Bank & tax rule will change from 1 April 2025; know what effect on your pocket

Rules Change: With the beginning of the new financial year 2025-26, many rules related to banking, tax and digital transactions are going to change. These changes are related to ATM withdrawal, UPI transactions, savings account, credit card, tax rules and demat account, which will have a direct impact on the pockets of the general public. Let us know these new rules in detail.

Banking and tax rules will change from 1 April 2025. New rules related to ATM withdrawal charges, UPI transaction limit, credit card rewards, minimum balance in savings account, check payment, demat account KYC and PAN-Aadhaar linking will come into force.

These changes are bound to affect your pocket.

Withdrawing money from ATM will be expensive

Under the new rules of the Reserve Bank of India (RBI), now any customer will be able to withdraw money from another bank's ATM only three times a month for free. After this, a fee of Rs 20 to Rs 25 will be charged on every transaction. This will cost more to those who withdraw cash frequently.

Minimum balance required in savings account

If a customer does not have a minimum balance in his savings account, the bank can impose a penalty on them. The minimum balance limit of different banks will be different. Therefore, it will be important for customers to understand the new policies of their bank.

Positive Pay System (PPS) for check payments

Now customers will have to first inform the bank on issuing a check of more than Rs 50,000. This new rule has been implemented to prevent check fraud.

Use of AI will increase in digital banking

Artificial Intelligence (AI) will be used more to increase digital security in banks. Now banking services will be more secure and easier through two-factor authentication, biometric verification and AI-powered chatbots.

Cut in credit card rewards

Many banks including SBI and IDFC First Bank have cut credit card reward points and other benefits. Reward points available on services like Swiggy and Vistara Club have also been reduced.

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Inactive UPI accounts will be closed

If a customer's UPI account is inactive for a long time, the bank may close it. This may affect UPI transactions, so UPI should be used from time to time.

New tax rules will be applicable

From now on, the new tax system will be the default. If a customer wants to avail the benefit of the old tax system (80C exemption), he will have to choose it separately.

PAN-Aadhaar link is necessary

If PAN and Aadhaar are not linked, then TDS will be deducted more on dividend and capital gains. Not only this, but tax refund will also be delayed.

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Demat and mutual fund KYC mandatory

According to the new rules of SEBI, all investors have to update their KYC and nominee details. If this is not done, the demat account can be frozen.