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October 1 Brings New Rules Affecting Your Pocket

From TCS changes to FDs, Stock Markets, LIC Revival, and LPG Prices - A Comprehensive Update

New Delhi | October 01,2023: As October dawns, a wave of regulatory changes is sweeping across various sectors, impacting the financial landscape of India. Effective from today, these changes encompass a range of areas from Fixed Deposits (FDs) in banks to stock markets. While some rules may increase the burden on your wallet, others provide much-needed relief.

TCS Rules Take Effect

One of the most notable changes is the new Tax Collected at Source (TCS) rule, which takes effect from October 1, 2023. According to the revised regulations, if you spend over Rs 7 lakh using your credit card abroad, you’ll be required to pay a 20 percent TCS. However, if the expenditure is related to medical or educational purposes, the TCS rate drops to 5 percent. Additionally, if you’ve taken a loan exceeding Rs 7 lakh for studying abroad, you’ll incur a 0.5 percent TCS.

Boost in Small Savings Schemes

Small savings schemes will also see an improvement starting October 1. The interest rate on 5-year recurring deposits, part of these schemes, has been raised by 0.2 percent. Consequently, the interest rate on five-year recurring deposits, covered by small savings schemes, will stand at 6.7 percent, offering a boost to your income.

Freedom in Debit and Credit Card Choices

From today onwards, you’ll have the liberty to select your preferred network for Debit and Credit Cards. Whether it’s a RuPay credit-debit card, Visa, or MasterCard, the choice is yours. The Reserve Bank of India (RBI) has issued directives to both banks and non-banking financial companies to provide this flexibility.

Revival Campaign for LIC Policyholders

LIC policyholders receive a substantial relief as the company initiates a special revival campaign, running until October 31, 2023. Under this campaign, you can reinstate your lapsed policy, effectively reactivating your coverage without incurring late fees.

LPG Gas Cylinder Price Changes

The price of LPG gas cylinders, both for domestic and commercial use, is determined on the first day of every month. This morning, the new tariff list for these cylinders was unveiled. After a reduction in August, commercial gas cylinders saw a startling increase of Rs 209, shocking consumers.

FD Offerings from Banks

In the world of Fixed Deposits (FDs), IDBI has introduced the Amrit Mahotsav FD with durations of 375 and 444 days, available for investment until October 31. Similarly, Indian Bank has extended the deadline for Super 400 and Supreme 300 FDs until the end of this month.

Stay informed and adapt to these new rules as they come into effect today, ensuring that your financial decisions align with the evolving landscape.

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