New Rules 2025: 9 Key Changes Impacting FDs, GST, PF, Credit Cards, and Visas
With the dawn of 2025, several significant regulatory changes have come into effect across various sectors in India, ranging from financial services to international travel. Here's a detailed breakdown of the nine new rules implemented from January 1, 2025, that could directly impact your finances and day-to-day transactions.
1. New EPF Rule: ATM Access for Provident Fund
Employees' Provident Fund (EPF) account holders can now access their funds through ATMs. This new service aims to simplify fund withdrawals and improve convenience for EPF members.
2. GST Multi-Factor Authentication (MFA)
To enhance security on the Goods and Services Tax (GST) portal, multi-factor authentication (MFA) has been made mandatory for all taxpayers. Businesses must update their mobile numbers, train employees, and prepare their IT systems for this change.
3. E-Way Bill Updates
From now on, e-way bills can only be generated using Aadhaar documents issued within the last 180 days. This rule requires businesses to regularly update their documentation and logistics processes.
4. UPI for Prepaid Payment Instruments (PPIs)
The Reserve Bank of India (RBI) now allows Unified Payments Interface (UPI) transactions for fully KYC-compliant prepaid payment instruments (PPIs). PPI wallet holders can link their wallets to third-party UPI apps, enabling seamless and secure transactions.
5. Fixed Deposit Rules for NBFCs and Housing Finance Companies
New guidelines for fixed deposits (FDs) held with non-banking financial companies (NBFCs) and housing finance firms include:
- Small deposits (less than ₹10,000) can be withdrawn before maturity without penalty.
- FD holders with critical illnesses can withdraw the entire amount before maturity.
6. RuPay Credit Card Lounge Access
RuPay credit cardholders can now enjoy tier-based airport lounge access. Eligibility for free lounge visits will depend on meeting specific spending thresholds.
7. BOBCARD Lounge Access Changes
Users of BOBCARD credit cards will experience revised lounge access benefits:
- Unlimited lounge access requires a minimum quarterly spend of ₹40,000.
- Others will receive limited access, determined by quarterly spending.
Spending can be tracked through the BOBCARD app or portal.
8. Thailand E-Visa Expansion
Thailand has expanded its e-visa program to all international travelers. From January 1, 2025, visitors from any country can apply for visas online, making the process more convenient and accessible.
9. U.S. Visa Appointment Rescheduling
The U.S. Embassy in India has introduced a new rule allowing non-immigrant visa applicants to reschedule their appointments once without additional fees. However, further rescheduling will require reapplication and payment of fresh fees.
Impact and Implications
These changes reflect efforts to enhance convenience, security, and transparency in financial transactions, travel, and taxation. Whether it's accessing provident funds more easily, benefiting from new credit card perks, or leveraging digital platforms for travel, these updates aim to align with modern needs and practices.
Stay informed and adapt to these changes to make the most of the opportunities they bring!
