PTC Web Desk: As 2025 approaches, significant changes in financial regulations are set to impact people and businesses alike. Staying informed about these updates is vital for effective financial planning and management in the coming year. From higher transaction limits for UPI 123Pay to revised rules on fixed deposits and tax filing updates, here are the major personal finance changes to keep on your radar.
UPI 123Pay transaction limit increased
The National Payments Corporation of India (NPCI) has raised the transaction limit for UPI 123Pay from Rs 5,000 to Rs 10,000, offering greater flexibility for feature phone users. In a circular issued on October 25, 2024, the NPCI referenced the Reserve Bank of India (RBI)’s press release dated October 9, 2024, which announced this development under its “Statement on Development and Regulatory Policies.”
This increase is expected to benefit millions of users who rely on feature phones and have limited Internet access, making digital payments more accessible. The revised limit is already in effect, with all stakeholders required to ensure compliance by January 1, 2025.
Enhanced lounge access for RuPay credit cardholders
From January 1, 2025, RuPay credit cardholders will enjoy complimentary airport lounge access under revised spending-based criteria. These changes, introduced by the NPCI, aim to enhance customer benefits and align offerings with international standards for cardholders.
Updated FD rules for NBFCs
The Reserve Bank of India (RBI) has announced changes to regulations governing fixed deposits (FDs) with non-banking financial companies (NBFCs) and housing finance companies. The updated guidelines cover public deposit acceptance, nomination requirements, and repayment terms.
Effective from January 1, 2025, these rules aim to increase transparency and safeguard depositors’ interests, ensuring better compliance and protection within the financial sector.
Major EPFO update for Provident Fund holders
The Employees’ Provident Fund Organisation (EPFO) is working on a significant upgrade that will allow account holders to withdraw funds directly from ATMs. Labour Secretary Sumita Dawra confirmed that the Ministry of Labour & Employment is modernising its IT infrastructure to deliver enhanced services to India’s workforce.
Dawra emphasised the government’s commitment to improving claim settlement processes and reducing wait times, aiming to improve the overall quality of life for citizens. While the exact launch date for ATM withdrawals has not been confirmed, reports suggest that the feature may be rolled out between May and June 2025.
Income tax updates for 2024-25
Several changes announced in the Union Budget 2024 are now in effect, impacting taxpayers for the financial year 2024-25. These updates will influence deductions and exemptions available for individuals and businesses, directly affecting income tax returns (ITR) to be filed in July 2025.
Taxpayers are encouraged to familiarise themselves with the revised rules to optimise tax planning and ensure compliance with the updated regulations.
– With inputs from agencies
