6 Significant Financial Changes Coming Your Way on March 1, 2025
March 1, 2025, is set to bring about several significant changes that will impact various aspects of daily life. From updates in regulations regarding nominations to changes in LPG cylinder prices, FD rates, UPI payments, tax adjustments, and GST security, there are several key modifications on the horizon.
SEBI’s New Rule on Nominations
One of the key changes taking effect on March 1 is the Securities and Exchange Board of India’s (SEBI) new rule on nominations for mutual fund folios and demat accounts. The updated guidelines aim to streamline the nomination process, making asset transfers easier in case of an investor’s illness or death.
Investors will now have the option to nominate up to 10 individuals for their mutual fund and demat accounts. Providing detailed nominee information, including PAN, Aadhaar, or driving license number, will be mandatory for single-holder accounts to prevent unclaimed assets. Additionally, in joint accounts, assets will automatically transfer to surviving account holders under the survivorship rule.
Changes in LPG Cylinder Prices
Oil companies release updated prices for LPG cylinders at the beginning of every month, and March 1 will be no exception. Keep an eye out for the revised LPG cylinder prices, which will be announced 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. With recent adjustments in FD rates by many banks, similar changes may be expected in March 2025, impacting your savings.
UPI Payment Rules for Insurance Premiums
From March 1, 2025, UPI users will have the option to pay insurance premiums through blocked amounts under the Bima-ASBA facility. This feature 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
Several tax-related changes are anticipated on March 1, 2025, including potential revisions to tax slabs and TDS limits. These adjustments aim to provide relief to taxpayers.
Enhanced Security on GST Portal
The GST portal is set to enhance security 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, coming into effect on March 1, will directly impact your finances, taxes, payments, and security. It is crucial to stay informed and prepared to effectively manage these updates. Stay tuned for more information and guidance on navigating these changes in the coming days.