Issue with BICS connection

We are facing an issue in creating a BICS connection / modifying the existing BICS connection. The error is "The current password is expired. Please change your password in the ABAP backend as well as in your local destination configuration"

However the reports using the existing connection (where same credentials are used) is working absolutely fine. And also when we try to create the connection in UDT (with the same credentials) that also works fine. The issue happens only when we try to modify the olap connection or create a new olap connection.

This looks to be very strange. Has anyone faced a similar issue / any thoughts on the same?

The environment is

BO 4.1 SP5 FP3

BW 7.3