Everything that changes in India in February 2025

February 2025 is set to bring several significant financial changes that could impact individuals and businesses. Here’s a breakdown of the key updates:

1. Union Budget 2025 Announcement

The Union Budget for 2025 will be presented on February 1, with expectations of major economic policies and reforms. Individuals and businesses should stay informed about potential tax changes, subsidies, and other financial measures that could affect their planning.

2. RBI Monetary Policy Review

The Reserve Bank of India (RBI) will hold its Monetary Policy Committee (MPC) meeting from February 5 to 7, 2025. This will be the first major policy review under the new RBI Governor, Sanjay Malhotra. Experts anticipate a possible repo rate cut, which could lead to changes in lending and deposit rates by banks.

3. Kotak Mahindra Bank 811 Savings Account Updates

Kotak Mahindra Bank has revised its General Schedule of Features and Charges (GSFC) for its 811 savings account, effective February 1, 2025. Key changes include:

A fee of Rs 5 per Rs 1,000 (minimum Rs 50) for cash transactions at branches and cash deposit machines after the first free transaction or Rs 10,000 deposit per month.

Certain services, such as PIN re-generation via courier and cash/instrument pickup for senior citizens, will remain free of charge.

4. IDFC FIRST Bank Credit Card Changes

IDFC FIRST Bank has announced updates to its credit card terms, effective February 20, 2025:

The statement date for Millennia, Wealth, and SWYP credit cards will be revised to the 20th of each month, with the payment due date remaining 15 days later.

A 1% fee (minimum Rs 249) will be applied to education fee payments made through third-party platforms like CRED, PayTM, and MobiKwik. Direct payments to educational institutions will not incur this charge.

5. UPI ID Blocking Rules

New regulations regarding the blocking of UPI IDs will come into effect in February 2025. Users are advised to review the updated guidelines to avoid disruptions in their digital transactions.