As we begin February 2025, there have been some major changes that have been made, affecting day-to-day financial transactions and services. These new regulations, which are applicable from February 1, involve various aspects from ATM cash withdrawal to UPI transactions, banking rules, cylinder gas prices, and car prices. Also, today is the day the Union Budget 2025 is being unveiled, and it is going to have some major announcements for the masses.
Below are five major changes that directly impact the common man:
1. ATM cash withdrawals get costlier
ATM withdrawal charges have been modified by banks with a limit of three free withdrawals a month. Beyond that, a fee is applicable per withdrawal. ATM withdrawals of one’s own bank will be Rs 25 (above Rs 20), and others’ banks’ ATMs will be Rs 30 per withdrawal. Apart from that, a limit of Rs 50,000 has been imposed on cash withdrawals daily.
2. UPI transaction guidelines changed
New guidelines for UPI transactions have been released by the National Payments Corporation of India (NPCI). Special characters (such as @, #, $, etc.) are no longer acceptable in the transaction ID. Alphanumeric IDs only (a-z, 0-9) will be acceptable. Transactions with special characters in the ID will be rejected.
3. Banking rules altered: Minimum balance, interest rate amendment
There are banking regulation changes, i.e., hikes in interest rates on savings accounts. SBI, PNB, and others have hiked interest rates from 3 per cent to 3.5 per cent, and senior citizens are given an extra 0.5 per cent interest. Minimum balance has also been increased: SBI now demands Rs 5000 (earlier Rs 3000), PNB demands Rs 3500 (earlier Rs 1000), and Canara Bank now demands Rs 2500 (earlier Rs 1000). Account holders with a lesser balance than the minimum will be charged penalty amounts.
4. Commercial gas cylinder prices reduced
Commercial gas cylinders’ prices have been decreased by Rs 7. There is no reduction in prices of domestic gas cylinders, however. This is the second month in succession commercial cylinder prices have gone down. From February 1, 2025, the price of a 19 kg commercial LPG cylinder in Delhi has been lowered to Rs 1797.
5. Maruti Suzuki increases car prices
Maruti Suzuki India (MSIL) has increased prices on its cars from February 1, 2025. The price increase, ranging up to Rs 32,500, is on different models, such as Alto K10, Wagon R, Swift, Dzire, Brezza, Baleno, Ciaz, XL6, Fronx, Jimny, and Grand Vitara.
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