Mumbai, October 1 — State Bank of India salary account customers will see a reduction in the number of free ATM transactions allowed each month, according to changes announced for October 2026. The mechanics here follow the money: SBI is adjusting the terms for salary-linked accounts, cutting back on complimentary cash withdrawals at its own and other banks’ ATMs. On closer reading, the catch is that while the bank frames this as a routine update, it directly affects how account holders access their funds without incurring charges.
New rules require clearer disclosure of interest rates offered on bulk fixed deposits, aiming to bring transparency to large-ticket FD products. This move targets institutional and high-value depositors who previously received rates not always clearly communicated upfront.
The change does not alter the rates themselves but mandates that the terms be presented in a standardized format before acceptance.
National Pension System charges revised
Adjustments to NPS fees typically impact long-term retirement savers, affecting the net returns on their contributions. Any revision in this space draws attention because of the system’s role in voluntary retirement planning across income groups. Receiving LPG subsidies will now require mandatory Aadhaar authentication, removing alternative verification methods.
This ties the delivery of cooking gas benefits directly to biometric verification through the Aadhaar ecosystem. The shift aims to reduce duplication and ensure subsidies reach only eligible beneficiaries, though it adds a step for users.
UPI merchant transaction rules updated for higher-value payments
Rules governing Unified Payments Interface transactions above Rs 2,000 for merchant payments have been updated. The source does not detail the nature of the revision, but such thresholds often trigger additional verification or compliance steps. As digital payments scale, adjustments to UPI norms at specific value points reflect efforts to balance security and convenience.
Watch for how salary account holders respond to fewer free ATM withdrawals and whether the new FD disclosure norms lead to more informed bulk deposit decisions.
