Financial and Regulatory changes, Personal finances will be impacted by a number of significant changes that take effect on March 1, 2025, such as alterations to SEBI nomination rules, LPG pricing, and FD interest rates.
Many major changes that will impact several aspects of daily life will occur at the beginning of March. Among the changes that will go into effect on March 1, 2025, are updates to the regulations concerning nominations, LPG cylinder prices, FD rates, UPI payments, tax adjustments, and GST security.
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Key Financial and Regulatory Changes Taking Effect from March 1, 2025
Below is a brief overview of the main changes:
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SEBI’s new rule from March
The Securities and Exchange Board of India (SEBI) has published new rules to update the nomination process for mutual fund folios and demat accounts. The updated rules, which take effect on March 1, 2025, are meant to facilitate asset transfers, especially in the case of an investor’s illness or a passing way.
Key changes investors need to know
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- Up to 10 individuals can now be nominated by investors for demat and mutual fund accounts.
- To avoid unclaimed assets, single-holder accounts will need to provide a nominee. Investors are required to submit complete nominee details, such as a driver’s license number, PAN card, or Aadhaar (last four digits).
- According to the survivorship rule, assets in joint accounts automatically go to the surviving account holders.
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LPG Cylinder Prices Set to Change
Oil firms always publish the most recent LPG cylinder rates at the beginning of the month, and March 1 is no exception. The updated costs for LPG cylinders, air turbine fuel, CNG, and PNG will be revealed soon.
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Possible Changes in FD Interest Rates
Certain banks may change the interest rates on fixed deposits (FDs) as of March 1. Many banks have recently changed their FD rates, and your savings may be impacted by similar changes in March 2025.
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UPI Payment Rules to Change for Insurance Premiums
Under the Bima-ASBA service, UPI users will be able to pay insurance premiums using blocked amounts as of March 1, 2025. This guarantees prompt payment only if the policy is accepted by enabling policyholders to withhold cash for insurance payments. The blocked sum will be unblocked if the insurer rejects the plan.
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Tax Adjustments and Relief for Taxpayers
On March 1, 2025, there will be a number of tax-related changes. It is anticipated that tax slabs and TDS (Tax Deducted at Source) limits will be changed, providing assistance to taxpayers.
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GST Portal Security Enhancements
Multi-factor authentication will increase the security of the GST portal. In order to ensure a safer online environment for GST-related procedures, business owners will need to update their IT systems to comply with the new security standards.
Your finances, tax payments, and security will all be directly impacted by these changes, which go into force on March 1. To properly handle these changes, one must remain informed.
Read also: Biometric-Based Aadhaar Authentication for GST Registration
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