Key Financial Changes to Take Effect from January 1, 2025: What You Need to Know

As the new year begins, several key changes in personal finance and banking are set to impact citizens starting January 1, 2025. These include revised LPG prices, enhanced facilities for EPFO members, expanded UPI limits for feature phone users, and updated National Stock Exchange (NSE) contract expiries.

LPG Price Revision

The government revises LPG cylinder prices at the start of every month. While the price of the 14kg subsidized LPG cylinder has remained stable for an extended period, the rates of 19kg commercial cylinders have seen fluctuations recently. A price revision for both is anticipated as the new year begins.

ATM Withdrawals for EPFO Members

Over 7 crore Employees’ Provident Fund Organization (EPFO) members may benefit from a new facility enabling provident fund withdrawals through ATMs, similar to debit card transactions. The central government is working on upgrading IT systems to provide improved services for the workforce.
Labor Secretary Sumitra Dawra stated,

"We are improving the IT system of our PF provisions. Even before this, we have seen many improvements, which have increased the speed of claims and self-claims."
She added that EPFO members can expect significant enhancements, including the ability to withdraw PF from any ATM in the country.

Increased UPI Limit for Feature Phones

The Reserve Bank of India (RBI) recently extended the UPI facility to feature phones via UPI 123Pay, which allows users to make transactions without internet connectivity. Previously, feature phone users could make payments up to ₹5,000 through this service, but the limit will now increase to ₹10,000 from January 1, 2025.

NSE Contract Expiry Changes

The National Stock Exchange (NSE) announced changes to its contract expiry dates in a circular dated November 29, 2024. Monthly contracts for FinNifty, MidCPNifty, and NiftyNext50 will now expire on the last Thursday of the respective month. Similarly, monthly and quarterly BankNifty contracts will also expire on the last Thursday of the expiry month. These changes will come into effect from January 1, 2025.

With these updates, the new year promises to bring both opportunities and adjustments for citizens, ensuring improved convenience and financial management.