From pension-auto debit to Demat account..., many big rules changed from today
From pension-auto debit to Demat account..., many big rules changed from today

New Delhi: Several rules related to banking and financial sectors are changing from today i.e. With the change in cheque books of three banks, the relevant rules of credit, debit cards will also be changed. The Reserve Bank of India has made it mandatory to use some new security features for an auto-debit facility in one's bank account with effect from October 1, 2021. As per the new rules issued by the RBI, those who use the auto-debit facility may have to make some auto-debit transactions manually from October 1 to pay the same monthly instalments from the repaying bill or their bank account.  Let us know what is changing from today:-

Chequebook closed: From today, three banks - Oriental Bank of Commerce, United Bank of India and Allahabad Bank's old chequebooks, Magnetic Ink Character Recognition (MICR) and Indian Financial System Code (IFSC) will not work. Allahabad Bank has merged with Indian Bank. It is in force from April 1, 2020. Oriental Bank of Commerce and United Bank of India have merged with Punjab National Bank. Customers of these three erstwhile banks have been asked to take new chequebooks by September 30.

Demat Account: To open a Demat way trading account, the investor will now have to provide nomination information.

Auto Debit: The new rule on debit and credit card auto debit has come into effect from today. As per the RBI order, banks and other financial institutions will have to demand additional factor authentication from customers for an auto-debit stake of more than Rs 5,000 on debit and credit cards or mobile wallets. Under this, auto-debits from debit/credit cards or mobile wallets will not take place unless the customer approves it himself. Banks or financial institutions will have to send messages for auto-debit to customers 24 hours in advance for approval. The new rule will not have any impact if auto-debit is directly from the bank account.

Price of gas cylinders: From today, the price of 19 kg commercial LPG cylinder in Delhi has increased from Rs 1,693 to Rs 1,736.50. In Kolkata, it has been priced at Rs 1,805.5 with the same cylinder selling at Rs 1,685 in Mumbai and Rs 1,867.5 in Chennai from today.

Pension: From today, pensioners aged 80 years and above will be able to submit digital life certificates. The time for this has been given up to 30th November 2021. The certificate has to be submitted to the life proof centres of the respective post offices in the country. State that the life certificate is proof of the survival of the pensioner. In order to continue the pension, it has to be deposited every year in the bank or financial institution where the pension comes.

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