Fixed Deposit Changes
Starting January 1, 2025, new rules will make Fixed Deposits (FDs) more flexible, especially for emergencies. One of the key updates allows depositors to withdraw the full principal amount of their FD in case of critical illness, before the maturity date, but without earning interest. Other changes include easier nomination processes, quicker maturity notifications, and improved withdrawal options in emergencies. These rules will also affect Non-Banking Financial Institutions (NBFIs), giving customers better access to their funds when needed.

Employee Provident Fund (EPF) Digital Overhaul
The Employee Provident Fund Organisation (EPFO) is set to launch a major digital upgrade in 2025. This will allow members of the Employee Pension Scheme (EPS) to collect their pensions from any bank branch across India, offering greater convenience. Additionally, the EPFO plans to introduce an ATM card-like system, making it easier for pensioners to access their funds. This is part of a broader modernization effort aimed at improving the ease and efficiency of pension services for all EPF members.

Changes in Credit Cards and UPI Payments
The new guidelines for RuPay credit cards will introduce tier-based spending criteria, allowing cardholders who meet specific thresholds to enjoy free access to airport lounges. Additionally, the Reserve Bank of India (RBI) has made significant updates to the UPI system. Starting in 2025, users can make UPI payments through third-party apps for full-KYC Prepaid Payment Instruments (PPIs), expanding the range of payment options. Furthermore, the UPI 123Pay transaction limit will increase from Rs 5,000 to Rs 10,000, making it more convenient for feature phone users to make larger payments.