These 6 Big Changes Take Effect from 1 May 2025: How Do They Impact You?
Starting May 1, 2025, several important financial rules are set to change, directly impacting your daily life and personal finances. These updates cover ATM transaction charges, railway ticket booking, gas cylinder pricing, fixed deposit rules, and more. Here’s a complete breakdown of the six major rule changes taking effect from May 1.
1. ATM Transaction Charges to Increase
The Reserve Bank of India (RBI) has updated ATM transaction rules:
- Cash withdrawal charges will rise from ₹17 to ₹19 per transaction after the free limit is crossed.
- Balance enquiry fees will increase from ₹6 to ₹7 per transaction.
- These changes apply to ATM cash withdrawals, deposits, and balance checks.
2. Railway Ticket Booking Rules Overhauled
The Indian Railways is making several changes that will impact how passengers book and travel:
- Waiting tickets will no longer be valid in Sleeper and AC coaches. They will now only be valid in General class.
- The Advance Reservation Period (ARP) is being cut from 120 days to 60 days.
- There are also expected hikes in three major charges related to rail travel.
3. LPG Gas Cylinder Price Revision
As usual, the price of LPG cylinders will be revised on the first of the month. The change, whether an increase or decrease, will affect household expenses directly. Keep an eye out on May 1 for updated rates.
4. FD and Savings Account Interest Rate Changes
From May 1:
- New rules related to Fixed Deposits (FDs) and savings accounts may come into effect.
- Though no official confirmation yet, there could be changes in interest rates, as per RBI directions.
5. RRB Merger in 11 States Under ‘One State, One RRB’
A significant change in the banking sector is also expected:
- The merger of Regional Rural Banks (RRBs) will begin in 11 Indian states under the ‘One State, One RRB’ initiative.
- The goal: streamline operations and reduce costs.
- Affected states: Andhra Pradesh, Uttar Pradesh, West Bengal, Bihar, Gujarat, Jammu & Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Odisha, and Rajasthan.
6. Service-Related Cost Revisions Expected
Additional updates are expected in bank account maintenance, ATM usage rules, and other financial services. These will likely impact service charges and banking convenience.
These upcoming changes are crucial to track, as they can significantly influence your budgeting and financial planning from May onward.
