Noob Question - Do we need to start a new character for 3.27?

Played only on Mercenaries League 2 mths ago. Does it mean for 3.27, i have to create a new character?

If you want to play in the new Keepers league, then yes, you need to create a new character.

Your old characters are still playable in Standard/Parent leagues.

Thanks. Looks like every new release will need to create a new player unless I want to stick with Standard play ... lol

That's correct

I have just created a new character in Keepers. It seems it starts from zero, even with zero stash from Standard League. Is this normal?

What happens when the Keepers League ends? Will it affect my Standard League stash?

New leagues are a complete fresh start. Nothing from Standard can be used in the leagues.

When leagues end, all of your characters and gear etc are migrated to the parent/Standard league. Make sure that you don't have Remove-only tabs hidden.