Changed payment rules from today will directly affect you – News18 Lokmat News WAALI

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Mumbai: Do you use debit cards and credit cards for payments? If you have invested in a mutual fund or national payment system, this is good news for you. New rules have been put in place in this regard from 1 October. You must know that. Otherwise, there may be a big loss. RBI tokenization for credit cards and debit cards will go into effect on October 1. Merchant sites cannot store your card number, CVV, or expiration date on their servers for online transactions. The cardholder must generate a token before purchasing an item from the website and retain that token for future reuse on that particular website. Can generate a token at checkout and save it for later use. The customer has the freedom to tokenize or not. So there is no doubt that he should. If the token is not made, the customer will need to enter their card number and other updates each time to complete the payment. The purpose of tokenization is to secure the use of credit and debit cards. Fraudsters won’t be able to misuse your card if the merchant’s website data is leaked. This is believed to make your bank account more secure.

It is mandatory to initiate within 30 days of receiving the debit or credit card. Otherwise, the bank will send OTP again with the client’s consent, after which it must be launched. This rule was established to prevent misuse of the card. There will be no charge for closing the card. From 1 October, the e-nomination process will be easier for NPS members. After the new rules take effect, online applications will automatically be allowed if not authorized within 30 days. This will remove one of the worries on the client’s head and reduce the clutter in the office. Nomination is mandatory for any investment you make. SEBI has made this rule applicable to all mutual fund investors. From October 1, 2022, investors investing in mutual funds will either have to give a nominee or write if they don’t want a nominee. From October 1, taxpayers can no longer take advantage of the Atal Yojana pension. This scheme is mainly for people from weaker economic sections. A monthly pension of Rs 1,000 to Rs 5,000 is available under this scheme. ICICI Bank has introduced a 1% charge on credit card payments. These fees will start from October 20th. Currently, there is no charge for paying rent from a bank’s credit card. Rent can be paid by credit card through apps such as Redgiraffe, Cred, Paytm and Magicbricks. This fee will be different from the 0.4-2% key handling fee charged by the website.

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Elaine R. Knight