LPG Prices: Banking, Tax, LPG prices from 1 April 2025 (LPG Pries) And many important rules related to financial transactions are going to change.
These include new charge to withdraw money from ATM, mandatory minimum balance, debit card facilities and tax deduction rules.
Some changes were announced during Budget 2025, while some rules are implemented with the aim of preventing fraud in the banking sector and promoting digital transactions.
Changes in prices of LPG, CNG-PNG and ATF
On the first date of every month, oil companies review the prices of LPG, CNG-PNG and ATF.
Their prices are expected to increase or decrease from April 1.
The final decision will depend on the policies of the government and oil companies.
Security will increase with positive pay system
For check payment of more than ₹ 5,000, customers will now have to verify the check number, date, Payy’s name and amount in advance.
This positive pay system will be applicable in many banks, which is expected to reduce fraud incidents.
New features in rupay debit card
NPCI is going to add new features to its Rupay Debit select card. This will include services like airport lounge access, insurance cover, travel, fitness and wellness. These new rules will be effective from 1 April 2025.
Changes in minimum balance rules
Many banks, including SBI, PNB, are renewing the requirement of minimum balance in their Savings Accounts. Now the limit of separate minimum balance will be fixed for rural, urban and metro cities. Not keeping minimum balance will be fined according to new rates.
Rules to withdraw money from ATM will change
The free limit of withdrawing money from other banks’ ATM has been reduced. Customers will now be able to withdraw free withdrawal from the ATM of another bank only 3 times every month.
From May 1, every additional withdrawal will be charged ₹ 2 additional fee. After crossing the free limit for cash withdrawal, ₹ 19 fee will be charged instead of ₹ 17. The TDS deduction limit of senior citizens has been increased from ₹ 50,000 to ₹ 1 lakh. The limit of cuts on rent has been increased from ₹ 2.4 lakh to ₹ 6 lakh per year.
Changes in TCS rules on foreign transactions
Earlier, TCS was applicable to foreign transactions of more than ₹ 7 lakh, now this limit has been increased to ₹ 10 lakh.
TCS will no longer be cut on education loan
Education loans taken from Specific Financial Institutions (Specific Financial Institutions) will no longer have 5% TCS. TCS was implemented earlier on education transactions of more than ₹ 7 lakh.
Relief in TDS on earnings from dividend and mutual funds
The limit of TDS on dividend income has been increased from ₹ 5,000 to ₹ 10,000 per financial year. The same rule will be applicable on earning from Mutual Fund Unit.
The direct impact of economic changes
These new rules, which come into effect from April 1, will affect the financial planning of the common man. Withdrawing money from ATM can be expensive, not keeping minimum balance may cost more fine, while senior citizens and landlords will get relief.
