Introduction
Few months stack as many money developments as this October. Banks are working under new deposit-disclosure norms, SBI has trimmed free ATM use for salary accounts, and cooking-gas subsidy now depends on a biometric Aadhaar check. UPI merchant payments above ₹2,000 get a fee framework on October 15, and audit-case taxpayers have until late October and November to file.
Not everything here is a rule that began on October 1, and the headings below say which is which. Some items are rules, some are scheduled events, some are deadlines, and one is a rate decision where nothing changed.
Quick Summary Table: October 2026 Financial Changes
| Financial Change | Effective Date | Who Is Affected | What Changes |
|---|---|---|---|
| RBI bulk-deposit disclosure norms | Oct 1, 2026 | Banks; depositors placing ₹3 crore+ | Daily website disclosure; uniform rates across branches |
| SBI Salary Package ATM limit | Oct 1, 2026 | SBI salary-account holders | Free other-bank ATM transactions fall from 10 to 5 a month |
| SBI BSBD withdrawal charges | Reported from Oct 1, 2026 | BSBD account holders | 4 free withdrawals; ₹15 + GST afterwards (largely a restated structure) |
| RBI MPC meeting | Oct 5–7; decision Oct 7, 2026 | Borrowers, depositors | Scheduled rate review; repo rate currently 5.25% |
| UPI MDR framework | Oct 15, 2026 | Merchants (not ordinary payers) | 0.4% MDR on specified P2M payments above ₹2,000 |
| Apple Pay in India | Sept 30, 2026 | Axis Bank credit-card holders with iPhones | Card-based tap-to-pay; no UPI at launch |
| LPG biometric Aadhaar authentication | Oct 1, 2026 | Domestic LPG consumers not yet authenticated | Subsidised price requires authentication |
| Commercial LPG price revision | Oct 1, 2026 | Restaurants, small businesses | 19-kg cylinder dearer; domestic price unchanged |
| Tax audit report and ITR (audit cases) | Oct 21 and Nov 21, 2026 | Taxpayers whose accounts need audit | Audit report and ITR deadlines extended |
| PAN instead of TAN for NRI property TDS | Oct 1, 2026 | Resident individual/HUF buyers | Form 141, Schedule E, using PAN |
| Small-savings rates | Oct 1–Dec 31, 2026 | PPF, NSC, SCSS, SSY investors | Rates kept unchanged |
| NPS PoP charges (revised) | Oct 1, 2026 | NPS subscribers onboarded via a PoP | Revised structure replaces the earlier 2026 circular |
| EPF wage ceiling | Sept 17, 2026 (first full month: October) | Employees earning ₹15,001–₹25,000 and their employers | Ceiling rises from ₹15,000 to ₹25,000 |
13 Financial Changes in October 2026
Banking and Deposits
1. RBI bulk deposit rules: daily rate disclosure from October 1, 2026
Type: rule change.
The Reserve Bank issued its amendment directions on July 30, 2026, to take effect on October 1. A bulk deposit generally means a single rupee term deposit of ₹3 crore or more at scheduled commercial banks (regional rural banks follow a different definition). Banks must publish bulk-deposit rates on their websites, and rates must be uniform across branches for similar deposits accepted on the same day. Reports mention a morning publication window of around 10 am. The text of the RBI rules for bulk deposit interest-rate disclosure also lets banks price differently based on the run-off rate assigned under the liquidity coverage framework. That means two large depositors will not always get identical rates.
Ordinary FD holders are not directly affected, and their existing rates do not change. Large depositors gain a published benchmark before they negotiate. The RBI press release confirms the October 1 date and lists the bank categories covered.
2. SBI Salary Package Account: free ATM transactions cut from 10 to 5
Type: rule change effective October 1, 2026.
Salary Package Account holders using an SBI debit card at other banks’ ATMs and automated deposit-cum-withdrawal machines now get five free transactions a month instead of ten. Reports say the count includes financial and non-financial transactions such as balance enquiries. Beyond the limit, cash withdrawals cost ₹23 plus GST, and non-financial transactions ₹11 plus GST. Cardless withdrawals stay outside the count.
