Major Changes in India from January 1, 2025: EPF, GST, UPI, FD Rules, Credit Cards and More

New Delhi (The Uttam Hindu): Starting from tomorrow, January 1, 2025, several important changes will be implemented in India, affecting the general public, businesses, and international travelers. These changes are related to Provident Fund (EPF), GST, UPI, Fixed Deposits (FD), credit cards, and visa services. The modifications include new e-way bill regulations, airport lounge access rules, and improvements in visa processes for international travel. Let’s take a look at these nine major changes that will impact everyday life:

1. EPF Rules: From 2025, the Provident Fund (EPF) will introduce a new ATM service. This service will allow EPF account holders to access their funds through ATMs, making it easier for individuals to manage and withdraw their savings.

2. New GST Rule: From January 1, 2025, the government will make multi-factor authentication (MFA) mandatory for all taxpayers. This security upgrade will strengthen the security of the GST portal, requiring businesses to update mobile numbers, train employees, and ensure their IT systems are ready for this new requirement.

3. E-way Bill Update: Starting in 2025, e-way bills will only be generated for documents that are not older than 180 days. Businesses will need to adjust their invoicing and logistics to comply with this new rule.

4. New UPI Rules: From January 1, 2025, the Reserve Bank of India (RBI) will enable Unified Payments Interface (UPI) payments for fully KYC-compliant Prepaid Payment Interfaces (PPI). This change will allow PPI wallet holders to make transactions through third-party UPI apps, providing greater flexibility and security.

5. New Fixed Deposit Rule: The RBI has introduced new rules for Fixed Deposits with Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs), effective from January 2025. The rules will impact FD interest rates, tenure, and eligibility criteria. For example, FD holders will be allowed to withdraw smaller amounts (under ₹10,000) before maturity without penalties, and those with serious health issues can withdraw the entire amount before maturity.

6. RuPay Credit Card Lounge Access: From January 1, 2025, the National Payments Corporation of India (NPCI) will implement new guidelines for RuPay credit card holders. These changes will introduce tiered spending criteria for airport lounge access. Cardholders who meet the required spending threshold will be eligible for free lounge visits.

7. BOBCARD Lounge Access Changes: Starting January 1, 2025, BOBCARD users will notice significant updates to their domestic airport lounge access. To qualify for unlimited lounge visits, cardholders will need to spend ₹40,000 in the previous quarter. Others will be allowed limited access based on their spending, and they can track their expenses via the BOBCARD portal or mobile app.

8. Thailand e-Visa Expansion: In 2025, Thailand will expand its e-visa system to all international travelers. From January 1, 2025, travelers from any country can apply for an e-visa online through the official website.

9. US Visa Appointment Update: The US Embassy in India will introduce a new rule from January 1, 2025, allowing non-immigrant visa applicants to reschedule appointments without additional charges. However, if further rescheduling is needed, applicants will have to submit a new application and pay the associated fees.