What bank-related rules are set to change from October 1st? Check the full list..

As September draws to a close and October begins, several significant banking changes are set to take effect—changes that will impact the finances of everyone, from the common person to high-net-worth individuals. The Reserve Bank of India (RBI) and the government are implementing new regulations that will alter the banking system. Starting October 1, there will be key changes to the rules governing the RBI and major banks.

Whether you are a bank account holder or an investor, it is important to be aware of these upcoming banking rule changes so you can avoid any potential inconvenience once they are implemented. Let us take a look at the details.

**Uniform FD Rates Across Bank Branches**

To enhance transparency in Fixed Deposits (FDs), the RBI has modified rules allowing banks to determine interest rates based on liquidity risk. Under these changes, the threshold for 'bulk deposits' has been raised; FDs of ₹3 crore and above will now be classified as bulk deposits, replacing the previous limit of ₹2 crore. Banks will be required to maintain uniform interest rates across all their branches for retail customers. They will not be permitted to discriminate between customers regarding FDs of the same amount and tenure booked on the same day.

Additionally, all commercial banks and small finance banks are mandatorily required to update their bulk FD rates on their websites by 10:00 AM on every business day.

**Charges on SBI BSBD Accounts**

Starting October 1, holders of SBI's Basic Savings Bank Deposit (BSBD) accounts will be limited to four free cash withdrawals per month. For the fifth withdrawal and any subsequent ones, a charge of ₹15 plus GST will apply per transaction. This rule covers cash withdrawals made via ATMs, bank branches, and the Aadhaar-Enabled Payment System (AEPS).

**Charges on SBI Salary Accounts**

SBI will also levy charges on ATM withdrawals for salary account holders starting October 1. The limit for free transactions at other banks' ATMs will be reduced from 10 to 5. These five transactions will encompass both financial and non-financial activities—such as cash withdrawals and balance inquiries. However, SBI has kept transaction limits unlimited and completely free of charge for salary account holders at its ATMs.

**Rules for Bank-Credited Subsidies to Change**

The rules regarding the crediting of subsidies to bank accounts for LPG consumers will change starting October 1. This is because Biometric Aadhaar Authentication (BAA) has been made mandatory for receiving the gas subsidy from that date. If consumers do not complete the BAA process, the subsidy amount will not be transferred to their bank accounts; the funds will be credited only after verification is completed.

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