RBI new rules | Bank Customers please alert.. New Rules coming into effect from today

RBI new rules | The month of September is over. Expired on the 30th to complete many important tasks. From today onwords (October 1st) The new rules will come into effect.
Today there have been changes in updating the correct mobile number in the bank account, KYC, demat, new checkbooks for various banks and many other things related to ATMs. These changes will take effect today. If the work is not completed as per the rules prescribed by the RBI, these difficulties will be faced.

RBI new rules

Auto debit payment system

Here are 4 important things you can do by September 30th. Updating the correct mobile number in the bank account, the new auto debit payment system will be implemented from October 1st. Auto debit means that if you put electricity, LIC or any other expenses in auto debit mode in mobile app or internet banking, the money will be automatically deducted from the bank account on a certain date. To avail this facility, your active mobile number must be updated at the bank. In such a case, the deadline to update your number is September 30th.

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Under the new system, banks will have to send a notification to the customer’s mobile 5 days before the payment deadline. The notification must have customer approval. OTP is mandatory on payments over 5000. That is why you need to update your valid mobile number in the bank to avail the new facility.

New Check Books

Also, customers of Allahabad, OBC, and United Bank will be required to obtain a new check book from October 1st. Old check book of Allahabad Bank, Oriental Bank of Commerce (OBC) and United Bank will not work. Therefore, if you do not want to have any problems, get a new check book from the bank as soon as possible. OBC and United Bank merged into Punjab National Bank (PNB).

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Demat Account

As per the RBI new rules , Market regulator Sebi (SEBI)’s KYC has made some changes in the rules for opening new trading and demat accounts. Accordingly, if you have a demat account, you must make it to KYC by September 30th. If KYC is not completed, the demat account will be deactivated. With this you cannot trade in the stock market. Even if an individual buys company shares, these shares will not be transferred to the account. This only happens after KYC is completed and verified.

Demat Account
Demat Account

Apply for Loan

Punjab National Bank (PNB) has decided not to levy processing fees and documentation charges on home loans till September 30. The bank is offering a home loan with an interest rate of 6.80 per cent. In such a situation, if you want to take a home loan from Punjab National Bank, take advantage of this offer till September 30. Punjab National Bank charges 0.50 per cent processing fee and documentation charges on home loans.

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