Stories
October 1st Rules Change: Gas Cylinders Need KYC, TV-AC Prices Up, FD Rules Altered.
- •Several new rules came into effect on October 1st, impacting household budgets and expenses.
- •Domestic gas cylinder bookings now require KYC; Aadhaar biometric verification is mandatory for subsidy benefits.
- •Commercial 19 kg LPG cylinders are ₹62.50 more expensive, reaching ₹2,810 in Delhi, affecting hotels and restaurants.
- •Prices for TVs, ACs, refrigerators, and washing machines have increased by 3-8% due to rising costs of copper, aluminum, steel, and freight.
- •RBI's new guidelines give banks more flexibility in setting interest rates for bulk FDs of ₹3 crore or more.
- •SBI has reduced free ATM transactions for salary package account holders at other banks from 10 to 5, with charges applied thereafter.
- •The requirement for a separate TAN for buyers purchasing property from NRIs has been removed, allowing direct transactions via PAN card.
Key Questions Answered
To avail subsidy benefits on domestic LPG cylinders, customers are now required to undergo Aadhaar biometric verification. This verification process can be completed during the gas cylinder delivery, by visiting the respective agency, or through the oil company's mobile app.
SBI has reduced the number of free monthly transactions allowed at other banks' ATMs for salary package account holders from 10 down to 5. Once this limit is exhausted, a charge of ₹23 plus GST will apply to each financial withdrawal, and ₹11 plus GST for non-financial transactions.
Under new RBI guidelines, major changes have been implemented for bulk fixed deposits of ₹3 crore or more. Banks now have greater flexibility in determining interest rates for these large deposits while being required to maintain complete transparency on the rates applied.
