactions. For example, if any EMI, mobile bill payment, electricity bill, SIP payment or OTT payment goes from your account, then first you have to approve those payments. Only after this the transaction will be updated, for this you will also have to update your mobile number everywhere.
Please tell that this process will be completed through OTP. As per RBI rules, banks will have to give a notification to the customers before any auto payment and only after the customers approve the same will be able to deduct money from the bank account.
