Banking rules are going to change from April 1, know how it will affect you?

Jyoti — Sun, 30 Mar 2025 02:36:09 +0000

The new financial year 2025-26 in the country is going to be implemented from April 1. Apart from this, some new banking rules are being implemented in the country from April 1. This may affect the consumer’s pocket.

For example, many banks

are going to change savings account and fixed deposit (FD) interest rates. Now the interest rates will be decided based on the amount deposited in the account. Customers holding a large amount are likely to get higher interest.

Changes related to credit cards

SBI, IDFC First Bank are changing their credit card policies. SBI card reward points are going to be reduced on some transactions. SimplyClick SBI cardholders can now get 5X reward points on Swiggy. Earlier it was 10X. Air India SBI Credit Card 4 Air India SBI Platinum Credit Card will now offer 5 reward points for every Rs 100 spent on Air India ticket bookings. Currently you get 15 reward points. Similarly, Air India SBI Signature Credit Card users will get 10 points for every Rs 100 spent, up from 30 points at present.

As for IDFC First Bank credit cards, milestone rewards for Club Vistara credit card holders will be discontinued from March 31. Club Vistara Silver membership will no longer be available. Apart from this, complimentary vouchers like premium economy tickets and class upgrade vouchers will also be discontinued. The bank will waive the annual fee for one year for customers renewing their credit cards from March 31. But major travel benefits will not be available.

New rule for urban cooperative banks

From April 1, urban cooperative banks will have to allocate 60 percent of their loans to priority sectors. In addition, more women will be eligible for loans.

These UPI accounts will be closed

UPI IDs associated with mobile numbers registered with the bank that have not been active for a long time will be deactivated. You will be able to access UPI services from such numbers only after the mobile number is reactivated. As per the guidelines of the Department of Telecommunications (DoT), if your mobile number has been cancelled or surrendered, banks or UPI apps can remove it from their records. NPCI said that several technical issues and cases of fraud are increasing due to cancelled/surrendered mobile numbers.

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UPI Payment System: UPI rules to change from January 1, money transfer limit will be doubled

Jyoti — Tue, 31 Dec 2024 04:29:08 +0000

UPI Payment Without Internet: With the change of year from December 31, a rule related to UPI payments is also going to change. In fact, from January 1, 2025, UPI payments up to Rs 10,000 can be made using the UPI 123Pay system.

If you do not have a smartphone but have a feature phone with buttons, then this news is useful for you. In fact, recently the Reserve Bank of India (RBI) has given big news for feature phone users. Now UPI payments up to Rs 10,000 can be made using UPI 123Pay. This facility will start from January 1, 2025. Earlier this limit was Rs 5 thousand.

What is UPI 123Pay?

UPI 123Pay is an instant payment system for feature phone users and users with limited or no internet connectivity. Through it, such users can easily make UPI payments. This system provides UPI payment facility in 4 ways.

1. By calling IVR number-

According to NPCI, feature phone users will be able to make UPI transactions through IVR number. For this, you will have to call the IVR number (080-45163666, 08045163581 and 6366200200) and get your UPI ID verified. Now you will have to make your payment after following the instructions given on the call.

2. Using the app on feature phone

3. Missed call based method

4. Sound based payment

UPI facility was launched in the year 2016.

Let us tell you that Unified Payments Interface i.e. UPI is a real time payment system. UPI payment system was launched in the year 2016. UPI system is run by National Payments Corporation of India (NPCI). According to the information given recently by the Finance Ministry, more than 15,547 crore transactions worth Rs 223 lakh crore have been made through the UPI system from January to November this year.

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