Bank New Rules: From October 1, many big rules related to the bank and your salary are changing, which will directly affect your income. Let us know what is going to change from October 1.
Changes From 1st October: From 1st October a major change is going to come in the finance system. The new auto debit payment system is going to be implemented from this day. Now under the auto debit payment system, banks and digital platforms like Paytm-Phonepe will also have to take your permission before debiting money for installation or any automatic bill payment.
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 directly affected and the salary coming in the bank may also 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.
Change in salary structure
Changes will also be made in the New Wage Code Salary Structure of the employees under the new Wage Code. Take Home Salary can be reduced. Because according to the Wage Code Act, 2019, the basic salary of an employee cannot be less than 50% of the cost of the company (CTC). At present, many companies reduce the basic salary significantly and give more allowances than above. It is being told that from October 1, the New Wage Code can be implemented.
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 its update was 31 July, but later it was increased to 30 September. Now it is mandatory for investors to get KYC done. It is necessary to update the address, name, PAN, mobile number, email id, income range etc. in the KYC details.
Auto debit payments may get stuck from October 1!
RBI has been instructed to implement Additional Factor Authentication (AFA) with the aim of making digital payments more secure in the country. Keeping in mind the interests and convenience of customers in recurring online payments, it was directed to prepare a framework using AFA to protect them from frauds. But in view of the appeal of IBA, the deadline for its implementation was extended from March 31, 2021 to September 30, so that banks can make full preparations to implement this framework.
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.
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