Big changes to your finances coming from October 1

People have been warned they could face a number of changes to their finances over the next few weeks. Big financial changes including card tokenisation and new debit and credit card rules are set to come into effect October 2022.

From demat account KYC rules to Atal Pension Yojana, here's everything you need to know about the month ahead

Card tokenisation From October 1, the online transaction rules for debit and credit cards will change for all users. In a bid to make all e-payments safe, secure, convenient, quick and affordable, the Reserve Bank of India (RBI) has asked all operating banks to create tokens for card details. In layman’s language, all online, point-of-sale, and in-app transactions done by debit and credit cards will have to be replaced by tokens issued by the banks.

Atal Pension Yojana Income taxpayers cannot apply for the Atal Pension Yojana (APY) scheme from October onwards. The new order issued by Finance Ministry will come into effect from October 1, 2022 that has decided to bar tax payers from joining the APY after October 1.

Hence, if a subscriber – who is also a tax paying citizen – wishes to join Atal Pension Yojana (APY) scheme, September 30 is the last date to do so.

Card-issuers to seek One Time Password (OTP)

Card issuers should seek One Time Password (OTP) based consent from the cardholder for activating a credit card if the same has not been activated by the customer for more than 30 days from the date of issuance. In case of no consent, card issuers will have to close the credit card account without any cost to the customer within seven working days from the date of seeking confirmation from the customer.