1. UPI Transaction ID Rules Change
- Effective from: February 1, 2025
- The NPCI has mandated that UPI transaction IDs can only contain alphanumeric characters. Special characters will no longer be allowed.
- If your UPI app still generates transaction IDs with special characters, the system will reject the transaction.
2. Kotak 811 Savings Account Rule Changes
- Effective from: February 1, 2025
Key updates:
- Cash transaction fee at branches & cash deposit machines: ₹5 per ₹1,000 (min ₹50) after the first free transaction or ₹10,000 deposit/month.
- Fee waivers: PIN re-generation via courier, cash/instrument pickup for senior citizens, balance statements.
- ATM decline fees: ₹25, but only for non-Kotak ATMs.
- Standing Instruction (SI) failure fee reduced from ₹200 to ₹100.
- ATM transaction limits revised based on card type, with charges beyond limits.
3. IDFC FIRST Bank Credit Card Changes
- Effective from: February 20, 2025
- Statement date for IDFC FIRST Millennia, FIRST Wealth, and FIRST SWYP cards will now be the 20th of each month, with a payment due date 15 days later.
- 1% fee (min ₹249) on education payments via third-party platforms like CRED, PayTM & MobiKwik. No fee for direct payments to schools/colleges via their website or POS machines.
- Add-on cards issued on or after Feb 20 will have a joining & annual fee of ₹499 + taxes (cards issued before this remain free).
- Card replacement fee: ₹199 + taxes.