The start of March will bring about a number of significant changes that will affect numerous aspects of daily life. Updates to the regulations pertaining to nominations, LPG cylinder prices, FD rates, UPI payments, tax adjustments, and GST security are among the modifications that will take effect on March 1, 2025.
Here’s a breakdown of the key changes:
SEBI’s new rule from March
In order to revamp the nomination procedure for mutual fund folios and demat accounts, the Securities and Exchange Board of India (SEBI) has released new guidelines. The revised regulations, which go into effect on March 1, 2025, are intended to make asset transfers easier, particularly in the event of an investor’s illness or death.
Key changes investors need to know
Investors can now nominate up to 10 individuals for mutual fund and demat accounts.
Providing a nominee will be mandatory for single-holder accounts to prevent unclaimed assets. Investors must provide detailed nominee information, including PAN, Aadhaar (last four digits), or a driving license number.
In joint accounts, assets will transfer automatically to surviving account holders under the survivorship rule.
- LPG Cylinder Prices Set to Change
At the start of every month, oil companies release updated prices for LPG cylinders, and March 1 is no exception. The revised LPG cylinder prices will be announced at around 6:00 am, along with updated prices for air turbine fuel, CNG, and PNG.
- Possible Changes in FD Interest Rates
Starting March 1, some banks may revise their fixed deposit (FD) interest rates. Recently, many banks have made adjustments to their FD rates, and similar changes may be seen in March 2025, affecting your savings.
- UPI Payment Rules to Change for Insurance Premiums
Starting March 1, 2025, UPI users can pay insurance premiums through blocked amounts under the Bima-ASBA facility. This allows policyholders to block funds for insurance payments, ensuring timely payment only after the policy is accepted. If the insurer rejects the proposal, the blocked amount will be unblocked.
- Tax Adjustments and Relief for Taxpayers
Several tax-related changes will take place on March 1, 2025. Tax slabs and TDS (Tax Deducted at Source) limits are likely to be revised, offering relief to taxpayers.
- GST Portal Security Enhancements
The GST portal will become more secure with multi-factor authentication. Business owners will need to update their IT systems to comply with the new security measures, ensuring a safer online environment for GST-related processes.
These changes, effective from March 1, will have a direct impact on your finances, taxes, payments, and security. It is essential to stay informed to manage these updates effectively.