Rule Change: With the new year, the government has changed many rules. The changes made in the year 2025 will make your life easier than before. With the beginning of the new year, changes in many financial rules have come into effect from January 1, 2025. These include new rules for fixed deposits (FD), increase in transaction limit of UPI 123Pay and changes related to credit cards. These changes are important for consumers.
UPI 123Pay transaction limit increased
National Payments Corporation of India (NPCI) has increased the transaction limit of UPI 123Pay from ₹5,000 to ₹10,000. This will benefit the users using feature phones i.e. budget phones. Those who have limited access to the internet. According to NPCI, this decision has been taken on the basis of RBI’s policy statement of October 9, 2024.
Lounge Access on RuPay Credit Card
NPCI has issued new guidelines for RuPay credit card holders. Now the free airport lounge access will be based on tier-based spending criteria.
CHANGE ON BOBCARD
Domestic lounge access rules for BOBCARD holders have been changed. Cardholders will have to meet minimum spend criteria in the previous quarter to avail free lounge access from January 1, 2025.
New rules related to FD and NBFC
The Reserve Bank of India (RBI) has made changes in the rules related to fixed deposits for non-banking financial companies (NBFCs) and housing finance firms. These new guidelines have come into effect from January 1, 2025.
Withdrawal of money for EPS pension made easy
Under the Employee Pension Scheme (EPS), now pensioners can withdraw their pension money from any bank branch. This will relieve them from the trouble of transferring pension payment order (PPO). These changes will help in providing more convenience to the users. To take advantage of these changes, it is important that you are aware of these changes.
Are you planning to do FD in the new year? Check how much interest the top 10 banks of the country are paying on Fixed Deposit.