As we step into a new month, several critical changes have come into effect that will impact daily financial transactions and services. The February 2025 new rules cover various sectors, including banking, UPI transactions, ATM withdrawal charges, LPG cylinder prices, and car prices. With the Union Budget 2025 being unveiled today, these new regulations aim to shape the financial landscape for the common man. Hereโs everything you need to know about the February 2025 new rules.
Major Changes in February 2025 New Rules
1. ATM Cash Withdrawals Get Costlier
The most significant change in the new rules of February 2025 would be the new ATM withdrawal policy. Banks have now restricted free ATM withdrawals to three a month. Anything more than that will attract a fee:
Own bank ATM: Rs 25 per withdrawal (previously Rs 20)
Other banks’ ATMs: Rs 30 per withdrawal
Additionally, a daily withdrawal cap of Rs 50,000 has been imposed. This change will directly affect people who rely heavily on cash transactions, emphasizing the shift towards digital payments.
2. UPI Transaction Guidelines Updated
Another crucial inclusion of new rules issued in February 2025 is in relation to UPI transactions. The National Payments Corporation of India has been introducing new guidelines:
- ransaction IDs can no longer contain special characters such as @, #, $, etc.
- Only alphanumeric IDs (a-z, 0-9) are acceptable.
- Transactions with special characters in the ID will be automatically rejected.
These changes are aimed at improving security and fewer errors in transactions in the UPI ecosystem.
3. Changes in Banking Rules: Minimum Balance & Interest Rates
Minimum Balance & Interest Rates for bank accounts are also subject to new rules released February 2025 as well.
Interest Rate: The interest rate on Savings Account in the major banks like SBI and PNB increased by 0.5% from 3% to 3.5%. This extra 0.5% benefit is available to senior citizens.
Minimum Balance Requirements:
- SBI: Rs 5000 (up from Rs 3000)
- PNB: Rs 3500 (up from Rs 1000)
- Canara Bank: Rs 2500 (up from Rs 1000)
Account holders failing to maintain the minimum balance will face penalty charges, encouraging better account management.
4. Reduction in Commercial Gas Cylinder Prices
Good news has come in for traders with the new rules announced in February 2025: commercial LPG cylinder rates have been cut by Rs 7. Domestic cylinder rates are, however, untouched. This is the second month running that commercial cylinders have been priced lower.
- New Price: A 19 kg commercial LPG cylinder in Delhi is now priced at Rs 1797.
This price cut will provide some relief to small businesses and commercial establishments relying heavily on LPG.
5. Maruti Suzuki Increases Car Prices
Contrary to the reduction in LPG prices, car buyers will face higher costs under the February 2025 new rules. Maruti Suzuki India has increased the prices of several models:
Price Hike: Up to Rs 32,500, depending on the model
Affected Models: Alto K10, Wagon R, Swift, Dzire, Brezza, Baleno, Ciaz, XL6, Fronx, Jimny, and Grand Vitara
The price increase is attributed to rising input costs and regulatory changes, affecting both new buyers and those considering upgrades.
Impact of Union Budget 2025
In addition to the February 2025 new rules, the Union Budget 2025 is set to bring transformative changes across sectors While the detailed announcements are awaited, the budget will likely influence taxation, subsidies, and financial regulations that complement these new rules.
Conclusion
The February 2025 new rules bring a mix of changes that will impact your daily life, from banking transactions to fuel costs and car purchases Being aware of these regulations will help you manage your finances better and avert unnecessary penalties or costs. Therefore, keep abreast of these changes and be timely in adjusting to ensure smooth financial management throughout the year.
