Major Changes Starting October: New Rules For LPG Prices, PPF Accounts, And More

As September comes to a close, several key changes affecting the daily lives of common people will take effect from October 1st. These changes, including updates to LPG prices and adjustments in PPF account rules , will have a direct impact on the pockets of ordinary citizens. It's essential to be aware of these shifts, as they can influence household budgets and financial planning. Here’s a breakdown of the major changes expected from October.

1. LPG Cylinder Prices

One of the most anticipated changes on the first of each month is the revision of LPG cylinder prices. Both commercial and domestic LPG rates are often adjusted by the government. Last month, the price of commercial gas cylinders saw an increase, while the prices of domestic cylinders remained unchanged. It’s expected that a further price change might occur this month as well, affecting households and businesses alike.

2. Changes in ATF and CNG-PNG Rates

Alongside LPG price updates, oil marketing companies also revise the prices of Air Turbine Fuel (ATF) and CNG-PNG. These changes typically occur on the first day of the month and can have a significant impact on the cost of air travel and fuel for vehicles. Be on the lookout for possible changes in ATF and CNG-PNG rates from October 1st.

3. New Rules for PPF Accounts

Public Provident Fund (PPF) account holders, particularly NRIs, will need to stay updated with the new rules coming into effect. The government has introduced stricter guidelines regarding the operation of PPF accounts:

If NRI account holders fail to update their accounts, they will not be eligible to receive any interest on their PPF balance.

For minors, the interest rate of the Post Office Savings Account (POSA) will apply to their PPF accounts until they turn 18 years old.

Additionally, if an individual holds multiple PPF accounts, the scheme’s interest rate will only apply to the primary account.

4. Impact on Sukanya Samriddhi Yojana (SSY)

Changes are also coming to the Sukanya Samriddhi Yojana (SSY), a savings scheme specifically for the girl child. From October 1st, only legal guardians or natural parents will be allowed to manage these accounts. If a grandparent opened an SSY account without listing the legal guardians, the account must now be transferred to the name of the child's parents or legal guardians.