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India's October 2026 Financial Rule Changes Affect ATMs, LPG, Deposits
Several money-related rules in India are scheduled to change on October 1, 2026.
Banks will have to clearly publish interest rates for large fixed deposits.
Similar large deposits made on the same day must receive the same rate at every branch.
Some State Bank of India account holders will get four free cash withdrawals each month.
Further cash withdrawals will cost Rs 15 plus GST each.
Merchants will pay a new charge on certain large UPI payments, not customers.
People who want subsidized LPG refills must complete biometric Aadhaar authentication.
Some National Pension System customers will pay a quarterly Point of Presence charge, while certain e-NPS users will not.
From October 1, 2026, revised bulk fixed-deposit rules will require published daily rates and equal pricing for similar same-day deposits.
State Bank of India Basic Savings Deposit Account holders will get four free monthly cash withdrawals, after which each withdrawal costs Rs 15 plus GST.
A 0.4% Merchant Discount Rate will apply to eligible Person-to-Merchant UPI payments above Rs 2,000, capped at Rs 300.
Residential LPG customers must complete biometric Aadhaar authentication to book subsidized refills at the regulated retail selling price.
New National Pension System Point of Presence charges will deduct Rs 50 quarterly, with exemptions for certain e-NPS and D-Remit subscribers.
- Who
- Indian bank customers, LPG consumers, UPI merchants and users, and National Pension System subscribers are affected.
- What
- Five reported changes concern bulk fixed deposits, State Bank of India cash-withdrawal charges, UPI Merchant Discount Rate, LPG Aadhaar authentication, and National Pension System fees.
- Where
- The changes apply in India across participating banks, LPG distributors and oil-marketing-company channels, UPI transactions, and National Pension System services.
- When
- The changes are scheduled to take effect from October 1, 2026; National Pension System charge deductions begin in the third quarter of financial year 2026–2027.
- Why
- The stated purposes include improving fixed-deposit pricing transparency, applying revised service charges, setting UPI merchant fees, linking subsidized LPG access to Aadhaar authentication, and revising Point of Presence fees.
Key facts
- Effective date
- Most changes begin October 1, 2026.
- Bulk deposits
- Banks may price deposits of Rs 3 crore and above differently based on liquidity characteristics, but must publish rates by 10 am each working day.
- SBI cash withdrawals
- Basic Savings Deposit Account holders receive four free cash withdrawals monthly; later withdrawals cost Rs 15 plus GST per transaction.
- UPI MDR
- Eligible Person-to-Merchant UPI transactions above Rs 2,000 carry a 0.4% MDR, capped at Rs 300 for amounts above Rs 75,000.
- LPG subsidy
- Biometric Aadhaar authentication is required to book residential LPG refills at the regulated price with subsidy.
- NPS charge
- A Rs 50 quarterly Point of Presence fee is deducted through cancellation of units.
- NPS exemption
- Subscribers onboarded through e-NPS who subsequently contribute through e-NPS or D-Remit do not pay the Point of Presence charge.
Sources
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