October 2026 brings several important changes across banking, UPI, taxation, LPG, NPS and EPF. Some changes are effective from October 1, while others will come into effect later this month.
Here are the key changes you should know:
1. SBI ATM Rules Change
From October 1, SBI salary package account holders using other banks’ ATMs will get 5 free transactions per month, compared with the earlier limit of 10.
After the free limit, applicable ATM charges will be levied.
2. New Rules for Large Fixed Deposits
From October 1, revised RBI rules apply to bulk deposits of ₹3 crore and above.
Banks will have to disclose applicable interest rates for such large deposits in advance and publish them regularly.
This mainly matters to customers and businesses making large fixed deposits.
3. UPI Charges for Certain Merchant Payments
From October 15, eligible UPI merchant transactions above ₹2,000 will attract a 0.4% Merchant Discount Rate (MDR), subject to applicable limits and rules.
This is a merchant-side charge and not a direct fee charged to consumers.
Person-to-person UPI transfers are not covered by this MDR.
4. Aadhaar Authentication for LPG Subsidy
From October 1, consumers seeking subsidised domestic LPG refills need to complete biometric Aadhaar authentication.
Those who have already completed the authentication process do not need to repeat it.
5. NPS Charges Revised
PFRDA has revised the Point of Presence (PoP) charges for NPS and NPS Lite from October 1.
The revised structure includes a ₹200 onboarding charge and an annual 0.20% AUM-based charge, depending on the applicable account and service arrangement.
6. Tax Audit and ITR Deadlines Extended
For specified taxpayers covered by the extension, the tax audit report deadline for AY 2026–27 has been extended to October 21, 2026.
The corresponding ITR filing deadline has been extended to November 21, 2026.
These extensions do not apply to every taxpayer, so your filing category matters.
7. NRI Property Purchase Rules Change
From October 1, resident individuals and HUFs purchasing immovable property from an NRI will no longer need a separate TAN solely for this TDS compliance.
However, the underlying TDS requirement continues to apply.
8. EPF Wage Ceiling Changes
The EPFO has revised the EPF wage ceiling from ₹15,000 to ₹25,000, with the change taking effect in September.
October is therefore the first full month under the revised ceiling.
The actual impact on an employee will depend on their existing PF contribution arrangement.
9. New Banking Records Law
The Bankers’ Books Evidence Act, 2026 comes into force from October 1.
It replaces the 1891 law and updates the legal framework for using banking records as evidence, including a more standardised certification process.
WHAT SHOULD YOU CHECK THIS MONTH?
LPG: Complete biometric Aadhaar authentication if required.
Tax: Check whether the extended ITR or audit deadlines apply to you.
UPI: Merchants should understand the new MDR framework.
NPS: Check how the revised charges apply to your account.
SBI: Review your free ATM transaction limit.
Large FD investors: Check applicable bulk-deposit interest rates before investing.
October brings several changes that can affect your money, taxes, banking and everyday financial transactions.
So, before the month gets busy, check which of these changes actually apply to you.
