India Money: SIPs, Gold, PPF and Tax Slabs — 2026-10-12
September 2026 saw a record surge in SIP inflows to ₹32,490 crore, even as the broader mutual fund industry faced net outflows. Meanwhile, gold ETFs attracted record inflows despite a price correction, and the government finalized small savings rates for Q3 FY27 with no changes to PPF or SCSS returns.
India Money: SIPs, Gold, PPF and Tax Slabs — 2026-10-12
Top developments
SIP Inflows Hit All-Time High in September
Monthly SIP contributions reached a record ₹32,490 crore in September 2026, reflecting continued investor appetite for equity markets despite global volatility. This growth occurred even as the broader mutual fund industry recorded net outflows of ₹1.33 lakh crore in the same month, reversing the net inflows seen in August. The data highlights a structural shift where retail investors are consistently routing money into systematic plans rather than lump-sum investments.
Gold ETFs Attract Record Inflows Amid Price Correction
Gold ETFs witnessed record inflows of ₹45,925 crore in the first nine months of CY2026, surpassing collections from the entire previous year. This surge happened despite gold prices falling approximately 22-26% from their 2026 peaks, driven by portfolio diversification needs and geopolitical tensions. Investors are increasingly preferring digital gold instruments over physical imports, which have seen a sharp decline.
Small Savings Rates Unchanged for Q3 FY27
The Ministry of Finance announced that interest rates for small savings schemes remain unchanged for the October–December 2026 quarter. The Public Provident Fund (PPF) continues to offer 7.10%, while other schemes like Sukanya Samriddhi Yojana (SSY) and Senior Citizens Savings Scheme (SCSS) also retain their previous rates. This stability provides predictability for conservative savers amidst fluctuating market conditions.
UPI MDR Changes Take Effect Mid-October
Starting October 15, 2026, new Merchant Discount Rate (MDR) rules apply to UPI transactions above ₹2,000, with a 0.4% charge on select Person-to-Merchant (P2M) transactions. However, banks have been instructed not to pass this cost on to customers, and RuPay credit card-linked UPI payments are exempt from this specific MDR regime. This change aims to sustain the UPI ecosystem's infrastructure costs while protecting consumers from direct fee hikes.
Local view
Hindi media outlets like ETV Bharat and News Nation are highlighting the upcoming launch of PF withdrawal via UPI, expected by December 2026. This feature will allow employees to withdraw up to 75% of their EPF balance directly to their bank accounts using the BHIM UPI app, simplifying access to retirement funds. Additionally, Live Hindustan reports on the impact of the government ending the 3% IGST exemption on gold, silver, and platinum imports, which could affect local jewelry prices and import costs.
Context & numbers
- SIP Inflows: ₹32,490 crore in September 2026, an all-time monthly record.
- Gold ETF Inflows: ₹45,925 crore in Jan-Sep 2026, surpassing full-year 2025 figures.
- PPF Interest Rate: 7.10% for Oct-Dec 2026 quarter (unchanged).
- RBI Policy: The RBI raised the repo rate by 25 bps and shifted to a 'tightening' stance to curb inflation, impacting retail EMIs.
On the radar
- October 15, 2026: Implementation date for new UPI MDR charges on transactions above ₹2,000.
- December 2026: Expected launch of EPFO's UPI-based withdrawal facility for up to 75% of PF balance.
- Dhanteras Festival: Upcoming festive season may see renewed physical gold demand despite the current price correction and import tax changes.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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