Latest Updates in Banking and Financial Rules for 2025: Bank Timings, EPFO Regulations, and ATM Guidelines

Submitted by admin on January 7th, 2025

This paper aims to provide an analysis of the banking and financial sectors in India and the major changes that have taken place in banking sectors as of 2025. Such changes include; standardization of banking hours, new regulation by the Employees Provident Fund Organization (EPFO) and change in ATM cash withdrawal regulation. This paper seeks to undertake an analysis of these and other pertinent issues in order to provide consumers and employees with a better understanding of these changes.

Standardization of Bank Operating Hours

The new universal hours of operation for all nationalized banks throughout India commenced from 1st January 2025. Branches will uniformly open at 10:00 AM and close at 4:00 PM. The purpose of this initiative is to stop these differences in the banking timings which decreases the comfort level of customers. People can organize themselves to visit banks without the need to check individual banks’ schedules which enhances banking flow across the country.

State Bank of India Bank 00 AM to 3.30 PM
HDFC Bank 9:30 AM – 3:30 PM
ICICI Bank 10:00 AM – 2:00 PM
RBL Bank 10:00 AM – 5:00 PM
Bank of Baroda 10:00 AM – 4:00 PM
IDBI Bank 10:00 AM – 4:00 PM
YES Bank 9:30 AM – 4:30 PM
Punjab National Bank 10:00 AM – 4:00 PM
Allahabad Bank 10:00 AM – 4:00 PM
HSBC Bank 10:00 AM – 4:00 PM

RBI Bank Timings

Reserve Bank of India operates on weekdays only. RBI bank timings are as follows:

Working Hours 9:30 AM to 5:15 PM
Banking Hours 10:00 AM to 2:30 PM

Bank NEFT Timings

00:30 hours to 00:00 hours

RTGS Timing

Real-Time Gross Settlement (RTGS) system available to the customers 24×7 on all days of the week.

Sources: Newsable

Key Changes in EPFO Regulations

The EPFO has introduced several pivotal changes in 2025 to improve the efficiency and accessibility of provident fund services:

ATM Access to EPF Funds:

Members may soon be able to withdraw their Provident Fund (PF) money directly from ATMs after claim settlements. This development is part of EPFO’s efforts to enhance ease of access for beneficiaries.

Sources: LiveMint

Elimination of Contribution Cap:

The existing cap on employees’ EPF contributions is under consideration for removal. Currently, employees contribute 12% of their base pay to the EPF account. The proposed change would allow contributions based on actual pay, rather than the fixed ₹15,000 threshold, enabling higher-income employees to contribute more towards their retirement savings.

Sources: Economic Times

Extension for Higher Pension Applications:

The deadline for submitting applications for higher pensions has been extended to January 31, 2025. This extension provides eligible employees additional time to apply for enhanced pension benefits, ensuring broader compliance and participation.

Sources: GoodReturns

Revised ATM Withdrawal Guidelines

ATM withdrawal limits have been updated to enhance security and accommodate customer needs:

Daily and Monthly Limits: For new account holders, ATM cash withdrawals are limited to ₹50,000 per day and ₹10 lakh per month for the first six months post-account activation. This measure is designed to mitigate fraudulent activities and encourage secure banking practices.

Sources: Razorpay

Bank-Specific Limits: Withdrawal limits vary across banks and account types. For instance, the State Bank of India (SBI) offers daily withdrawal limits ranging from ₹40,000 to ₹1 lakh, depending on the type of debit card held by the customer. Similarly, HDFC Bank provides varying limits based on the card type, with premium cards offering higher withdrawal capacities.

SBI ATM Withdrawal Limit (State Bank of India)

SBI Global International Debit Card: ₹40,000/day
SBI Platinum International Debit Card: ₹1,00,000/day
For transactions under ₹20,000, you are entitled to 5 free ATM withdrawals per month at SBI.

HDFC Bank’s ATM daily cash withdrawal limits per different card are as follows:

International, Woman’s Advantage, NRO Debit Cards: ₹25,000
International Business, Titanium, Gold Debit Cards: ₹50,000
Titanium Royale Debit Card: ₹75,000
Platinum, Imperia Platinum Chip Debit Cards: ₹1,00,000
JetPrivilege HDFC Bank World Debit Card: ₹3,00,000

Axis Bank ATM Withdrawal Limit

Delight debit card: ₹1,00,000
Value plus debit card: ₹1,00,000
Online rewards debit card: ₹50,000
Burgundy debit card: ₹3,00,000
Priority debit card: ₹1,00,000
Sampana debit card: ₹1,00,000
Prestige debit card: ₹1,00,000
E-debit card: NA
Liberty debit card: ₹50,000
Rewards + debit card: ₹50,000
Rupay platinum debit card: ₹40,000
Power salute debit card: ₹40,000
Titanium rewards debit card: ₹50,000
Titanium prime debit card: ₹50,000
Visa classic/platinum debit card: ₹40,000

ICICI Bank ATM Withdrawal Limit

Private Banking Visa Infinite Debit Card: ₹1,50,000
Wealth Select Visa Infinite Debit Card: ₹1,50,000
Family Debit Card: ₹1,00,000
Privilege Banking Titanium Debit Card: ₹1,00,000
Senior Citizen Silver Debit Card: ₹50,000
ICICI Bank Senior Citizen Gold Debit Card: ₹75,000
Woman’s Debit Card: ₹1,25,000
MasterCard World Debit Card: ₹1,00,000
Sapphiro Business Debit Card: ₹ 1,50,000
Expressions Business Debit Card: ₹1,50,000
Business Debit Card: ₹1,00,000
Titanium Business Debit Card: ₹1,00,000
Expressions Coral Business Debit Card: ₹1,50,000

