With the new year, there will be many major changes related to personal finance and banking. Things that will change from January 1, 2025 include LPG prices, new facilities for UPI users and new facilities for EPFO ​​members. It is important for you to know about these changes that will take place from January 1, 2025, because not being aware of these changes can lead to missing important deadlines, due to which you may be deprived of the benefits of some schemes.

Let’s know what changes are going to happen in the banking sector to the personal finance segment and which changes will directly impact you…

LPG price changes:

The government changes the prices of LPG cylinders at the beginning of every month and in the last few days, there has been a fluctuation in the prices of 19 kg commercial LPG cylinders. The price of 14 kg subsidized cooking gas cylinders has been stable for a long time. It is expected that there will be a change in the prices of LPG cylinders at the beginning of the new year.

ATM facility for EPFO ​​members

Over 7 crore employees registered with EPFO ​​may get a special gift on New Year. It is possible that the central government may issue ATM cards to withdraw money from EPFO ​​like regular debit cards. According to a senior official of the Union Ministry of Labour and Employment, in a statement, the government is in the process of enhancing its IT systems to provide better services to the employees of the country.

UPI limit to be increased for feature phones

The Reserve Bank of India (RBI) has recently extended the UPI facility for feature phones that do not have internet connectivity. The UPI 123Pay facility enables feature phone users to make payments up to Rs 5,000 through UPI, but now this limit has been increased to Rs 10,000 and this change will be effective from January 1, 2025.

Changes in Fixed Deposits

RBI has changed the fixed deposit rules for non-banking financial companies and housing finance firms. The new FD rules will be applicable from January 2025.

Sensex, Bankex, Sensex 50 Monthly Contract Expiration Date

The expiration date of Sensex, Bankex and Sensex 50 index derivative contracts will be changed from January 1, 2025. According to the BSE announcement on November 28, the Sensex weekly contracts will expire every Tuesday from Friday from January 1, 2025.

UPI payments

can be made through wallets or other PPIs through UPI from January 1, 2025. Apart from this, Indians who want to apply for visas for countries like Thailand, America, Britain etc. should be aware of the new rules. Because a lot is going to change in this too from January 1, 2025.

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The post LPG, PF, UPI and… Big changes are going to be implemented from January 1, know in detail first appeared on Rightsofemployees.com.

However, on January 1, 2025, there will be changes in the savings of salaried people in the form of major government schemes as well as EPFO ​​​​rules.

See below for more details on the major financial changes that will take place from January 1, 2024.

Jet Fuel Prices

Aviation fuel prices are revised by oil marketing companies on the first of every month. ATF or Air Turbine Fuel forms a major part of the cost of air tickets. OMCs raised ATF prices by Rs 1,318.12 per kilolitre on December 1, 2024. Similarly, ATF prices in Delhi and Mumbai increased by more than 3 per cent in November 2024.

LPG Cylinder Price Revision

The Centre has capped the prices of domestic LPG cylinders at Rs 803 per 14 kg cylinder, but commercial LPG cylinder prices have been hiked by OMCs in successive months. The price of 19 kg commercial LPG cylinder was hiked by Rs 15.5-16.5 per cylinder on December 1, 2024. Commercial LPG prices have increased by Rs 173 per cylinder in the last 5 months. These hikes can make eating out expensive.

Agricultural loan without collateral

The people of the farming community are going to get a big gift, as the Union Cabinet has approved the budget for loans without collateral for the farming community. From January 1, 2024, farmers will be able to take loans without collateral up to Rs 2 lakh, whereas earlier this limit was Rs 1.6 lakh. These loans are expected to meet the loan needs of farmers during the agricultural season.

Change in stock market expiry rule

The stock market expiry rule will change for BSE Sensex, Sensex 50 and Bankex indices from January 1, 2024, expiry will start on Tuesday from this date. Earlier, these indices used to expire on Friday. This rule will be applicable on quarterly and half-yearly contracts on the last Tuesday of the respective month. Under the new rule, the expiry of Nifty 50 monthly contract has been shifted to Thursday.

UPI 123Pay transaction limit

As per the RBI notification, from January 1, 2025, UPI 123Pay users will be able to make high-value online payments using feature phones. RBI has increased the limit for these transactions from the earlier Rs 5,000 to Rs 10,000.

Change in EPFO ​​pension rules

EPFO ​​pensioners will be able to withdraw their pension from any bank in India. Its aim is to make withdrawal easier for pensioners. Apart from this, pensioners will not need to submit any additional verification for withdrawal.

GST rule changes

Businesses will have to adopt multi-factor authentication to access the GST portal from January 2025. This is an improved security feature that includes additional verification using one-time passwords or OTPs. Apart from this, companies will be able to issue e-way bills only for transactions made in the last 180 days. To prepare for these changes, companies will have to update their contact details.

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