As the new month begins, several important financial rules have come into effect from May 1, 2025, that could impact your daily expenses. While the good news is that domestic LPG cylinder prices remain unchanged, other updates involving ATM withdrawals, railway bookings, bank mergers, and interest rates may directly affect your wallet.

Let’s take a closer look at what’s changed from today:

Despite speculations of a price hike, oil marketing companies have not revised domestic LPG cylinder prices for May 2025. As of this morning, Indian Oil Corporation (IOC) has kept prices stable across key metro cities:

• Delhi: ₹853

• Kolkata: ₹879

• Mumbai: ₹852.50

• Chennai: ₹868.50

The last revision was on April 8, when the government raised the price of the 14.2 kg domestic cylinder by ₹50—a rare hike after nearly a year. For now, consumers can breathe a sigh of relief.

From today, withdrawing money from ATMs will cost more once the free transaction limit is exceeded. As per the new guidelines:

• Metro Cities: 3 free transactions per month

• Non-Metro Cities: 5 free transactions per month

• Beyond the Limit: ₹23 per transaction (increased from ₹21)

• Balance Inquiry: ₹7 per check (previously ₹6)

This change has been implemented as part of a cost-recovery measure by banks. Users are advised to plan their cash withdrawals more strategically to avoid unnecessary fees.

The Indian Railways has introduced a stricter policy on waitlisted passengers traveling in reserved compartments:

• From May 1, only general class coaches will accept waitlisted tickets.

• Passengers holding waitlist tickets will not be allowed in Sleeper or AC coaches.

• If caught traveling without confirmation, travelers could face penalties or be asked to deboard or shift to general coaches.

This move is aimed at streamlining passenger management and ensuring fair use of reserved compartments.

In a major banking reform, the government has started implementing the "One State, One RRB" policy:

• As of May 1, the number of RRBs across India has been reduced from 43 to 28.

• The move is designed to improve operational efficiency and financial inclusion in rural areas.

• While the merger is expected to enhance banking services in the long run, short-term disruptions may occur in remote areas.

Following two recent repo rate cuts by the RBI, many banks have lowered interest rates on Fixed Deposits (FDs) and savings accounts.

• Effective May 1, some banks are offering reduced interest on short- and mid-term deposits.

• Investors are encouraged to check updated rates before investing or renewing their FDs.

This adjustment comes as part of monetary policy efforts to boost borrowing and liquidity in the market.

In a bid to streamline and digitize financial approvals, the Reserve Bank of India has made it mandatory for all banks, NBFCs, and regulated entities to use the PRAVAAH Portal from May 1.

• The portal will now be the only platform for submitting applications related to licenses, authorizations, and regulatory approvals.

• This step is expected to reduce paperwork, improve transparency, and accelerate the approval process.

While LPG prices have stayed stable, the new rules effective from May 1 are set to influence various aspects of your financial life—from how you withdraw cash to how you book train tickets or manage savings. Being aware of these updates will help you plan better and avoid unnecessary charges.