Ten significant financial changes will come into force in the country in October, which may affect citizens' wallets. These changes cover a wide range of topics—from rules concerning liquefied petroleum gas (LPG) to transaction fees at SBI ATMs, as well as regulations for Fixed Deposits (FD) and the National Pension System (NPS).
In the realm of Fixed Deposits (FD), the Reserve Bank of India (RBI) is modifying the methods for determining and publishing interest rates for wholesale fixed deposits by commercial banks. The new provisions will become effective on October 1, 2026. Under the updated structure, banks are required to publish their wholesale deposit rates in advance and provide daily information on rates effective at 10 am. Although banks may set rate variations based on specific conditions, they are generally expected to apply a uniform interest rate for identical wholesale deposits.
Starting October 15, 2026, a UPI MDR transaction fee will be introduced for sellers for certain operations. This fee will apply to seller transactions exceeding ₹2000. Transactions up to ₹2000 and those conducted by small traders under the zero MDR structure will remain free.
The Pension Fund Regulatory and Development Authority (PFRDA) has amended the rules of the National Pension System (NPS) and NPS Lite regarding the charges collected through Points of Presence (POP) from customers. These revised charges will take effect on October 1, 2026. According to the new scheme, customers registering through POP must pay a one-time registration fee of ₹200 for each PRAN. It is important to note that this amount will not be debited from the customer's account in a single lump sum.
Home LPG consumers who have not yet completed biometric authentication need to complete this procedure before October 1. Otherwise, subsidies may be suspended. After completing the authentication, consumers will be able to use both the ordering service and subsidies.
As is customary monthly, there may be an LPG price change on October 1. This is particularly relevant against the backdrop of heightened global tensions and difficulties in oil and gas supplies from the Middle East. Prices for gaseous fuel and commercial LPG may be adjusted.
SBI is making changes to the rules for using SBI cards at other banks' ATMs and Automated Teller Machines (ADWM) for salary account holders. The updated rules will take effect on October 1, 2026. For all types of SBI salary accounts, the number of free ATM transactions at other banks will be reduced from ten to five per month across all centers. For Basic Savings Bank Deposit (BSBD) accounts, four free cash withdrawals per month are permitted, after which every subsequent transaction will incur a charge of ₹15 plus GST.
Regarding NRI investments, the process for a foreign national to purchase property previously required more paperwork compared to standard transactions. However, this process will change starting October 1, as the Income Tax Department simplifies the TDS procedure for expat buyers. From this date, residents and HUF families purchasing property from NRIs will not require a separate tax deduction and TNN for TDS; instead, the buyer can claim, deposit, and report TDS using their PAN card.
On October 1, the submission of documents for obtaining a Life Certificate begins. If you wish to receive a pension, you must submit a life certificate either online or offline. This process commences annually in October.
It should also be noted that October will have 16 bank holidays. Before visiting a bank in October, it is recommended to review the official list of RBI bank holidays. Despite this, banking operations, as well as transactions via online banking and ATMs, remain available.
Furthermore, on October 1, prices for home electronics such as televisions, refrigerators, and air conditioners may increase. This is linked to the projected rise in raw material prices during the festive season.
