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Economic Times

New rules from August 1: From FASTag, SBI Credit Cards, to UPI limit changes you should know

ET Online August changes A host of critical financial changes will take effect in August 2025. These updates could have a direct impact on your daily transactions, travel, and card benefits. Revised rules for UPI transactions, a new FASTag annual pass for private vehicles, and the withdrawal of complimentary insurance cover on select SBI credit cards are some of the changes that will be implemented this month. Here's a quick look at key changes taking effect this August: FASTag Annual Pass Starting August 15, 2025, private vehicle owners will be able to opt for a new FASTag annual pass introduced by the Ministry of Road Transport & Highways. This pass will allow up to 200 toll transactions or be valid for one year, whichever comes first, for Rs 3,000. The initiative aims to simplify toll payments and offer more cost-effective options for frequent highway users. FASTag annual pass: How to activate it in your existing FASTag account? Check how to purchase, validity and more Note that the annual pass is not mandatory; the current FASTag ecosystem will continue to function as it does now. Users who do not opt for the annual pass can continue to use their FASTag for regular transactions in accordance with the relevant user fee rates at fee plazas. SBI credit card changes in August Starting August 11, 2025, SBI Card will discontinue the complimentary air accident insurance benefit on several of its co-branded credit cards. This move will affect holders of premium variants such as ELITE and PRIME, along with select Platinum cards. The withdrawal includes high-value insurance covers of Rs 1 crore and Rs 50 lakh, which were earlier provided as added perks. These SBI Card holders to lose complimentary air accident insurance benefit from August 11, 2025-Are you affected? UPI changes in August The National Payments Corporation of India (NPCI) has introduced several changes in the Unified Payments Interface (UPI) ecosystem, with an aim to improve the performance of UPI transactions. NPCI has issued an additional set of guidelines for UPI ecosystem members, which includes limiting balance inquiry requests to regulating the use of APIs such as Autopay Mandate Execution and Validate Address. Read more: New UPI rules from August 1: Daily balance checks, autopay & API usage now regulated, here's how Paytm, PhonePe, GPay users will be impacted Punjab National Bank's KYC update Punjab National Bank (PNB), the second-largest state-owned lender in the country, has asked its customers to update their Know Your Customer (KYC) information in their bank accounts before August 8, 2025, to ensure the smooth functioning of their bank accounts. This KYC update is in accordance with the Reserve Bank of India's (RBI) guidelines, as per a press release from PNB. Note that the last date of August 8, 2025, to update their KYC applies to those customers whose accounts have KYC updation pending as of June 30, 2025, according to the bank press release. N.R. Narayana Murthy Founder, Infosys Watch Now Harsh Mariwala Chairman & Founder, Marico Watch Now Adar Poonawalla CEO, Serum Institute of India Watch Now Ronnie Screwvala Chairperson & Co-founder, upGrad Watch Now Puneet Dalmia Managing Director, Dalmia Bharat group Watch Now Martin Schwenk Former President & CEO, Mercedes-Benz, Thailand Watch Now Nadir Godrej Managing Director, of Godrej Industries Watch Now Manu Jain Former- Global Vice President, Xiaomi Watch Now Nithin Kamath Founder, CEO, Zerodha Watch Now Anil Agarwal Executive Chairman, Vedanta Resources Watch Now Dr. Prathap C. Reddy Founder Chairman, Apollo Hospitals Watch Now Vikram Kirloskar Former Vice Chairman, Toyota Kirloskar Motor Watch Now Kiran Mazumdar Shaw Executive Chairperson, Biocon Limited Watch Now Shashi Kiran Shetty Chairman of Allcargo Logistics, ECU Worldwide and Gati Ltd Watch Now Samir K Modi Managing Director, Modi Enterprises Watch Now R Gopalakrishnan Former Director Tata Sons, Former Vice Chairman, HUL Watch Now Sanjiv Mehta Former Chairman / CEO, Hindustan Unilever Watch Now Dr Ajai Chowdhry Co-Founder, HCL, Chairman EPIC Foundation, Author, Just Aspire Watch Now Shiv Khera Author, Business Consultant, Motivational Speaker Watch Now Nakul Anand Executive Director, ITC Limited Watch Now RS Sodhi Former MD, Amul & President, Indian Dairy Association Watch Now Anil Rai Gupta Managing Director & Chairman, Havells Watch Now Zia Mody Co-Founder & Managing Partner, AZB & Partners Watch Now Arundhati Bhattacharya Chairperson & CEO, Salesforce India Watch Now