LPG prices, UPI Id Blocking, ATF rates: 5 major changes that will impact middle class from February 1, 2025

As the budget session is held on February 1 every year, with the beginning of February this year Finance Minister Nirmala Sitharaman will present the country's budget. With a new month, some new economic changes will also take place related to finance that would directly affect the pockets of the common people. 

From next month, there will be significant changes in the prices of LPG gas cylinders and in UPI-related rules. These changes are as follows: 

Changes in LPG prices 

Every month on the first date, the prices of LPG are revised across the country. Oil marketing companies update the prices of LPG cylinders. It is worth noting that any change in cylinder prices directly affects the pockets of the common people. To mention, on 1st January, oil marketing companies had reduced the price of the 19 kg commercial cylinder. 

UPI related changes 

There is going to be another major change in the rules related to UPI. The National Payments Corporation of India (NPCI) has decided to block certain UPI transactions. A circular regarding this has already been issued.  

The new rules will come into effect from 1st February 2025. From next month, transactions with IDs made up of special characters will no longer be accepted. According to NPCI, from 1st February, only alphanumeric characters (letters and numbers) will be used in the transaction ID. If a transaction ID is generated with any other characters, the payment will fail. 

Maruti cars to be expensive 

Maruti cars will become more expensive. The country's largest car manufacturing company, Maruti Suzuki India Limited (MSIL), has announced an increase in the prices of various car models by up to ₹32,500, starting from 1st February this year, considering the rising input costs and operational expenses. The models that will see a price increase include Alto K10, S-Presso, Celerio, Wagon R, Swift, Dzire, Brezza, Ertiga, Eeco, Ignis, Baleno, Ciaz, XL6, Fronx, Invicto, Jimny, and Grand Vitara. 

Change in banking rules 

 Kotak Mahindra Bank has informed its customers about upcoming changes in its regular services and fees, which will be effective from 1st February 2025. These include revisions to the free ATM transaction limit and updated fees for various banking services. 

Change in ATF rates 

From 1st February, there is a possibility of a change in the prices of aviation fuel, Air Turbine Fuel (ATF). Oil marketing companies revise the prices of aviation fuel on the first date of every month. So, if there is a change in prices on 1st February, it will directly affect the pockets of air travelers.