With the arrival of February, several significant financial changes have come into effect. Today, Finance Minister Nirmala Sitharaman will present the Union Budget in Parliament. Alongside the budget presentation, new banking and digital payment rules have been implemented, impacting the daily lives and financial planning of the common man. Here are the key changes that have taken effect from today.
Increased ATM Withdrawal Fees
From February 1, 2025, ATM withdrawal charges have increased. Under the new guidelines, customers can withdraw cash from ATMs free of charge only three times a month. Beyond this limit, each additional transaction will now incur a fee of Rs 25, up from the previous Rs 20. Additionally, if a customer withdraws cash from an ATM belonging to a different bank, the charge will be Rs 30 per transaction. Moreover, a maximum of Rs 50,000 can be withdrawn per day.
LPG Cylinder Price Reduction
Oil marketing companies have reduced the prices of 19 kg LPG cylinders by Rs 4 to Rs 7 from February 1, 2025. This marks the second consecutive month of price reductions. The prices of LPG cylinders are revised at the beginning of each month by the oil marketing companies. However, the cost of domestic 14 kg LPG cylinders remains unchanged since August 1, 2024.
UPI Transaction Rules Revised
The National Payments Corporation of India (NPCI) has updated the regulations for UPI transactions. Effective from February 1, UPI IDs containing special characters (such as @, #, $, etc.) will no longer be accepted. Users will now need to create UPI IDs using only alphanumeric characters. This change has been introduced to enhance the security of digital payments and prevent fraudulent activities.
Revised Minimum Balance Requirements
Minimum balance requirements for savings accounts have been modified from February 1. Account holders will now need to maintain a higher minimum balance. In the State Bank of India (SBI), the minimum balance requirement has been increased from Rs 3,000 to Rs 5,000. Punjab National Bank (PNB) customers will now need to maintain a minimum balance of Rs 3,500 instead of Rs 1,000. Similarly, Canara Bank account holders must maintain Rs 2,500, up from the previous Rs 1,000.
These financial changes will have a direct impact on banking transactions, digital payments, and overall household expenses. It is advisable to stay updated and make necessary adjustments to avoid any inconvenience.