M4News (Correspondent)
New Delhi, January 31
As January comes to an end on Friday (January 31), February 1 marks the beginning of a new month along with some significant financial changes. Alongside the Union Budget presentation by Finance Minister Nirmala Sitharaman in Parliament on Saturday, several key regulatory changes will take effect from February 1. Here’s a look at the major updates you should be aware of:
1. LPG Cylinder Price Hike
LPG cylinder prices are revised on the first day of every month. From February 1, the price of a 14.2 kg domestic LPG cylinder is expected to increase by ₹50. While rural consumers under subsidy schemes will see little impact, urban users will have to bear the additional cost.
2. Major UPI Transaction Changes
The National Payments Corporation of India (NPCI) has introduced new regulations for UPI transactions, effective February 1.
- UPI IDs with special characters will no longer be valid for payments. Only alphanumeric UPI IDs (A-Z, 0-9) will be accepted.
- NPCI has also made biometric OTP authentication mandatory for certain transactions to reduce scams and fraudulent activities.
3. Increased IMPS Transfer Limit
The Immediate Payment Service (IMPS) transaction limit will be increased from ₹5 lakh to ₹10 lakh per day from February 1. Additionally, instant transfers of up to ₹7 lakh can be made without specifying the recipient’s name.
4. Maruti Car Price Hike
India’s largest car manufacturer, Maruti Suzuki, has announced a price hike across various models due to rising production costs. Cars affected include Alto K10, S-Presso, Celerio, Wagon R, Swift, DZire, Brezza, Ertiga, Eeco, Ignis, Baleno, Ciaz, XL6, Fronx, Invicto, Jimny, and Grand Vitara.
5. NPS Withdrawal Limit Increased by 30%
The Pension Fund Regulatory and Development Authority (PFRDA) has increased the partial withdrawal limit under NPS by 30%, considering the rising healthcare costs. This aims to provide better financial support to account holders.
6. SBI Home Loan Interest Rate Reduction
The State Bank of India (SBI) has announced a reduction in home loan interest rates, effective February 2025.
- Borrowers can now avail loans at an interest rate of 8.1% (down from 8.4%), making home financing more affordable.
Additionally, changes in petrol and diesel prices may also be implemented on February 1, as oil marketing companies revise Aviation Turbine Fuel (ATF) prices at the start of every month.
