From ATM-credit cards to UPI, 5 big changes from today will affect your pocket

From May 1, some rule changes have come into effect and will directly affect the daily expenses of common people. From gas cylinder to ATM charges and digital payments, these updates might impact your monthly budget. 

1. Increase of ₹993 in commercial gas cylinders 

The price of commercial LPG cylinders has reportedly increased by ₹993. This may affect restaurants, weddings, and food businesses, which can indirectly make eating out more expensive. Along with this, an OTP-based delivery system is now compulsory, and customers will need Aadhaar e-KYC for gas delivery.

2.  ATM withdrawal charges increased

Withdrawing cash from ATMs has become slightly more expensive. After the free monthly limit (5 transactions in your bank and 3 in other banks), each extra transaction will now cost ₹23 instead of ₹21.

3. Additional authentication for UPI transactions 

New rules have been added to make Unified Payments Interface (UPI) payments safer. For large transactions, users may now have to go through an extra verification step. This is being done to reduce online fraud.

4. Changes in SBI credit card charges

For State Bank of India credit card users, late payment charges have increased  ₹100 for dues between ₹100–₹500 and ₹500 for ₹500–₹1,000. Also, BPCL SBI card users will now need to spend ₹1 lakh yearly (earlier ₹50,000) to avoid annual fees.

5. Online gaming rules

The government has announced a new body, Online Gaming Authority of India, to regulate online gaming. Games involving money will now need registration and will be monitored.

At the same time, there is relief for travellers as aviation fuel prices have not increased, so airfares are expected to remain stable.

Overall, these changes may increase your expenses slightly, so it is better to manage your budget carefully.