UPI, FD, IT, Credit Card Lounge Access: Major Changes in 2025:new year i.e.With the beginning of 2025, many important financial changes are coming into effect, which can affect your pocket and financial planning. These changes include rules related to UPI, credit cards, fixed deposits and income tax. If you want to keep your financial planning in order, then it is important for you to know about these updates. Let us know about some important changes of 2025 and their impact.
UPI 123Pay transaction limit increased
UPIThe beginning of 2025 is bringing a good news for the users of 123Pay. National Payments Corporation of India (NPCI) has increased the transaction limit of UPI 123Pay from Rs 5,000 to Rs 10,000. This change will be fully implemented from January 1, 2025. This decision will be especially beneficial for those who use feature phones and have limited internet access.
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Free lounge access for RuPay credit card holders
RuPay credit card holders will get free access to airport lounges from January 1, 2025, but this facility will depend on their spending level. National Payments Corporation of India (NPCI) has issued this new rule. Now passengers will get a better experience while traveling, especially for those cardholders who travel by air frequently.
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Changes in the rules related to FD of NBFC
The Reserve Bank of India (RBI) has changed the rules related to fixed deposits (FD) for non-banking financial companies (NBFCs) and home finance companies. These changes include improvements in the rules related to premature withdrawal of money deposited in FD, nomination process and accepting deposits from common people. The new guidelines will come into effect from January 1, 2025. These changes are being implemented with the aim of providing more convenience, security and transparency to investors.
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ATM facility in EPFO account
Employees Provident Fund Organization (EPFO) is likely to bring an important facility in 2025, which is expected to be implemented in the new year. According to a statement given some time ago by Labor Ministry Secretary Sumita Dawra, EPF account holders will soon be allowed to withdraw their funds directly from ATM. According to the Secretary, the Labor Ministry is upgrading its IT infrastructure, so that the process of claim settlement can be made faster and easier. Although no fixed deadline has been announced yet for when the new facility of withdrawing money deposited in EPF account through ATM will be implemented, but according to some media reports, it is likely to be implemented by May or June 2025.
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Changes in income tax rules
Most of the changes related to income tax made in the budget of 2024-25 have been implemented in the current financial year. But these changes will have a direct impact on the tax deductions and exemptions that you will realize when you file your income tax return (ITR) in 2025. It will be beneficial for taxpayers to keep these new rules in mind while doing their tax planning.
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Why is it important to know about these changes?
These financial changes of the new year will not only affect your daily financial activities, but will also affect your financial planning and investment strategy. The increased limit of UPI transactions will make transactions easier, while RuPay cardholders will get more convenience while traveling. The new facility of EPFO and the rules related to FD of NBFC will work to make the financial life of the people better and more secure.
