Financial rule changes on Feb 1, from credit cards to FASTag & banks

From revised banking fees and hiked tobacco duties, here is how the new financial regulations taking effect this February will impact your monthly budget

Coinciding with the Union Budget, February 1 brings a range of financial and compliance updates — ranging from revised banking charges and credit card rewards to hiked tobacco taxes and commercial fuel prices — directly impacting your daily expenses.

 

FASTag process eased for car owners

 

The toll tag framework for private vehicles has been streamlined. For new FASTags issued for cars, jeeps and vans, the “know our vehicle” verification step has been removed.

 

Vehicle details will now be checked upfront before tag issuance instead of after activation. For existing car FASTag users, no fresh verification is required unless there is a specific complaint such as misuse or wrong issuance. This reduces activation delays and paperwork for regular highway users.

 

Cigarettes and tobacco products cost more

 

Revised duty rates on cigarettes and other tobacco products come into force from February 1. The tax structure has been reset, with higher duties linked to product type and size, including filtered and longer cigarettes.

 

For consumers, this means higher retail prices. The move is aimed at both raising revenue and discouraging consumption of tobacco products.

 

Commercial LPG cylinder price revised

 

Oil marketing companies have revised the price of 19-kg commercial LPG cylinders from February 1. The latest revision results in a price increase for commercial users such as restaurants and small businesses. Domestic household LPG cylinder prices remain unchanged for now.

 

Fuel-related products such as aviation turbine fuel, and in some cities for CNG and PNG, are also typically reviewed at the start of each month, so transport-linked costs may see marginal shifts.

 

Markets open

 

Both NSE and BSE will be open for trade though it’s a Sunday. Retail investors can trade without any special session timing changes.

 

Bank and card rule changes this month

 

• ICICI Bank credit cards: Complimentary movie ticket benefits on select cards are being withdrawn, while reward structures on some spending categories are being adjusted. 
• HDFC Bank Infinia cards: Reward point redemption is now capped at five times per month. 
• PNB KYC update: Customers due for periodic KYC update are required to complete it by the notified deadline or risk account restrictions. 
• SBI IMPS charges: From February 15, online IMPS transfers above Rs 25,000 will attract slab-based service charges plus GST.

 

For consumers, the practical step is to review bank messages and card benefit updates to avoid surprise charges or missed benefits.