• Notification Date: 07-01-2025
• Notification No: N/A

Key Financial Changes in 2025: Know What Matters to You

A host of new updates that Indians must learn to live by, from 2025 itself. Here are the most important changes, which you need to watch out for in this year:

1. UPI 123Pay Limit Doubles
The National Payments Corporation of India (NPCI) has more than doubled the transaction limit under UPI 123Pay by increasing it from Rs 5,000 to ?10,000. This revised limit will apply from January 1, 2025, and should help millions use their feature phone for making payments without the availability of the Internet.

2. RuPay Credit Cardholders Enjoy Lounge Access
Starting 1 January 2025, Rupay credit card members will have access to airport lounges free of cost. The benefit shall be available based on tiered spending criteria rewarding users for higher card usage and, thus, would constitute a value addition for frequent travelers.

3. Amended FD Rules for NBFCs
The Reserve Bank of India (RBI) has brought out revised rules for fixed deposits (FDs) through non-banking finance companies. Some of the future changes effective from 1st January 2025, for example, will help bring better transparency when regards public deposits acceptance, nominations and repayment processes while subscribing to FDs. ATM withdrawal with Fixed Deposit would be launched by mid-2025.

4. Increased Pension Withdrawal under EPS
Pensioners of the Employees Pension Scheme can now withdraw their pension at any branch of the bank in India, and no more need to get their Pension Payment Order transferred. The above scheme has come into effect from 2025. The aim of the government here is to ease pension disbursal to pensioners.

5. Changes in Income Tax for 2025
Income tax rule changes announced in Budget 2024 will be effective for the financial year 2024-25. These changes will affect tax deductions and exemptions while filing income tax returns by July 2025.