The year 2025 has begun, bringing with it several important rule changes that are likely to impact your finances. Staying informed about these changes will help you manage and plan your money effectively for the months ahead. Some of these updates have already come into effect from January 1, 2025, while others will be implemented later in the year. Key changes include:
Revised Fixed Deposit (FD) Regulations for NBFCs: There are new guidelines for Fixed Deposits offered by Non-Banking Financial Companies (NBFCs). These revised regulations may affect the interest rates, investment options, and withdrawal conditions. If you’re investing in FDs with NBFCs, it’s important to review these changes. Increased UPI 123Pay Transaction Limit: The transaction limit for UPI 123Pay has been increased. UPI 123Pay, which allows users to make transactions through feature phones, will now allow larger transaction amounts. This change will benefit users who rely on UPI for their everyday transactions. Tax-related Changes and Deadlines: Several tax-related reforms and updates have been introduced for the financial year 2025. These include changes in tax slabs, exemptions, deductions, and new deadlines for filing returns or paying taxes. Staying on top of these changes will help you avoid penalties and make the most of available tax-saving opportunities.
The first month of 2025 will see several important financial changes that will affect investors, taxpayers, and credit cardholders alike. The Central Board of Direct Taxes (CBDT) has extended the Income Tax filing deadline to January 15, 2025, giving taxpayers extra time to file their returns without facing penalties. On the other hand, the Reserve Bank of India (RBI) has introduced new guidelines for Fixed Deposits (FDs) with Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs), which could impact the interest rates and terms of such deposits. Investors in these sectors will need to stay updated on these revisions. Additionally, banks have implemented new minimum spending requirements for credit cardholders to gain access to airport lounges, which could affect those who use this benefit regularly. These changes underscore the evolving financial environment in 2025, and staying informed will be key to managing your finances effectively.