The new financial year is starting from April 1,2025. With this,many new rules will be implemented in all areas. These rules will directly affect the pockets of the customers. Due to these rules,you will feel many changes.
These changes are related to ATM withdrawals,UPI transactions,savings accounts,and credit cards. Banks will have to change their policies to prevent fraud,take advantage of technological development and provide better facilities to the customers. These changes will affect the money and banking experience of the customers. People should be aware of these changes. Let’s know about them here.
Charge for withdrawing money from an ATM
The rules for withdrawing money from ATMs have been changed. As per the guidelines of the Reserve Bank of India (RBI),banks have reduced the limit of free withdrawal from ATM. Now customers will be allowed to withdraw money from ATMs of other banks only three times a month for free. After this,a fee of Rs 20 to Rs 25 will be charged on every transaction. This means that if you withdraw money from another bank’s ATM more than three times in a month,you will have to pay a fee every time.
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A minimum balance is a must
It is necessary to maintain a minimum balance in a savings account. If you do not maintain a minimum balance in your account,you will have to pay a penalty. Many banks are changing their minimum balance rules. The minimum balance requirement will be different for different types of accounts,banks,and branches (such as metro,urban,semi-urban,or rural). Therefore,you should find out from your bank what is the minimum balance for your account.
Use of AI in digital banking
Many changes are also taking place in digital banking. AI banking assistants will help customers manage money. Digital advice is being improved and mobile services are getting better. Banks are launching online facilities and AI-powered chatbots to help customers. Measures like two-factor authentication and biometric verification are being taken to further strengthen security. This will help in keeping digital transactions safe.
These benefits of credit cards will be reduced
The rules of credit cards are also changing from April 1,2025. This will affect rewards,fees,and other facilities. SBI will reduce Swingy rewards on its SimplyCLICK credit card from 5 times to half. Air India Signature Points will be reduced from 30 to 10. IDFC First Bank Club Vistara Milestone benefits will be discontinued. Therefore,if you use a credit card,then you need to know about these changes.
Such UPI accounts will be closed
The rules of UPI transactions have also been changed. From April 1,UPI accounts linked to mobile numbers that have not been used for a long time will be removed from bank records. If your phone number is linked to the UPI app and you have not used it for a long time,then the bank will remove it from its records and UPI services will be stopped for your account. Therefore,if you use UPI,you have to keep your account active.
Changes in tax rules
Tax rules are also changing. Assessment year 2025-26 is starting from April 1. The new tax system has come into force. However,the old system (with 80C benefits) still exists. You have to choose it. If you do not tell about the old system while paying tax,then you will automatically move to the new system. If you want to get an exemption under 80C,then you have to plan investment in 80C.
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