New Delhi: October 2026 brings several changes that could affect bank customers, savers, pension investors, taxpayers and households. The changes cover bulk fixed deposits, UPI merchant payments, LPG subsidies, National Pension System (NPS) charges, property purchases from non-residents and State Bank of India (SBI) ATM transactions.

The Reserve Bank of India (RBI) will also hold its Monetary Policy Committee (MPC) meeting from October 5 to 7, with the next repo-rate decision due on October 7. The repo rate stood at 5.25% after the August policy review, but the October meeting will determine whether there is any change.

Here are the key money-related changes and dates consumers need to know.

1. Bulk FD interest-rate rules change

From October 1, banks will follow revised rules for setting and disclosing interest rates on bulk deposits.

Banks will have to disclose their bulk deposit rates in advance and publish the applicable rates every day at 10 am. They will generally have to offer the same rate for similar bulk deposits, although differential rates can apply depending on the deposit’s treatment under the Liquidity Coverage Ratio (LCR) framework.

The changes are mainly relevant to large deposits, generally those classified as bulk deposits. Regular customers with smaller fixed deposits are not directly affected by the new bulk-deposit disclosure framework.

The revised system is intended to make bulk deposit pricing more transparent and reduce uncertainty around the rates available to large depositors.

2. UPI merchant payments above ₹2,000

A new Merchant Discount Rate (MDR) framework for specified UPI merchant transactions is scheduled to take effect from October 15.

Under the framework, selected person-to-merchant (P2M) UPI transactions above ₹2,000 will attract MDR. The standard rate is 0.4% for specified transactions, although the applicable rate can vary according to the merchant’s business category.

Transactions up to ₹2,000 and payments covered under the zero-MDR framework for small traders will continue to remain free. The charge is payable by the merchant and is not supposed to be passed on to the consumer.

The framework is being challenged in the Supreme Court. The court has not put the policy on hold and has sought responses from the Centre, RBI, NPCI and other parties. Unless there is a further court order, the new MDR regime is scheduled to begin on October 15.

3. LPG Aadhaar authentication for subsidy

Domestic LPG consumers who want to continue receiving subsidised refills need to complete Biometric Aadhaar Authentication (BAA).

According to the reported rules, consumers who had not completed the authentication were required to do so before October 1 to book refills at the regulated selling price along with the applicable government subsidy.

Once authentication is completed, eligible consumers can continue booking refills at the regulated price with the applicable subsidy. Consumers dependent on subsidised LPG should therefore check their authentication status.

4. New NPS charges from October 1

The National Pension System is also getting a revised charge structure from October 1.

The Pension Fund Regulatory and Development Authority (PFRDA) has introduced a one-time onboarding charge of ₹200 for each Permanent Retirement Account Number (PRAN) opened through a Point of Presence (PoP).

The ₹200 amount will not be deducted in one instalment. Instead, ₹50 will be recovered each quarter through cancellation of units by the Central Recordkeeping Agencies, with the recovered amount paid to the PoP.

The revised framework also standardises how NPS schemes are classified and presented. Five equity-based categories have been introduced, based on the proportion of equity exposure, allowing subscribers to see the broad risk and equity characteristics of schemes more clearly.

5. Small-savings interest rates under review

The government reviews interest rates on small-savings schemes every quarter. The October-December 2026 rates are due to be determined following the review.

The schemes covered include the Public Provident Fund (PPF), National Savings Certificate (NSC), Senior Citizens’ Savings Scheme (SCSS), Sukanya Samriddhi Account, Kisan Vikas Patra and Post Office deposits.

For the July-September quarter, the government had kept the interest rates unchanged across the small-savings schemes. The October-December review will determine whether investors see any revision.

Therefore, savers should distinguish between a scheduled quarterly review and an actual rate change. The review itself does not mean that rates will necessarily rise or fall.

6. Property purchase from an NRI gets simpler

Resident individuals and Hindu Undivided Families (HUFs) purchasing immovable property from a non-resident seller will have a simpler TDS compliance process from October 1.

Under the change, eligible buyers will no longer need to obtain a separate Tax Deduction and Collection Account Number (TAN) for deducting tax at source on such transactions.

Instead, buyers can use their Permanent Account Number (PAN) for deducting, depositing and reporting the applicable TDS. The transaction can also be reported through the PAN-based challan-cum-statement mechanism.

The change is part of the transition to the new income-tax law and is intended to reduce the compliance requirements for resident individuals and HUFs purchasing property from non-resident sellers.

Importantly, the simplified process does not remove the underlying requirement to deduct TDS wherever the law requires it.

7. SBI ATM free transaction limits change

SBI salary package account holders will see a change in the number of free transactions available at other banks’ ATMs from October 1.

The number of free transactions at other banks’ ATMs will be reduced from 10 to five per month across SBI salary package account variants. The limit includes both financial and non-financial transactions.

SBI’s Basic Savings Bank Deposit (BSBD) account holders will continue to receive four free cash withdrawals every month. Withdrawals beyond the four free transactions will attract a charge of ₹15 plus GST per transaction.

Digital transactions will continue to remain free without any restriction, according to SBI.

Customers who frequently use other banks’ ATMs should therefore keep track of their monthly free-transaction limit to avoid additional charges.

RBI repo-rate decision also due in October

Apart from the changes that take effect during the month, borrowers and depositors will be watching the RBI’s October policy meeting.

The MPC is scheduled to meet from October 5 to 7, with the repo-rate announcement expected on October 7. The policy rate was 5.25% after the August review.

A change in the repo rate can eventually influence loan and deposit rates, but banks do not necessarily adjust their lending or fixed-deposit rates immediately or by the same amount.

What consumers should keep in mind

October’s changes cover different parts of personal finance, so their impact will vary from person to person.

Large depositors need to pay attention to the revised bulk-deposit rate disclosure rules. UPI merchants should understand the MDR framework coming into effect on October 15. NPS subscribers opening accounts through PoPs should account for the revised onboarding charge, while LPG customers dependent on subsidies should check their Aadhaar authentication status.

SBI customers who regularly use other banks’ ATMs should also monitor their free transaction count. Meanwhile, investors in PPF, NSC, SCSS and other small-savings products will need to wait for the government’s quarterly interest-rate announcement.

For borrowers, the RBI’s October 7 policy decision will be another key date to watch, although any impact on individual loan rates will depend on how banks respond to the policy decision.