New Year 2025 presents an opportunity to realign financial goals and be aware of key changes, such as those related to Employees’ Provident Fund Organisation (EPFO), fixed deposits (FDs), credit card benefits, and visa regulations, among others.
2025 will bring in a lot of changes in personal finance in matters of visa regulations, fixed deposit rules, and credit card benefits, necessitating informed financial strategies to maximise benefits and avoid pitfalls
New Year 2025 presents an opportunity to realign financial goals and be aware of key changes, such as those related to Employees’ Provident Fund Organisation (EPFO), fixed deposits (FDs), credit card benefits, and visa regulations, among others.
Being unaware of these changes can lead to missing deadlines or denial of benefits of significant schemes.
To start the new year on the right financial footing, it is crucial to be aware of these upcoming economic changes.
Indians planning to apply for visas to Thailand, the United States, and the United Kingdom must be aware of new visa guidelines that will take effect next year.
Thailand will implement an upgraded e-visa system, allowing travellers to apply online through the Thai visa website.
The US has announced changes to its visa policy, including the H-1B visa, and Indians will need to fill out a new version of Form I-129 from January 17, 2025. The US government has revised definitions for cap-exempt organisations, improved the transition for F-1 visa holders, and improved visa extensions.
The UK has increased the required percentage of financial reserves for visa applicants, requiring Indians to show at least 11 per cent more than the current requirement.
The Reserve Bank of India (RBI) has updated FD rules for non-banking financial companies (NBFCs) and housing finance companies (HFCs), effective January 2025.
The new rules cover accepting public deposits, maintaining a minimum liquid asset percentage, and repaying public deposits. NBFC FD holders can withdraw small deposits before maturity and the full amount in case of a critical illness.
The National Payments Corporation of India (NPCI) will introduce tier-based spending criteria for exclusive airport lounge access for RuPay credit cardholders on January 1, 2025.
The Bombay Stock Exchange (BSE) has announced that the expiry dates of Sensex, Bankex, and Sensex 50 index derivatives contracts will be revised from January 1, 2025. The Sensex's weekly contracts will expire on Tuesdays rather than Fridays, while all monthly contracts will expire on the last Tuesday from January 1, 2025, replacing the current expiration dates of last Friday, last Monday, and Thursday.
The Central Pension Payment System (CPPS) is set to be implemented as part of the Employees' Provident Fund Organisation (EPFO)'s IT modernisation project, CITES 2.01, with a target operational date of January 1, 2025. This will enable 7.8 million members of the Employee Pension Scheme (EPS) to take their pensions from any bank branch in India.
Starting January 1, 2025, the RBI will enable Unified Payments Interface (UPI) payments for full-KYC Prepaid Payment Instruments (PPIs) through third-party UPI applications, providing customers with greater flexibility and allowing PPI wallet holders to make transactions using UPI.