Key PF changes in October 2022: From debit and credit card norms to Atal Pension Yojana new rule

Tokenisation is the process of turning sensitive data into 'non-sensitive’ data called "tokens". As a result, platforms won't be able to store the card credentials of a shopper in any form. With the new RBI order, a shopper will have to put in their entire card details when they shop for something.

Demat account holders are required to enable two-factor authentication by September 30, 2022, or may end up facing difficulties in logging in to their trading accounts from October 1, 2022.

According to the National Stock Exchange (NSE), members must preferably use biometrics as one of the authentication methods to log on to their Demat accounts. The other can be a "knowledge factor" — something only the user knows, like a password or PIN, or a "possession factor".

A person paying income tax will not be eligible to open Atal Pension Yojana (APY) account from October 1, 2022. In case a subscriber who joined on or after October 1, 2022, is subsequently found to have been an income tax payer on or before the date of application, the APY account shall be closed, and the accumulated pension wealth till date would be given to the subscriber.

For investors subscribing to mutual fund units on or after October 1, it will be mandatory to submit nomination details or the declaration for opting out of the nomination.

In the case of online submissions, the AMCs have been permitted to validate the forms also through two-factor authentication (2FA) in which one of the factors has to be a one-time password sent to the unitholder at his/her email/phone number registered with the AMC.