Other account types keep their existing limits. A salary-account holder who made eight transactions at other banks’ ATMs used to pay nothing. Now the last three could be charged. Those relying on SBI’s own network are unaffected. Check this against SBI’s schedule of charges, as most coverage relies on bank communication reported by media.
3. SBI BSBD accounts: four free withdrawals a month
Type: reported as part of the October 1 revision, but largely a restatement.
A Basic Savings Bank Deposit account allows four free cash withdrawals a month across branches, SBI ATMs, other banks’ ATMs and AEPS. From the fifth, SBI charges ₹15 plus GST. This closely matches the structure SBI introduced in 2021, so treat it as a reaffirmed rule rather than a new hike. A BSBD holder cannot hold another savings account with the bank. Transfers and non-financial transactions are free.
4. RBI repo rate decision: MPC meets October 5–7, 2026
Type: scheduled event, not a rule.
The Monetary Policy Committee meets October 5–7, with the decision due on October 7. The repo rate is the rate at which the RBI lends to banks. A cut usually nudges loan rates lower and can soften deposit rates, while a hike does the opposite. At its August 3–5 meeting the committee held the rate at 5.25% and kept a neutral stance, according to the MPC minutes. This article was written before the announcement, so check the RBI’s statement for the outcome.
Digital Payments
5. UPI MDR above ₹2,000: how the new UPI charges work from October 15, 2026
Type: rule change effective October 15, 2026. The government notified zero MDR up to ₹2,000 on September 14, and NPCI issued circular NPCI/UPI/OC-No.237/2026-27 on September 15.
Merchant Discount Rate (MDR) is a fee a merchant pays when a customer pays digitally. It is shared among the banks and apps that process the payment. It is not a government tax.
From October 15, a 0.4% MDR applies to specified person-to-merchant (P2M) payments above ₹2,000. A payment of exactly ₹2,000 carries no MDR. For payments of ₹75,000 and above, the fee is capped at ₹300. A ₹5,000 purchase costs the merchant ₹20, and a ₹1,00,000 purchase costs ₹300 rather than ₹400. The customer pays the same ₹5,000 or ₹1,00,000 in both cases.
Person-to-person transfers stay free. NPCI-linked reporting indicates only about 4% of merchant transactions fall under MDR. Secondary reports also describe category rules: a flat ₹5 for some essential services above ₹2,000, 0.02% (capped at ₹300) for capital-market payments, no MDR on AutoPay mandates, and an exemption for small merchants receiving up to ₹1 lakh a month through P2PM QR codes. Confirm these against the NPCI circular before relying on them.
Reports on the framework say apps and merchants cannot add a platform fee or surcharge to pass MDR to customers. Verify that wording in NPCI’s FAQ. Merchants should also note that MDR is a service fee that may attract GST, so see how UPI MDR affects GST and input tax credit for merchants. For a fuller walkthrough, read the complete guide to the new UPI MDR rules from October 15, 2026. The NPCI circular reference appears in Paytm’s stock-exchange disclosure.
6. Apple Pay goes live in India
Type: product launch on September 30, 2026, not an October rule.
Apple Pay launched with Axis Bank-issued Visa and Mastercard credit cards on supported iPhones and Apple Watches. It does not support UPI or RuPay at launch. Customers tap to pay at contactless terminals or pay online with a card stored in Wallet, so this is a card payment and not a UPI QR scan. Merchants face card-network pricing, not UPI’s framework. For setup and comparison, see Apple Pay in India and how it differs from UPI.
Household Costs
7. LPG biometric Aadhaar authentication for subsidised refills
Type: rule change effective October 1, 2026.
Per the Petroleum Ministry, domestic consumers must have completed Biometric Aadhaar Authentication to book refills at the regulated, subsidised price. As of September 19, about 27.43 crore active consumers (89.9%) had already done so and need take no further step. An unauthenticated consumer is not cut off. They can still buy LPG at the applicable market price without subsidy, and they can restore the subsidised price after authenticating. Authentication can be done at delivery, at the distributor or through OMC apps. OTP-only verification is reported not to satisfy the rule.
