As we step into 2025, several financial changes are set to impact investors and taxpayers. The Central Board of Direct Taxes (CBDT) has extended the income tax filing deadline to January 15, giving taxpayers some extra breathing room. Meanwhile, the Reserve Bank of India (RBI) has rolled out new rules for fixed deposits (FDs) with Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs), which could influence investment decisions. Additionally, banks have introduced minimum spending requirements for credit cardholders to access airport lounges, making lounge privileges a little harder to come by.
Key Updates This Month
ITR Filing Deadline Extended
The Central Board of Direct Taxes (CBDT) has given taxpayers a little more breathing room! The deadline for filing belated and revised Income Tax Returns (ITRs) for the assessment year 2024-25 has been pushed to January 15, 2025, from the previous December 31, 2024 deadline.
New FD Rules by RBI
Starting January 1, the Reserve Bank of India (RBI) has introduced new regulations for Fixed Deposits (FDs) with Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs).
- If your FD is Rs 10,000 or less, you can withdraw the entire amount within three months—without losing any interest.
- For bigger deposits, you can make a partial withdrawal of up to 50% of the principal or Rs 5 lakh (whichever is lower) within three months, also without any interest penalty.
These updates aim to provide more flexibility for depositors while ensuring financial stability.
Moreover, in the event of a serious illness, clients have the option to prematurely withdraw the entire principal amount without incurring any interest, regardless of the deposit tenure.
Besides, NBFCs are now obligated to notify depositors of maturity details a minimum of two weeks prior to the maturity date, ensuring more prompt and transparent communication.
UPI 123Pay transaction limit
The National Payments Corporation of India (NPCI) has decided to raise the limit for UPI 123Pay from Rs 5,000 to Rs 10,000, as per the NPCI circular dated October 25, 2024. This decision follows the Reserve Bank of India’s (RBI) press release on October 9, 2024, titled ‘Statement on Development and Regulatory Policies,’ in which RBI announced the increase of the per transaction limit for UPI 123Pay from Rs 5,000 to Rs 10,000. This adjustment is expected to have a positive impact on feature phone users in India who face challenges in accessing the internet.
New Tax Rules for FY26
Most of the income tax changes announced in Budget 2024 will take effect during the current financial year (2024-25). These revisions will impact the tax deductions and exemptions available when filing income tax returns (ITR) in July 2025.
Under the revised New Tax Regime, the updated tax slabs are as follows:
- Up to ₹3 lakh – No tax
- ₹3 lakh to ₹7 lakh – 5%
- ₹7 lakh to ₹10 lakh – 10%
- ₹10 lakh to ₹12 lakh – 15%
- ₹12 lakh to ₹15 lakh – 20%
- Above ₹15 lakh – 30%
RuPay Card Lounge Access Policy
From January 1, RuPay credit card holders in Delhi will see a change in their complimentary lounge access policy. Access will now depend on their spending patterns, meaning users will only get free lounge access if they meet the spending criteria in the previous quarter.
Lounge Access Based on Spending
Your RuPay credit card spending determines your lounge access privileges. Here’s how it works:
- Tier 1: Spend between Rs 10,000 and Rs 50,000 in a quarter, and you get two complimentary lounge visits.
- Tier 2: Spend between Rs 50,000 and Rs 1 lakh, and enjoy four free visits.
- Tier 3: Spend between Rs 1 lakh and Rs 5 lakh, and receive eight complimentary visits.
- Tier 4: Spend above Rs 5 lakh, and you get unlimited lounge visits every quarter!
This benefit is available on select RuPay credit cards, including Select, Platinum, and higher variants.
Faster Credit Record Updates
Starting January 1, 2025, banks and financial institutions will update credit records more frequently. Instead of the current monthly updates, credit data will now be refreshed every two weeks—on the 15th and last day of each month. Some banks may even update credit records more frequently, based on their agreement with credit bureaus.
This change, announced in the August 2024 monetary policy, ensures that your credit history stays more up-to-date, helping both borrowers and lenders make better financial decisions.
BOBCARD Updates You Should Know
From January 1, 2025, BOBCARD is introducing some key changes:
✅ No more cap on UPI reward points: The 500-point limit per statement cycle is gone! Earn without restrictions.
⚠️ New processing fees:
- 1% fee on wallet loads, utility payments over Rs 50,000, and fuel spends above Rs 10,000 (max Rs 3,000 per transaction).
- Exception: If you have an HPCL ENERGIE BOBCARD, you’re exempt from the fuel transaction fee.
✈️ Complimentary airport lounge access:
- Meet the minimum spending requirement in the previous quarter to qualify.
- Eterna Credit Card: Spend Rs 40,000 per quarter.
- Varunah Premium & Premier Cards: Spend Rs 20,000 per quarter.
These updates could impact your rewards and charges, so plan your spending wisely!
Tax-Saving Investment Submissions for FY25
If you’re employed, your company will ask for proof of tax-saving investments in January. If you miss the deadline, your salary for January, February, and March may see higher tax deductions.
💡 Pro Tip: Start planning your tax-saving investments from April instead of rushing at the last minute.
📌 Key reminders:
- Your EPF contributions, home loan repayments, and school fees count toward the Rs 1.5 lakh limit under Section 80C (Old Tax Regime).
- If you don’t submit proofs on time, you might end up paying more tax upfront—but you can claim a refund when filing your returns in July.
Make sure to furnish valid proofs if you’re opting for the Old Tax Regime to maximize your tax benefits.
