LPG Price Hike, UPI Updates, IMPS Limit Increase, and More: Key Changes Starting February 1
From February 1, several important changes will take place, including an LPG price hike, UPI transaction rules, IMPS limit increase, and more.
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The month of January will end on Friday, January 31, and the month of February will start tomorrow, February 1. On this day, Finance Minister Nirmala Sitharaman will present the Union Budget in Parliament. All eyes will be on the budget. Additionally, some important changes will come into effect starting Saturday, which you should be aware of:
LPG Cylinder Price Hike
LPG prices are revised on the first of every month across the country. As part of this, the price of a 14.2 kg LPG cylinder is expected to increase by Rs. 50 starting February 1. While subsidy schemes will continue in rural areas, urban consumers will bear the increased costs.
Major Change in UPI Transactions
The National Payments Corporation of India (NPCI) has made major changes to UPI transactions. According to the new rules, from February 1, UPI payments will not be processed for UPI IDs that contain special characters. Only UPI IDs with alphanumeric characters (A-Z, 0-9) will be valid. Additionally, NPCI is making biometric OTP authentication mandatory for UPI transaction IDs to reduce the risk of scams.
IMPS Limit Increase
NPCI has raised the existing limit for IMPS transfers from Rs. 5 lakh to Rs. 10 lakh. From February 1, you will be able to transfer up to Rs. 10 lakh per day through IMPS. Instant transfers of up to Rs. 7 lakh can be made without mentioning the name of the beneficiary.
Maruti Car Prices to Increase
Maruti, the country’s largest car manufacturer, has decided to raise prices on several models starting February 1 due to rising costs. This price increase will affect cars like the Alto K10, S-Presso, Celerio, Wagon R, Swift, DZire, Brezza, Ertiga, Eeco, Ignis, Baleno, Ciaz, XL6, FrontX, Invicto, Jimny, and Grand Vitara.
NPS Withdrawal Limit Increased by 30 Percent
The Pension Fund Regulatory and Development Authority (PFRDA) has issued a circular increasing the partial withdrawal limit under the National Pension System (NPS) to 30 percent. This change aims to provide better financial support in light of rising medical expenses.
SBI Home Loan Interest Reduction
The State Bank of India (SBI), the country’s largest public sector bank, has launched a new home loan scheme starting February 2025. Borrowers can avail loans with an annual interest rate reduced from 8.4% to 8.1%.
Additionally, changes in petrol and diesel prices are expected. Oil marketing companies revise air turbine fuel prices on the first of every month.
