May 2025 has started with many important economic and consumer-service related changes, which can directly affect the pockets and lifestyle of common people. From ATM transactions to railway ticket booking, and from FD interest rates to milk prices, many rules have been amended.
May 2025 has started with many important economic and consumer-service related changes, which can directly affect the pockets and lifestyle of common people. From ATM transactions to railway ticket booking, and from FD interest rates to milk prices, many rules have been amended. Let us know which changes you should keep a special eye on:
1. Higher charges will be levied on ATM transactions
Banks have changed the fee policy for ATM transactions. Now only 3 free transactions will be allowed in metro cities. In non-metro cities, only 5 free transactions will be allowed. After the prescribed limit, every additional transaction will attract a charge of up to ₹23. Now ₹7 will be charged for checking the balance (earlier it was ₹6).
2. Change in railway ticket booking rules
Indian Railways has implemented a new system regarding waiting tickets. Now waiting tickets will be valid only for general coaches. Traveling on waiting tickets in sleeper or reserved coaches will not be valid. If the rules are broken, the TT can send you to the general coach or impose a fine.
3. Restructuring of RRBs (Rural Banks)
The government has decided to reduce the number of 43 Regional Rural Banks (RRBs) across the country to 28. These changes have come into effect from May 1 under the 'One State, One RRB' policy. Its objective is to make the banking system more efficient and focused.
4. Cut in FD interest rates
After the RBI cut the repo rate by 0.25%, many banks have reduced interest rates on FDs. Many banks have discontinued high-interest FD schemes. Investors are advised to check the new rates and plan their FDs accordingly.
5. List of bank holidays released
RBI has released the list of bank holidays for May 2025. Banks will be closed for 12 days this month, which includes Saturdays, Sundays and state-specific holidays. The holidays include festivals like Buddha Purnima, Maharana Pratap Jayanti. Check your state holidays before doing any banking related work.
6. Milk became expensive, Amul increased the price
Amul has announced an increase of ₹2 per liter in the price of milk from May 1. The increased prices have been implemented across the country. The company has cited increase in costs as the reason for this.
7. Changes in LPG prices
As usual, the prices of domestic and commercial LPG cylinders will change on the first of May. In April, the prices of subsidized and non-subsidized cylinders increased by 50 rupees. In metro cities like Delhi, the price of a 14.2 kg cylinder became 853 rupees. At the same time, the price of cylinders under the Ujjwala scheme remained at 553 rupees. If the prices of cylinders increase this month as well, then cooking on gas can become expensive. This can have a direct impact on your household budget.
PC:Bharat24
