Auto debit rule changes from October 1
A new month has started and with the new month comes new changes. From October 1, many important rules related to banking, savings, pension and many other aspects have changed. The biggest change has happened on auto debit payment. If you have taken a monthly subscription to OTT series like Amazon Prime, Netflix or any other service, or if you have scheduled the payment of any monthly bill, then now money will not be deducted automatically from your account, for this the bank will have to take permission from you first. There are also major changes to be made in chequebooks and many rules related to pension from October 1.
From now there is a big change in the facility of auto debit facility or recurring payment. The Reserve Bank of India has issued a directive to banks to provide an extra layer of security to consumers, which will come into effect from October 1. It is possible that in this regard you have also received a message from your bank.
RBI has said that banks should now provide the facility of ‘Additional Factor Authentication’ on auto debit payment to customers, that is, now if you have subscribed to any over-the-top (OTT) platform, then every month the amount which was deducted automatically will no longer happen automatically. Your bank will have to take one time approval from you before initiating the payment. You will get a notification in this regard 24 hours before the payment and until you approve it, the money will not be deducted from your account.
