With the New Year 2025 approaching, we should be aware of important changes in 2025, such as new rules for fixed deposits, credit card benefits, and visa regulations. Before we start 2025, stay ahead by knowing the key economic changes coming this year, including updates to EPF, visa rules, fixed deposits, and more.
2025: Visa Changes
Thailand: Thailand is launching a new online visa system, making it easier for Indian travelers to apply for a visa through their website.
The US: From January 17, 2025, Indians applying for a visa will need to fill out a new version of Form I-129. The U.S. government has also made changes, including revised definitions for cap-exempt organizations, improved F-1 visa holders transitioning to work visas, and an improved process for visa extension.
UK: From January 2025, Indians applying for a UK student visa will need to show more money in their bank accounts. The UK has increased the required amount by 11%, so applicants will need to have more financial reserves.
2025: FD Changes
The Reserve Bank of India (RBI) has updated rules for Fixed Deposits (FDs) in non-banking financial companies and housing finance firms, from January 2025. Here are the key changes:
- Individual’s can withdraw small FD amounts (less than Rs 10,000) before maturity.
- If an individual is critically ill, he/she can withdraw the full FD amount.
RuPay Credit Card Lounge Access Changes
From January 1, 2025, RuPay credit cardholders will have new rules for airport lounge access. The updated policy will tier-based spending criteria for exclusive airport lounge access.
EPFO
From January 1, 2025, 7.8 million members of the Employee Pension Scheme can withdraw their pensions from any bank branch in India, thanks to the new Central Pension Payment System (CPPS). According to reports, you’ll soon be able to withdraw your PF money from ATMs, making it easier to access your funds. Plus, the EPF contribution limit will be eliminated, giving you more flexibility with your finances.
According to reports, The Employees’ Provident Fund Organization (EPFO) may introduce several changes, including allowing PF withdrawals through ATMs and removing the limit on EPF contributions.
UPI Payment
From January 1, 2025, the RBI is making a change to help customers. Likewise, if a person have a prepaid wallet (like a mobile wallet), he/she will be able to use any UPI app (like Google Pay, PhonePe, etc.) to make transactions.
