From Credit Card to UPI to FD: Key changes in financial rules from January 1 that will affect common man

As the year 2025 approaches, various changes across financial, travel, and payment sectors will take effect, which could significantly impact your plans. From updated rules on Fixed Deposits (FDs) to revised credit card benefits and visa regulations, staying informed about these changes is crucial to avoid missing out on benefits. Let’s take a closer look at some important updates that will come into effect in January 2025.

1. Changes in Fixed Deposit Rules
The Reserve Bank of India (RBI) has made important changes regarding Fixed Deposits (FDs) for non-banking financial companies (NBFCs) and housing finance firms. These new guidelines, which will come into effect on January 1, 2025, will affect how these institutions handle public deposits. The RBI's new regulations will focus on three key areas: the acceptance of public deposits, maintaining a minimum percentage of liquid assets, and ensuring the timely repayment of these deposits. These changes aim to enhance the security and transparency of public deposits, making them more reliable for depositors. If you have FDs with these institutions, it’s important to understand these new regulations to ensure your deposits remain safe.

2. Visa Regulations in 2025
For Indians planning to travel abroad, there are new updates regarding visa rules that will affect travelers applying for visas in countries like Thailand, the United States, and the United Kingdom. Visa applications and processing procedures will be revised, and these changes may involve adjustments in document requirements, processing times, and additional fees. If you're planning to apply for a visa in 2025, it’s essential to check the updated guidelines to avoid delays or complications. Being aware of these changes will help you prepare your documents in advance and ensure a smoother application process.

3. RuPay Credit Card Benefits for Lounge Access
The National Payments Corporation of India (NPCI) has announced an update to the RuPay credit card benefits. Starting from January 1, 2025, the access policy for airport lounges will change. The new guidelines will introduce a tier-based spending criterion for credit cardholders to gain access to exclusive lounges at airports. This means that credit cardholders will need to meet a certain level of spending before they can access premium services like lounge entry. If you have a RuPay credit card and frequently use airport lounges, it’s important to understand the new criteria to avoid missing out on these benefits.

4. Sensex and Bankex Index Expiry Changes
From January 1, 2025, the expiry days for Sensex, Bankex, and Sensex 50 index derivative contracts will be revised. According to an announcement by the Bombay Stock Exchange (BSE), the expiry of these weekly contracts will shift from Friday to Tuesday every week. This change will impact traders and investors who regularly deal with these indices. Understanding this shift is crucial to ensure that you don’t miss important trading opportunities or deadlines for contract expirations.

5. Employees' Provident Fund Organisation (EPFO) Updates
The Employees' Provident Fund Organisation (EPFO) is implementing the Centralized Payment Processing System (CPPS) as part of its IT modernization project, CITES 2.01. This new system is scheduled to go live on January 1, 2025. The CPPS will enhance the efficiency of the EPFO's payment system, making it easier and faster to process and disburse provident fund (PF) claims and other benefits to employees. If you are an EPF account holder, it’s important to stay updated on how this new system may impact your EPF withdrawals and other transactions.

6. UPI Payments for Full-KYC PPIs
Starting January 1, 2025, the Reserve Bank of India (RBI) will allow UPI payments for full-KYC Prepaid Payment Instruments (PPIs) through third-party UPI applications. This move aims to improve payment flexibility for customers. UPI (Unified Payments Interface) has already revolutionized digital payments in India, and this new step will make it even easier for customers to make payments using their full-KYC PPIs. If you use a full-KYC PPI, such as a prepaid card or wallet, you can enjoy a more seamless payment experience starting next year.

Conclusion
These are just a few of the key changes that will take place in 2025, affecting everything from your savings to your travel plans. Being proactive and staying informed about these updates will help you make the most of the benefits available to you, avoid missed deadlines, and ensure your financial and travel plans are not disrupted. Make sure to check for updates in relevant areas, and plan accordingly to enjoy a smooth start to the new year.