Bank of Baroda (BOB) ATM Withdrawal Limit

World Agniveer: ₹50,000
RuPay Qsparc NCMC: ₹50,000
RuPay Platinum DI: ₹50,000
RuPay Classic DI Debit Card: ₹25,000
RuPay Qsparc NCMC Debit Card: ₹50,000
MasterCard Platinum DI Debit Card: ₹50,000
VISA Vyapaar DI Debit Card: ₹2,00,000
Mastercard DI Platinum, BPCL: ₹50,000
Mastercard Classic DI: ₹25,000
RuPay Select DI: ₹1,50,000

Union Bank of India (UBI) ATM Withdrawal Limit

Classic VISA and Mastercard Debit Card: ₹25,000
Platinum VISA and Mastercard Debit Card: ₹75,000
Signature/RuPay Select Debit Card: ₹1,00,000
Visa Business Platinum Debit Card: ₹1,00,000

PNB Bank ATM Withdrawal Limit (Punjab National Bank)

Platinum Debit Card: ₹1,00,000/day
Classic Debit Card: ₹25,000/day
Gold Debit Card: ₹1,00,000/day

Indian Overseas Bank (IOB) ATM Withdrawal Limit

Master Card Gold: ₹20,000
Rupay Classic NCMC: ₹30,000
Rupay Platinum NCMC: ₹50,000
Platinum Debit Card: ₹50,000
Rupay PMJDY NCMC: ₹10,000/ month
IOB Rupay Select Debit Card: ₹50,000
IOB Visa Classic Card International Debit Card: ₹30,000
Visa Classic Contactless: ₹40,000
Visa Gold Contactless: ₹40,000
Visa Platinum Contactless: ₹50,000
Visa Signature Contactless: ₹1,00,000

Federal Bank ATM Withdrawal Limit

Visa Celesta Contactless Debit Card: ₹1,00,000
Visa Imperio Contactless Debit Card: ₹1,00,000
Visa Crown Contactless Debit Card: ₹50,000
Visa FedFirst Contactless Debit Card: ₹2,500
Mastercard Celesta Contactless Debit Card: ₹1,00,000
Mastercard Imperio Contactless Debit Card: ₹75,000
Mastercard Crown Contactless Debit Card: ₹50,000
Rupay Crown Debit Card: ₹25,000
Rupay Platinum Contactless Debit Card: ₹50,000
Celesta Business Contactless Debit Card: ₹1,00,000
Visa Imperio Business Contactless Debit Card: ₹50,000

Bank of Maharashtra ATM Withdrawal Limit

For Classic Debit Card: ₹40,000
For Platinum Debit Card: ₹1,00,000
For Corporate Debit Card and VISA Purple Card: ₹1,00,000

IndusInd Bank ATM Withdrawal Limit

For Platinum Debit Card: ₹1,00,000
PIONEER World Debit Card: ₹5,00,000
Titanium Debit Card: ₹50,000
Platinum Select: ₹1,50,000
Platinum Exclusive: ₹2,00,000

IDFC Bank ATM Withdrawal Limit

VISA Platinum Debit card: ₹2,00,000
VISA Classic Debit card: ₹1,00,000
RuPay Platinum Debit Card: ₹50,000
RuPay Classic Debit Card: ₹40,000
Visa Platinum Business Debit Card: ₹1,00,000
Visa Signature Business Debit Card: ₹2,00,000
FIRST Private Debit Cards: ₹10,00,000
Wealth Debit Cards: ₹7,00,000
Select Debit Cards: ₹5,00,000

Yes Bank ATM Withdrawal Limit

EMV Chip Silver Debit Card: ₹25,000
EMV Chip Gold Debit Card: ₹75,000
YES Premia World Debit Card: ₹1,00,000
YES Prosperity Platinum Debit Card: ₹1,00,000
YES Prosperity Titanium Debit Card: ₹1,00,000
YES Prosperity Titanium Plus Debit Card: ₹1,00,000
YES Bank VISA Platinum Debit Card: ₹1,00,000

Kotak Mahindra Bank ATM Withdrawal Limit

Business Privy League Neon: ₹2,00,000
Business Privy League Platinum (LED DEBIT CARD): ₹2,00,000
Privy League Black (METAL DEBIT CARD): ₹2,50,000
Privy League Platinum (LED DEBIT CARD): ₹ 2,00,000
Infinite Debit Card: Unlimited withdrawals at all ATMs in India and abroad
Kotak Everyday Debit Card: ₹1,00,000
Gold Debit Card: ₹1,00,000
Silk Platinum Debit Card: ₹40,000
Privy League Signature Debit Card: ₹1,00,000
World Debit Card: ₹50,000
Access India Debit Card: ₹75,000
Nation Builders Debit Card: ₹1,00,000
RuPay India Debit Card: ₹2,00,000

Sources: Razorpay

Implications for Consumers and Employees

These regulatory updates are poised to significantly impact banking and financial operations:

Enhanced Convenience: Standardized bank timings and the introduction of ATM access for EPF withdrawals simplify financial transactions, reducing the need for multiple bank visits and expediting fund accessibility.
Increased Flexibility in Savings: Removing the EPF contribution cap allows employees to allocate a higher portion of their actual salary towards retirement savings, potentially leading to greater financial security in the long term.
Improved Security Measures: Revised ATM withdrawal limits, especially for new account holders, are designed to protect customers from potential fraud, ensuring safer banking experiences.

Conclusion

The changes in bank working hours, EPFO rules and regulations, ATM cash withdrawal provisions are evidence for the efforts made towards a new banking system in India. All these adjustments are aimed at improving the convenience, security, and flexibility of the consumers and employees in the financial systems, promoting a better convenient financial world in 2025 and more.

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