Every month, some changes keep coming up in terms of our finances. All of this is necessary to control your daily expenses and make plans. These rules could have an impact on your finances from this month. From today, income taxpayers won’t be able to invest in the Atal Pension Scheme. In addition, a tokenization system has been implemented for card payments. Commercial gas cylinder prices have decreased as well. Here, we’ll inform you about six developments that will affect you.
1. Small Savings Schemes Will Get More Interest
Nine consecutive quarters saw no change in small savings rates. However, on Thursday, the Finance Ministry raised the interest rates on a few of the small savings schemes for October to December. For time deposits with terms of two and three years, interest rates were slightly raised from 5.5% to 5.7% and 5.5% to 5.8%, respectively. In addition, interest rates increased for the Kisan Vikas Patra from 6.9% to 7.0% and the senior citizens’ savings scheme from 7.4% to 7.6%. Rates for other projects, however, remain the same. The changes have come due to rising interest rates and higher inflation. The most recent retail inflation rate for August was 7%.
2. Price Reduction For Commercial Gas Cylinder
Indian Oil’s price announcement from October 1 indicates a decrease in the cost of a 19 kg commercial cylinder. Its cost in the nation’s capital, Delhi, has decreased from Rs. 1,885 to Rs. 1859.50. In Kolkata, the price has dropped from Rs. 1,995.50 to Rs. 1959.00. Similar to that, it now costs Rs. 1811.50 instead of Rs. 1,844 as it did in Mumbai. Additionally, it has reduced from Rs. 2,045 to Rs. 2009 in Chennai. The price has decreased for the sixth time in a row. Domestic LPG cylinder costs have remained the same. In Delhi, a 14.2 kg gas cylinder costs Rs 1053.
3. People Investing In Mutual Funds Are Required To Give Nomination Details
Investors in mutual funds will now be required to provide nomination information. Those investors who don’t must fill out a declaration. The declaration will need to specify the nomination facility. Asset Management Companies will have to offer nomination and declaration form options. Depending on the investor’s needs, this can be done offline or online. The form will have the investor’s signature under the physical option. The investor can use the e-sign feature when filling out the online form.
4. Income Tax Payers Will Not Be Able To Invest In Atal Pension Scheme
An elderly person’s monthly income often comes from a pension. As a result, it ranks among the most important financial choices a salary earner should ever make. From today, income taxpayers no longer have permission to join the Atal Pension Yojana scheme. It also complies with the Finance Ministry’s regulations. APY is a scheme that targets Indian nationals who work in the unorganized sector. At 60, the plan gives a guaranteed minimum pension every month. However, the subscribers’ payments determine the minimum guaranteed pension. Anyone who is between the ages of 18 and 40 may subscribe to APY.
5. Rules Of Demat Account
For those who have Demat accounts, two-factor authentication is also important now. Members will also need to employ biometric authentication, according to NSE. When logging into their Demat account, it will be the authentication factor. A “knowledge factor” is also for the second authentication. This can be a secret phrase that only the user knows, such as a PIN or password.
6. Tokenization System
Debit and credit card online payment policies are changing as of right now. According to the Reserve Bank of India (RBI), some things have become mandatory. One of these includes using tokens in place of credit and debit card data for all online, in-app, and also point-of-sale transactions. Also, according to RBI, there will be no need to save any debit or credit card information on any online platform. Tokenization is the procedure through which a special code or token is in use instead of the card details. This also makes it possible to make purchases online without disclosing sensitive card information.
All these changes will directly affect your pocket. Additionally, check these changes once so that you will not face any problems.
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