New Financial Rules from May 1: Check All Major Changes in ATM Withdrawals, Railway Tickets, LPG Prices & More

As we enter the fifth month of 2025, some major financial and administrative changes have come into effect across India from today. These changes include ATM withdrawal charges, railway ticketing rules and LPG price adjustments, etc. These changes are expected to directly impact millions of Indian citizens. Below is a detailed report on the new financial rules that took effect from May 1.

ATM Withdrawal Charges Hiked from May 1

This change will affect frequent ATM users, as the Reserve Bank of India (RBI) has approved an increase in ATM transaction charges. Starting May 1, customers will now have to pay Rs. 23 (up from Rs. 21) for every transaction beyond the permitted free limits. The free monthly limits remain the same, which are 5 free transactions at own-bank ATMs and 3 (in metros) or 5 (in non-metros) at other bank ATMs.

LPG Cylinder Price Revised Under Ujjwala Scheme

The government has revised LPG cylinder prices. As of May 1, LPG cylinders under the Ujjwala scheme are priced at Rs.550. For all other consumers, the price is Rs.853 per cylinder. The government has also announced that LPG prices will now be reviewed fortnightly, which will lead to more frequent price changes based on international market conditions.

Interest Rate Policy Updates by Banks

Several banks and financial institutions have revised their interest policies starting this month. RBL Bank, for instance, will now credit interest on savings accounts on a monthly basis rather than quarterly, with rates going up to 7%. Shriram Finance has increased fixed deposit interest rates for senior citizens by an additional 0.50%, while women depositors will enjoy an added 0.10% interest rate benefit.

Major Changes in Railway Ticket Booking Rules

Indian Railways has implemented fresh changes to the railway ticket booking system, with new rules effective from May 1. The most significant change is that waiting list tickets will now be valid only in general coaches. Passengers can no longer travel on waiting list tickets in AC or sleeper classes. Additionally, the Advance Reservation Period (ARP) has been reduced from 120 days to 60 days. Cancellation refunds must now be claimed within two days of the scheduled travel date.

ITR Filing for FY 2024-25 Begins

The Income Tax Department has released ITR forms 1 and 4 for the assessment year 2025-26. Individuals with an annual income below Rs. 50 lakh can now start filing their returns.

Regional Rural Banks Merged Across States

The government has merged 15 Regional Rural Banks (RRBs) across 11 states. This reduces the number of operational RRBs in India from 43 to 28. The "One State-One RRB" policy has been laid to enhance efficiency and expand rural financial access.