The deadline was originally June 30, 2026 and was extended several times. The ministry had earlier clarified that the requirement applies only to those who haven’t completed authentication. The implicit subsidy on a 14.2-kg cylinder was about ₹210 in September 2026, so the stake for a household is modest this month.
8. Commercial LPG gets costlier; domestic price unchanged
Type: monthly price revision, effective October 1, 2026.
Oil companies raised 19-kg commercial cylinder prices by roughly ₹62.50 to ₹71.50 depending on the city. In Delhi the price moved from ₹2,747.50 to ₹2,810. The 14.2-kg domestic cylinder stayed at ₹942 in Delhi. The change hits restaurants and small food businesses directly, not household kitchens.
Taxation
9. Tax audit report and ITR deadlines extended, for audit cases only
Type: deadline extension under CBDT Circular 07/2026 dated September 28, 2026, for Assessment Year 2026-27.
The tax audit report is now due on October 21, 2026 (earlier September 30), and the ITR on November 21, 2026 (earlier October 31). These apply only to taxpayers whose accounts must be audited and who fall in the category named in the circular. Salaried individuals and non-audit businesses get no extension, and different dates apply to transfer-pricing cases. Reports say those ITR dates stay at November 30.
This is also the month to remember TDS and TCS deposits for September, due by October 7. TDS on payments from April 2026 now sits under Section 393 of the Income-tax Act, 2025, but the Income Tax Department says rates and thresholds were retained. AY 2026-27 returns remain under the 1961 Act.
10. NRI property purchase: PAN replaces TAN for eligible buyers
Type: rule change effective October 1, 2026, per the Income-tax (Fifth Amendment) Rules, 2026 notified September 22.
When someone buys property from an NRI, the buyer must deduct TDS, tax collected at the source of payment and deposited with the government. Until now the buyer needed a TAN, a separate tax-deduction number meant for deductors. From October 1, a resident individual or HUF can report and deposit through Form 141, Schedule E, using their PAN, then issue Form 132 to the seller as the certificate. This removes a registration step that used to delay deals.
Companies and firms still need a TAN. The reform changes the procedure, not the TDS rates. For comparison, the Department’s page on TDS on property bought from resident sellers already allowed PAN-only compliance.
Savings, Pensions and Salaries
11. Small-savings rates kept unchanged for October–December 2026
Type: quarterly rate decision, no change.
The Finance Ministry left rates for the quarter starting October 1 the same as the July–September quarter. The government last changed some rates in Q4 of FY2023-24, per PTI.
| Scheme | Interest Rate | Oct–Dec 2026 Status |
|---|---|---|
| PPF | 7.1% | Unchanged |
| Sukanya Samriddhi | 8.2% | Unchanged |
| Senior Citizens’ Savings Scheme | 8.2% | Unchanged |
| NSC | 7.7% | Unchanged |
| Kisan Vikas Patra (115 months) | 7.5% | Unchanged |
| Monthly Income Scheme | 7.4% | Unchanged |
| 3-year time deposit | 7.1% | Unchanged |
| Post office savings account | 4.0% | Unchanged |
12. NPS PoP charges: a revised structure, not a brand-new October rule
Type: rule revision effective October 1, 2026, under PFRDA circular PFRDA/2026/46/REG-POP/08 dated August 28, 2026.
A Point of Presence (PoP) is the intermediary, such as a bank or fintech, through which you open or contribute to an NPS account. PoP charges existed earlier in 2026: a December 31, 2025 circular took effect January 1, 2026, and a March 10, 2026 circular followed. The August circular replaces the March one from October 1. Treat it as an existing 2026 charge framework being revised.
The revised terms:
- Onboarding: ₹200 per PRAN, recovered in ₹50 quarterly instalments through unit cancellation.
- Digital onboarding: ₹100 may apply to fully digital, non-face-to-face onboarding.
- Annual charge: 0.20% of assets, adjusted through NAV and payable quarterly.
- Exemptions: dormant accounts pay no charge. Accounts onboarded through e-NPS and funded through e-NPS or D-Remit pay no PoP charges.
- Caveat: an account opened through a PoP stays liable even if later contributions go through e-NPS.
- Taxes: GST is extra.
