It is mandatory to initiate within 30 days of receiving the debit or credit card. Otherwise bank will send OTP again with customer’s consent after which it has to be initiated. This rule has been made to prevent misuse of the card. There will be no charges for card closure. From October 1, the e-nomination process will be easier for the members of NPS. After the new rules come into force, online requests will be automatically authorized if they are not authorized within 30 days. This will remove one of the worries on the customer’s head and reduce clutter in the office. Nomination is mandatory in any investment you make. SEBI has made this rule applicable to all mutual fund investors. From October 1, 2022, investors investing in mutual funds will have to either give a nominee or write in if they don’t want a nominee. From October 1, tax payers cannot take advantage of Atal Pension Yojana. This scheme is mainly for people from weaker economic sections. A monthly pension of Rs 1,000 to Rs 5,000 is available in this scheme. ICICI Bank has introduced a one percent charge on fare payments through credit cards. This fee will start from October 20. Currently there is no charge for paying rent from any bank’s credit card. Rent can be paid through credit card through apps like Redgiraffe, Cred, Paytm and Magicbricks. This fee will be different from the 0.4 to 2 percent key processing fee charged by the website.
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