Rule Change From 1st October: With the beginning of every new month, some changes also take place. Some similar changes are going to happen in October too which will have a direct impact on our pockets and monthly budget.
Rules Changing from 1st October : The month of September is about to end. The month of October is going to start after four days. There are going to be changes in some rules related to money from October 1, which will have a direct impact on your pocket.
Many changes are taking place in October like Tax Collection at Source (TCS) rules, special FD deadlines of many banks including SBI, new debit card rules. Let us know which rules will be changed from October 1.
New TCS rule:
If you are going for a holiday or studying abroad, then there is useful news for you. Actually, the new rates of Tax Collection at Source (TCS) under the Liberalized Remittance Scheme (LRS) of the Reserve Bank of India (RBI) will be applicable from October 1, 2023.
If you understand in simple language, new TCS rules will be applicable on foreign travel, investment in foreign shares and mutual funds from October 1. However, TCS rules will be applicable only on expenditure above a certain limit.
Freedom to choose network in debit and credit cards:
From the month of October, customers will be able to decide as per their choice whether they want to take RuPay Card or Visa or Master Card. RBI has proposed that card issuing banks and non-banking units should give their customers the option to choose the card network.
SBI WeCare Scheme Deadline
Senior citizens will no longer be able to invest in SBI’s WeCare Scheme from October 1, 2023, because the investment date is September 30, 2023.
IDBI Bank Amrit Mahotsav FD Deadline
If you also want to earn more interest by investing in Fixed Deposit (FD), then there is good news for you. Actually, IDBI Bank has extended the deadline for investing in its special FD scheme Amrit Mahotsav FD which gives higher returns. Earlier this deadline was ending on 30 September. Now the bank has extended the deadline for investment in this scheme till 31st October.
Indian Bank’s special FD deadline:
Public sector Indian Bank has extended the deadline for high interest rate special FD schemes – Ind Super 400 and Ind Supreme 300 Days till 31 October 2023.
LIC Revival Campaign
If your LIC policy has lapsed, then there is good news for you. In fact, the country’s largest insurance company, Life Insurance Corporation of India, has started a special revival campaign (LIC Special Revival Campaign) to give its customers an opportunity to revive the lapsed policy. This scheme, which started from September 1, will run till October 31, 2023.
Deadline for adding nominee in demat account:
Market regulator SEBI has extended the last date for adding nominee in demat account by 3 months i.e. till 31st December. Earlier the last date to add nominee was 30th September.
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