With the start of the new year, several major changes related to personal finance and banking will come into effect. From January 1, 2025, several new rules will be implemented that will directly impact your daily life and financial planning. These changes include rules related to LPG cylinder prices, pension, and UPI services, among others. Let’s take a detailed look at these changes.

Changes in LPG cylinder prices

At the beginning of every month, the government revises the prices of LPG cylinders. This time too, a price change is expected on January 1, 2025. The price of a 14-kg domestic cylinder has remained stable for a long time, but commercial cylinder prices have seen fluctuations.

Hike in Car Prices

If you’re planning to buy a car, you may have to spend more from January 1. Major auto companies like Maruti Suzuki, Hyundai, Mahindra, and BMW are set to increase car prices by up to 3%.

e-KYC Made Mandatory for Ration Cards

The government has made e-KYC mandatory for ration card holders. Ration cards that do not complete the e-KYC process by December 31, 2024, will be canceled from January 1, 2025.

Improvement in Pension Withdrawal Rules

EPFO has made the rules easier for pensioners. Now, they can withdraw their pension from any bank in the country, and no additional verification will be required for this.

ATM Facility for EPFO Members
The government is planning to introduce an ATM card facility for employees registered under EPFO. This will allow employees to easily withdraw money from their PF account.

Increase in UPI Limit for Feature Phone Users
Under the UPI 123Pay service, feature phone users will now be able to make payments up to ?10,000. Previously, this limit was ?5,000.

New Rules for Fixed Deposits
RBI has changed the rules related to fixed deposits for NBFCs and HFCs. These rules will come into effect from January 1, 2025, and will ensure the security of deposits.

Changes in U.S. Visa Rules
The U.S. Embassy in India will allow non-immigrant visa applicants to reschedule their appointments once, starting January 1, 2025. After that, a fee will be charged for rescheduling.

New Dates for Sensex and Banking Derivative Contracts
BSE has announced that from January 1, 2025, weekly contracts for Sensex and Bankex will expire every Tuesday instead of Friday.

Banks Closed for 15 Days in January
Banks will remain closed for a total of 15 days in January. This includes Sundays, the second and fourth Saturdays, and holidays for festivals. However, the official list of holidays from RBI has not been released yet.

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10 major rules changing from January 1, 2025: How they will impact your pocket