Bank Rules Change From Oct 1: Cheque Book From These Banks Stand Cancelled, New Auto Debit Rules - Know More

A number of changes in Bank rules are expected to be implemented from October 1. So lets find out what these changes are and how would it impact your pocket.

Bank rules change from Oct 1 | Representative Image

New Delhi: A number of changes are expected to take place in Bank rules from October 1. This change may also affect their customers' pockets. In such a situation, it is necessary to know what these changes would be and how would it impact your pocket. It is better to know these rules beforehand to avoid inconvenience while visiting the bank. 

Pension Rules Change: The rules related to digital life certificates are set to change from October 1. Pensioners in the country aged 80 years and above can submit their life certificates at all major post offices in the country. Pensioners will have to submit a digital life certificate to the Jeevan Pramaan Centre at major Post Offices. Pensioners have been given time until November 30 to submit their digital life certificates. Pensioners would be able to submit their digital life certificates from October onwards. In order to facilitate this, India Post has been directed to reactivate their Life Proof Centre IDs beforehand, so that elderly pensioners do not face any inconvenience during this process.

Old Chequebooks From These Banks To Be Cancelled: The old chequebooks and MICR codes for these three banks will be automatically cancelled from October 1. These three banks are United Bank of India, Oriental Bank of Commerce and Allahabad Bank. These banks have been recently merged with other banks. Due to the merger, the account numbers, IFSC and MICR codes of their account holders have also been changed. This is why the new banking system would automatically reject all old cheques from October 1, 2021, onwards.

Auto Debit Rules: The new RBI rule for auto-debit on credit and debit cards would come into effect from October 1. Under this rule, auto-debits will not occur unless they have been approved by the customer.

According to the new rule, which comes into effect from October 1, 2021, the bank will have to notify customers 24 hours before any auto-debit payment.

The money will be debited from the customer's account only upon confirmation. A notification can also be sent to customers by SMS or e-mail.