Chandigarh, December 31, 2024 : With the new year, several major changes related to personal finance and banking will take place. From January 1, 2025, changes in LPG prices, new facilities for UPI users, and new benefits for EPFO members are expected. It’s important for you to be aware of these changes as not knowing them could lead to missing out on certain benefits due to important deadlines.
Let’s look at the changes coming in the banking sector and personal finance segment, and how they will directly impact you:
LPG Price Changes
The government makes adjustments to LPG cylinder prices at the beginning of each month, and in recent days, there have been fluctuations in the price of a 19 kg commercial LPG cylinder. The price of the 14 kg subsidized cooking gas cylinder has remained stable for a long time. It is expected that LPG prices will see changes at the start of the new year.
ATM Facility for EPFO Members
Over 7 crore EPFO members may receive a special gift in the new year. The central government might issue ATM cards for withdrawing funds from EPFO, similar to regular debit cards. According to a senior official from the Ministry of Labour and Employment, the government is in the process of enhancing its IT systems to provide better services to the country’s employees.
UPI Limit Increase for Feature Phones
The Reserve Bank of India (RBI) has recently increased the UPI limit for feature phone users without internet access. The UPI 123Pay feature now allows payments of up to ₹5,000, but this limit has been raised to ₹10,000. This change will come into effect on January 1, 2025.
Changes in Fixed Deposit Rules
The RBI has made changes to fixed deposit regulations for non-banking financial companies and housing finance firms. The new FD rules will be effective from January 2025.
Changes to SENSEX, BANKEX, and SENSEX 50 Derivatives Contracts
The expiry date for SENSEX, BANKEX, and SENSEX 50 derivative contracts will change from January 1, 2025. According to an announcement by BSE on November 28, SENSEX weekly contracts will expire on Tuesdays, starting from January 1, 2025, instead of Fridays.
UPI Payments
From January 1, 2025, payments can be made via UPI through wallets or other PPI (Prepaid Payment Instruments). Additionally, those applying for visas to countries like Thailand, the USA, the UK, etc., should be aware of new rules, as significant changes will take place starting January 1, 2025.
Summary: From January 1, 2025, UPI payments will be allowed through wallets and other PPIs. Visa applicants for countries like Thailand, the USA, and the UK should also be aware of new rules.