New Delhi
From 1 April 2025, many important changes are going to be implemented, which are directly related to your pocket and banking. These include ATM transaction fee, minimum balance, TDS deduction, debit card facilities and many other important rules.
There are some of these rules which were announced during Budget 2025. Let’s know in detail about these changes.
LPG, CNG-PNG and ATF prices
On the first date of every month, oil companies review the prices of LPG, CNG-PNG and ATF.
Their prices may increase or decrease from April 1.
According to the decision of the government and oil companies, prices will change.
Positive pay system will be applicable
Many bank positive pay systems are implemented to prevent banking fraud.
For check payment of more than Rs 5,000, the customer will have to verify check number, date, Payy’s name and amount.
This is expected to reduce fraud cases.
Rupay debit card will have major changes
The National Payments Corporation of India (NPCI) is going to add new features to its Rupay Debit Card.
This will include facilities like airport lounge access, insurance cover, travel, fitness and wellness.
These changes will be effective from 1 April 2025.
Changes in minimum balance rules
Many banks including SBI, Punjab National Bank are revising the minimum balance rules in their savings account.
The account holder will now have a new limit on the basis of the area (village, tier wise city) to keep the minimum balance.
Not keeping a minimum balance can be fined.
ATM withdrawal rules
Many banks are going to change their ATM withdrawal policy from 1 April.
The limit of withdrawing money from other banks’ ATM has been reduced.
Under the new rule, customers will be able to make free withdrawal from the ATM of other bank only 3 times every month.
From May 1, additional Rs 2 will be taken for financial transactions.
After the free limit for cash withdrawal, it will cost Rs 19 instead of Rs 17.
Relief to senior citizen
The TDS deduction limit of senior citizens has been increased to ₹ 1 lakh.
TDS deduction limit was ₹ 50,000 earlier
Relief for landlords too
For landlords, the limit of deduction on rent has been increased to ₹ 6 lakh/year.
Earlier this limit was ₹ 2.4 lakh/year.
TCS limit increased on foreign transactions
Earlier, TCS was cut on foreign transactions of more than ₹ 7 lakh.
Now this limit has been increased to ₹ 10 lakh.
Remove tcs on education loan
TCS will no longer be deducted on education loans taken from specific financial institutions.
Earlier, 5% TCS was applicable to education transactions of more than ₹ 7 lakh.
Relief in TDS on earnings from dividend and mutual funds
The limit of TDS on dividend income has been increased from ₹ 5000 to ₹ 10,000 per financial year.
The same rule will apply to the earnings from the mutual fund unit.
The change in these rules will have a direct impact on you. From banking rules to tax and financial plans, these new rules can affect your financial planning.
These UPI accounts will be closed
From April 1, the next change is related to the UPI and the mobile numbers with which UPI accounts are not active for a long time will be removed from the bank record. If your phone number is connected to the UPI app and you have not used it for a long time, then its services can be stopped.
Tax related changes
In the budget 2025, the government made several major announcements, giving relief to middle class, which included changes in tax slab to Tidis, tax rebate and other things. At the same time, the new Income Tax Act was proposed on the place of old Income Tax Act 1961. All these changes are going to come under influence from 1 April 2025. People who earn up to Rs 12 lakh annually under the new tax slab will be exempted from paying tax. Apart from this, salaried employees will be eligible for standard Didlation of Rs 75,000. This means that salary income up to Rs 12.75 lakh can now be free from tax. However, this discount only applies to those who choose a new tax option.
Apart from this, tax cuts (TDS) regulations have also been updated on the source on the source, which has increased the limit into various classes to reduce unnecessary cuts and improve cash flows for taxpayers. For example, the TDS limit on interest income for senior citizens has been doubled to Rs 1 lakh, which has increased financial security for the elderly. Similarly, the exemption limit on rent has been increased to Rs 6 lakh annually, which has reduced the burden for landlords and can promote rent market in urban areas.
