3 Significant Monetary Changes That Kicked In From February 2025

Several financial rules have changed from February 2025. Here's looking at the significant ones.

New Delhi: Starting February 2025, significant regulatory changes will come into effect, including ATM withdrawals, bank minimum balance, UPI transactions, and others. Citizens who stay informed will improve their financial activity.

UPI transaction IDs to be alphanumeric 
The National Payments Corporation of India (NPCI) has imposed a new rule that states that starting February 1, 2025, all Unified Payments Interface (UPI) transaction IDs will be required to be alphanumeric. The use of special characters like @, #, etc will be eliminated. 

ATM withdrawal charges changed
Banks have adjusted ATM withdrawal charges. Banks will limit free withdrawals to three per month. After this, ATM withdrawals from one's bank will cost Rs 25, while withdrawals from other banks' ATMs will cost Rs 30 per withdrawal. Additionally, a daily cash withdrawal limit of Rs 50,000 has been imposed.

Increased interest rates on savings accounts 
There will be increased interest rates on savings accounts. SBI, PNB, and others have hiked interest rates with senior citizens receiving an additional 0.5% interest. Minimum balances have also been increased, with SBI customers' minimum balance rising to Rs 5000, PNB customers' minimum balance to Rs 3500, and Canara Bank customers' minimum balance to Rs 2500. Account holders with less than the minimum will face penalty amounts.