As February begins, the common man's wallet and daily life are set to be directly impacted. Today, February 1, 2026, is a very important day for the country. On one hand, the Union Budget will be presented in Parliament, and on the other hand, several rules and price changes will come into effect as it's the first day of the month. From cooking gas prices to your car's FASTag and the credit cards in your wallet, you will face new updates on many fronts. Let's understand in detail what is going to change in your life from today.
Uncertainty over Kitchen and Travel Expenses
Every month, on the first day, oil companies review the prices of LPG gas cylinders. New prices for cooking gas may be released early in the morning on February 1st. Looking at the trend of the last few months, there has been considerable fluctuation in the prices of commercial gas cylinders. Last month, the price of commercial cylinders was reduced by Rs 14.50. Now, all eyes are on whether there will be any relief in the prices of domestic cooking gas or whether inflation will hit hard on Budget Day.
Not only the kitchen, but there is also a strong possibility of changes in the prices of CNG and PNG. Big announcements related to fuel are often made on Budget Day, so if CNG prices increase, it will directly affect your travel expenses. In addition, the prices of aviation fuel (ATF) will also be decided today, which may affect air travel fares in the coming days.
Hobbies will now be more expensive
If you consume cigarettes, paan masala, or tobacco products, you may have to spend more from February 1st. The government is preparing to increase the tax on these products. According to reports, the excise duty and cess on these harmful products may be increased. This increase will be separate from the normal GST. This means that the cost of products like cigarettes and gutkha will increase, and the entire burden will be passed on to the consumer. Strict decisions are often made in the budget with health considerations in mind.
Big relief for vehicle owners, but a blow for bank customers
There's some good news for drivers on the road. The National Highways Authority of India (NHAI) has eliminated a major hassle related to FASTag. From February 1st, repeated KYC verification for FASTag will no longer be required. This responsibility will now rest entirely with the banks that issue FASTags. The bank will have to conduct a thorough verification of the vehicle and owner before issuing the FASTag, saving time for the general public.
However, the rules are becoming slightly stricter for credit card users. Major banks like HDFC and ICICI are changing their rules. HDFC's 'Infinia Metal' cardholders will now only be able to redeem their reward points five times a month. Meanwhile, ICICI Bank is discontinuing the free movie ticket facility offered through BookMyShow on some of its selected cards.
SBI IMPS Transaction Service Charge Changes
SBI has revised its service charges for some IMPS transactions. From February 15, 2026, the service charge for online SBI IMPS transactions above ₹25,000 and up to ₹1 lakh will be ₹2 plus GST. SBI online IMPS transactions above ₹1 lakh and up to ₹2 lakh will now be charged ₹6 plus GST. Similarly, for amounts above ₹2 lakh and up to ₹5 lakh, the online IMPS transaction service charge will be ₹10 plus GST.
PNB Alert for KYC Update
Punjab National Bank (PNB) has urged its customers to update their KYC information as per RBI guidelines. If your account's KYC update date is by December 31, 2025, PNB has requested that you update your KYC by February 2, 2026. Please note that failure to update may result in restrictions on your account's operation.
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