Central recordkeeping agencies begin deductions from Q3 of FY2026-27. Upstox’s summary spells out the dormancy definition.
13. EPF wage ceiling raised to ₹25,000
Type: rule change effective September 17, 2026 (notification S.O. 5109(E)). October is the first full month on the new ceiling.
The mandatory EPF wage ceiling rose from ₹15,000 to ₹25,000 a month, the first increase since 2014. Employees earning ₹15,001–₹25,000 can now fall under mandatory coverage. If your employer computes PF on the statutory ceiling, contributions on a ₹22,000 wage move from ₹1,800 to ₹2,640 at 12%. Take-home pay may dip, though retirement savings rise. Law-firm commentary notes employers may need to pay arrears if they delay implementation. For the wider salary picture, read how the new labour codes may affect your in-hand salary.
What This Means for You
Bank customers. Salary-account holders on SBI should count other-bank ATM visits. BSBD holders get four free withdrawals. Retail FD rates don’t change under the bulk-deposit rule.
UPI users. Your payments are free. The October 15 MDR applies to merchants on specified payments above ₹2,000, and ₹2,000 itself is excluded.
Taxpayers. The extended dates apply only to audit cases. Everyone else should check their own deadline.
Savers and investors. Small-savings rates are fixed through December 31. Watch the October 7 repo decision for its effect on FD and loan rates, without assuming either way.
LPG consumers. Check authentication status through your distributor or OMC app. Without it you pay the market price.
Property buyers. An individual or HUF buying from an NRI can use PAN and Form 141. Check the TDS rate and any lower-deduction certificate with a professional.
Frequently Asked Questions
What are the major financial changes in October 2026 in India?
They include RBI bulk-deposit disclosure, SBI’s ATM limit for salary accounts, LPG biometric authentication, PAN-based NRI property TDS, revised NPS PoP charges and the EPF ceiling. The UPI MDR framework starts October 15, and tax-audit deadlines fall on October 21 and November 21.
What changes in SBI ATM rules from October 1, 2026?
Salary Package Account holders get five free transactions a month at other banks’ ATMs, down from ten. After that, cash withdrawals cost ₹23 plus GST. Other account categories and cardless withdrawals are unchanged.
Will customers have to pay UPI MDR from October 15, 2026?
No. MDR is paid by merchants, not by customers. P2P transfers stay free, and the framework reportedly bars passing the cost to customers as a platform fee.
What is the new UPI MDR rule above ₹2,000?
A 0.4% MDR applies to specified P2M transactions above ₹2,000, capped at ₹300 for payments of ₹75,000 and above. A payment of exactly ₹2,000 carries no MDR. Some categories have different rates.
Is Aadhaar authentication mandatory for LPG subsidy?
For the subsidised price, yes. From October 1, 2026, consumers who haven’t completed biometric authentication can still buy LPG but at the market price without subsidy. They can regain the subsidised price after authenticating.
What is the ITR deadline for tax-audit cases in 2026?
For AY 2026-27, audit cases may file by November 21, 2026, and the tax audit report is due October 21. Other taxpayers are not covered by this extension.
What changes when buying property from an NRI?
From October 1, 2026, a resident individual or HUF can report NRI-property TDS using PAN through Form 141, Schedule E, without a TAN. The buyer issues Form 132 to the seller. TDS rates are unchanged.
Did small-savings interest rates change for October–December 2026?
No. The Finance Ministry kept them unchanged. PPF stays at 7.1%, NSC at 7.7%, and Sukanya Samriddhi and SCSS at 8.2% each.
Are new NPS charges actually starting in October 2026?
A revised PoP charge structure starts October 1, but PoP charges already existed in 2026. The August 28 circular replaces the March 10 circular and sets ₹200 onboarding and 0.20% annual charges, with dormant and e-NPS-onboarded accounts exempt.
Conclusion
The dates to remember are October 1 for most rule changes, October 5–7 for the RBI meeting, October 15 for UPI MDR, October 21 for audit reports and November 21 for audit-case ITRs. Whether any of it touches you depends on your account type, tax status and payment type. Check your bank’s schedule of charges, your LPG distributor and your tax category before acting.
