October 2022 is significant from a personal finance standpoint as a bevy of changes are set to come into effect, ranging from new debit/credit card rules to demat accounts' two-factor authentication.
Here’s a list of expected major changes:
New credit and debit card rules
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.
Two-factor authentication of demat accounts
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".
Taxpayers will not be eligible to join Atal Pension Yojana
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.
Nomination rules for mutual fund investors
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.
First Published: Sept 20, 2022 6:55 PM IST
