As 2025 approaches, several updates in personal finance will come into effect. These changes impact areas such as fixed deposits, credit cards, visa applications, and UPI payments. Staying informed can help you better plan your finances and avoid missing out on important benefits. Let’s break down the key updates in simple terms.
1. Fixed Deposit (FD) Rule Changes
The Reserve Bank of India (RBI) has introduced new guidelines for Fixed Deposits offered by non-banking financial companies (NBFCs) and housing finance firms. Starting January 2025, these companies must follow stricter rules for accepting public deposits and maintaining liquidity. This ensures that depositors’ money remains safe and helps maintain stability in the financial system.
2. New Visa Guidelines
Travelers planning to apply for visas to countries like the United States, United Kingdom, and Thailand should note the updated rules. From 2025, stricter eligibility criteria and higher processing fees will apply to certain visa categories. Make sure to check the new requirements before booking your travel.
3. Credit Card Benefits Update
New rules for RuPay credit cardholders are set to take effect starting January 1, 2025. The National Payments Corporation of India (NPCI) has introduced a tier-based spending system for accessing airport lounges. Ensure you review the new policies to maximize your credit card benefits.
4. UPI Payment Enhancements
Starting January 2025, UPI payments will become more flexible. Customers using fully KYC-compliant Prepaid Payment Instruments (PPIs) can make UPI payments via third-party apps. This change aims to improve convenience and give users more payment options.
5. EPFO’s Modernization
The Employees’ Provident Fund Organization (EPFO) will implement the Centralized Pension Processing System (CPPS) as part of its IT modernization. This system, set to go live on January 1, 2025, will simplify and streamline pension-related processes for employees.
6. Stock Market Updates
The Bombay Stock Exchange (BSE) has announced a change in the expiry dates of derivatives contracts for Sensex, Bankex, and Sensex 50. Beginning in 2025, weekly contracts will now expire on Tuesdays rather than Fridays.
Why These Changes Matter
These updates can significantly impact your financial planning. For instance, changes in fixed deposit rules might influence where you choose to save your money, and new visa rules may affect your travel plans. Understanding these changes allows you to make better financial decisions.
The year 2025 will bring many changes to personal finance, from updated fixed deposit rules to new benefits for credit cardholders. Being aware of these changes early can help you plan better and take advantage of the opportunities they bring. If needed, consult a financial advisor to create a plan that suits your needs.
Stay informed and stay ahead with your finances!
