PF to FD: Key financial changes taking effect in 2025
30 Dec 2024

The year 2025 will bring a number of major changes across different financial sectors, in order to streamline processes, improve benefits, and enhance accessibility for customers.

These updates include changes in Employees' Provident Fund Organisation (EPFO) services, new rules for Fixed Deposits (FDs), and changes in credit card benefits.

Let's take a look at key changes in personal finance next year.

EPFO to introduce ATM service for account holders
EPFO

The EPFO will launch a new ATM service in 2025.

The innovative facility will allow EPFO account holders to withdraw money from ATMs, making it easier to manage their savings and withdraw money when required.

The move will greatly improve the convenience of accessing and managing EPFO accounts for millions of subscribers across the country.

MFA for GST filing becomes mandatory
GST security

From January 1, the government will make Multi-Factor Authentication (MFA) mandatory for all taxpayers. The enhanced security measure is aimed at further strengthening the protection of GST portals.

Businesses will have to update mobile numbers, train their staff, and prepare their IT systems for the new requirement.

The move is part of an ongoing effort to strengthen cybersecurity measures across financial platforms.

E-way bill restrictions and UPI payments for PPIs
GST and RBI updates

Another major change in the GST sector relates to E-Way Bills (EWBs).

Starting next year, EWBs can only be generated for base documents not older than 180 days. This rule will require businesses to adapt their invoicing and logistics processes accordingly.

The Reserve Bank of India (RBI) will also enable Unified Payments Interface (UPI) payments for full-KYC Prepaid Payment Instruments (PPIs) from January 1.

This will increase flexibility for PPI wallet holders by allowing transactions through third-party UPI apps.

RBI revises rules for fixed deposits with NBFCs
FD changes

RBI has revised the rules for FDs with non-banking financial companies (NBFCs) and housing finance firms, effective January 2025.

The changes will affect tenure, interest rates, and eligibility criteria for such FDs.

According to the latest guidelines, FD holders in NBFCs can withdraw small deposits (of less than ₹10,000) before maturity sans penalties.

Those facing critical illness can now withdraw the full amount before maturity.

New guidelines for RuPay credit cardholders and BOBCARD users
Credit card updates

The National Payments Corporation of India (NPCI) will introduce new guidelines for RuPay credit card users from January 1.

The changes will bring tier-based spending requirements for complimentary airport lounge access, with specific details given for different spending tiers.

Meanwhile, BOBCARD users will also witness changes in their domestic airport lounge access program.

The new policy will set a minimum spending requirement for complimentary lounge visits, depending on the card type.