With the new year fast approaching, several new rules and changes will impact your finances.
These include updates on car prices, LPG cylinder costs, pension rules, Amazon Prime membership, UPI 123Pay transactions, and fixed deposit (FD) policies. Here’s what you need to know.
Car Price Increases
Starting January 1, 2025, car prices will rise by up to 3%. Major companies like Maruti Suzuki, Hyundai, Mahindra, Honda, Mercedes-Benz, Audi, and BMW will increase their prices.
The price hike is due to the rising production costs. If you plan to buy a car soon, be prepared to pay more.
LPG Cylinder Prices
The price of domestic LPG cylinders has remained steady for the past few months, currently priced at Rs 803 in Delhi. However, the cost of commercial LPG cylinders has been rising.
The price of crude oil is $73.58 per barrel, and changes in international oil prices could lead to future adjustments in LPG prices.
Simplified Pension Withdrawal Process
From January 1, 2025, pensioners will enjoy easier access to their pension funds.
The Employees Provident Fund Organization (EPFO) is making it simpler for pensioners to withdraw their pensions from any bank across the country, without the need for additional verification. This is a big relief for pensioners.
Changes to Amazon Prime Membership
Starting January 1, 2025, there will be new rules for Amazon Prime membership. Prime Video can only be streamed on two TVs from one Prime account.
If you want to watch it on a third TV, you will need to purchase an additional subscription. Previously, Prime members could stream on up to five devices.
New Rules for Fixed Deposits
From January 1, 2025, the Reserve Bank of India (RBI) is introducing new rules for fixed deposits (FDs) with Non-Banking Financial Companies (NBFCs)
and Housing Finance Companies (HFCs). These changes are designed to protect your deposits, including provisions for safety, liquid assets, and insurance for the deposits.
Higher Transaction Limit for UPI 123Pay
The Reserve Bank of India (RBI) has raised the transaction limit for UPI 123Pay, a service for feature phone users.
Previously, users could transact up to Rs 5,000, but from January 1, 2025, the limit will increase to Rs 10,000.
