5 Major Financial Changes Coming In February 2025: UPI, Credit Cards, And More

February 2025 brings several significant financial updates that could affect how you manage your money. Here are the key changes to be aware of:

Starting February 1, 2025, the National Payments Corporation of India (NPCI) will require all UPI apps to use only alphanumeric characters for transaction IDs. Special characters will no longer be allowed. This change is aimed at improving standardization and clarity in UPI transactions.

From February 5-7, 2025, the RBI Monetary Policy Committee will meet. A repo rate cut is expected by many experts, which could affect interest rates on loans and savings accounts. Any change in the repo rate will be implemented by banks soon after.

Effective February 1, 2025, Kotak Mahindra Bank has updated its savings account rules. Some changes include:

A Rs 5 per Rs 1,000 fee on cash transactions beyond the first free one. ATM decline fees now apply only to non-Kotak ATMs (Rs 25). Standing instruction failure fee reduced to Rs 100.  

From February 20, 2025, IDFC FIRST Bank is updating its credit card terms:

Statement date will be on the 20th of each month. 1% fee on education fee payments via third-party apps (minimum Rs 249). Add-On Cards will have a joining and annual fee of Rs 499 + taxes.

 

Finance Minister Nirmala Sitharaman will present the Union Budget on February 1, 2025. Several changes could impact taxes, savings, and government schemes. These announcements could affect how you manage your money in the upcoming year.