Changes 1st May 2025: Every time with the beginning of the month, there are some changes, which have a direct impact on your pocket. This time there have been more changes from May 1 than every time. These changes will affect everyday services like banking, milk, travel and tax. The biggest change is in the charge for withdrawing money from ATM. Apart from this, the government has started work on the plan to merge rural banks in 11 states. Let’s take a look at these changes-
Income Tax Return (ITR) Form 1 and 4 have been notified. People with income less than Rs 50 lakh can now file returns for AY 2025-26. Taxpayers with long term capital gain tax up to Rs 1.25 lakh can now use ITR-1 form, earlier they had to fill ITR-2. This is a big relief for small investors.
After Mother Dairy, Amul has also increased the price of milk by Rs 2 per liter. This change in the price of milk has come into effect from May 1. 1 rupee has been increased on a 500 ml pack. The price of a 500 ml pack of Amul Gold was earlier Rs 34, which has now increased to Rs 35. The one-liter pack has increased from Rs 67 to Rs 69.
Recently, RBI has cut the repo rate. After this, many banks are expected to reduce the interest rate on home loans. Those who have taken floating-rate loans may get a reduced EMI. New loan takers can also get better offers. This is a good time to review your home loan.
From May 1, passengers on the waiting list will not be able to travel in sleeper or AC coaches. They will now have to travel in general coaches. The period of advance booking has been reduced from 120 days to 60 days. After cancelling the ticket, the refund amount will now be available in just two days.
From May 1, the charge for withdrawing money from ATM beyond the free limit has increased. Earlier this charge was Rs 21, which has now increased to Rs 23 per transaction. Three free transactions will be available every month in metro cities and 5 free transactions in non-metro cities. This rule will also apply to money withdrawal and other ATM services.
No change has been made in the price of domestic LPG cylinder by the oil companies. But commercial LPG cylinder has become cheaper than before. This cylinder, which was earlier available for Rs 1762 in Delhi, will now be available for Rs 1747.50.
Some banks have also changed the rules of FD. RBL Bank will now pay monthly interest instead of quarterly. The interest rate will be up to 7 percent. Senior citizens will get 0.50 percent additional interest, while women depositors will get 0.10 percent extra interest. This is good news for small savers.
The ‘One State, One Rural Bank’ policy has come into effect. Under this, 15 regional rural banks are being merged in 11 states. This will reduce the number of rural banks from 43 to 28. Customers of the affected states may see changes in banking services, IFSC code and account operations.
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