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Changes from Jan 1, 2025 Some of these money changes have come into effect from January 1, 2025 onwards. These changes include revised fixed deposit (FD) regulations for non-banking financial companies (NBFCs), an increased transaction limit for UPI 123Pay, change in credit card lounge access, and? UPI 123Pay transaction limit hike The National Payments Corporation of India (NPCI) has increased the limit of UPI 123Pay from Rs 5,000 to Rs 10,000. The move is likely to benefit millions of feature phone users across India who have limited access to the internet.
According to an NPCI circular dated October 25, 2024, “A reference is invited to press release issued by Reserve Bank of India (RBI), dated 9th October 2024 with Subject 'Statement on Development and Regulatory Policies' whereby RBI has decided to increase per transaction limit from Rs 5,000 to Rs 10,000 for UPI 123Pay.” Lounge access for RuPay credit card holders The National Payments Corporation of India (NPCI) has issued revised guidelines for RuPay credit cardholders. Effective January 1, 2025, complimentary airport lounge access will be granted to RuPay credit cardholders based on tiered spending criteria.
BOBCARD change in lounge access The domestic lounge access rules for BOBCARD members will change from January 1, 2025. In order to be eligible for free lounge visits under the new regulations, cardholders must have spent a minimum amount during the preceding quarter. New RBI rules for premature FD withdrawal, nominations with NBFCs The Reserve Bank of India (RBI) has modified the regulations governing fixed deposits for home finance and non-banking financial institutions.
The updated guidelines will be applicable with effect from January 1, 2025. EPS Pension withdrawal from anywhere Employees Pension Scheme (EPS) pensioners will now be able to get their EPS pension in any bank branch in India. This will help them access their pension money without the hassle of the transfer of Pension Payment Order (PPO).
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