A new month, February, is here! Just yesterday, Finance Minister Nirmala Sitharaman presented the general budget in Parliament. Before that, some important changes regarding banking and digital payments that will impact everyday folks have been announced. These updates will hit right in the wallet and affect daily routines. Let’s dive into what’s changed.
Starting February 1, 2025, the fee for withdrawing cash from ATMs has gone up. Now, you can only make three free withdrawals each month. After that, it’ll cost you Rs 25 for each extra transaction, up from the previous Rs 20. If you use an ATM from a different bank, expect to pay Rs 30 per transaction. Plus, there’s a daily withdrawal limit of Rs 50,000.
On a brighter note, LPG cylinder prices have dropped! From February 1, 2025, oil companies have cut the price of the 19 kg LPG cylinder by Rs 4 to Rs 7. This marks the second month in a row that prices have gone down. Remember, these prices are reviewed at the start of each month. However, the price of the 14 kg domestic gas cylinder hasn’t changed since August 1, 2024.
There are also some updates regarding UPI transaction rules
National Payments Corporation of India (NPCI) has updated its regulations regarding UPI transactions. Starting February 1, UPI IDs that include special characters (like @, #, $, etc.) will no longer be permitted. Users will need to create their UPI IDs using only letters and numbers. This adjustment aims to enhance the security of digital payment systems.
Changes to Minimum Balance Requirements
Effective February 1, the minimum balance requirements will be revised. Account holders will need to maintain a higher minimum balance in their savings accounts. For customers of the State Bank of India, the minimum balance will rise from Rs 3000 to Rs 5000. Similarly, Punjab National Bank customers will see an increase from Rs 1000 to Rs 3500. Canara Bank will also raise its minimum balance requirement from Rs 1000 to Rs 2500.
Maruti Cars See Price Hike
Maruti Suzuki India, the largest car manufacturer in India, has delivered an unwelcome surprise to its customers. As of February 1, 2025, the prices of various Maruti Suzuki models have increased, with some models becoming costlier by up to Rs 32,500.