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HomeIndiaPayment Rules Changed From Today, Will Directly Affect You – News18 Lokmat ...

Payment Rules Changed From Today, Will Directly Affect You – News18 Lokmat News WAALI

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Mumbai : Do you use debit cards and credit cards for payments? If you have invested in Mutual Fund or National Payment System then this is good news for you. New rules have been implemented in this regard from October 1. You need to know that. Otherwise there may be a big loss. RBI’s tokenization for credit cards and debit cards will be effective from October 1. Merchant websites may not store your card number, CVV or expiry date on their servers for online transactions. Cardholder has to generate a token before purchasing any item on the website and retain that token for future reuse on that particular website. Can generate token at the time of payment and save it for later use. The customer has the freedom to tokenize or not. So there is no doubt that he should do it. If the token is not done, the customer will have to enter his card number and other updates every time to make the payment. The purpose of tokenization is to secure the use of credit and debit cards. Fraudsters will not be able to misuse your card if merchant website data is leaked.This is believed to keep your bank account more secure.

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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