New Delhi: From March 1, 2025, many important changes are going to take place which will impact the everyday life of the common man. Some of the changes which will come into effect are – nomination process of mutual funds and demat accounts, LPG cylinder prices, fixed deposit (FD) interest rates. Besides this, many changes related to UPI payment, tax slab and GST security will be implemented. Let us know what changes will come into effect from Saturday.
- According to SEBI, major changes will be implemented in the nomination process for mutual funds and demat accounts from 1st March. SEBI has made new rules so that the property of investors can easily reach the rightful heir.
- An investor will be allowed to add up to 10 nominees. It will be mandatory to give nominee in single holder accounts. Failure to do so may result in account freezing. The depositor will have to provide nominee information, PAN, Aadhaar (last 4 digits only) or driving license number. For joint accounts, the rules will remain the same as before, that is, the property will be automatically transferred to the surviving account holders.
- The oil marketing companies are expected to announce new prices of LPG cylinders from today. Apart from this, the prices of CNG and PNG gas can also be revised.
- After RBI announced the repo rate in February, several banks reduced their interest rates of various types of loans. Recently, many banks have changed their FD rates, and similar changes may continue in March also. If interest rates increase, it will be beneficial for investors, but in case of a decrease, the returns from FD may reduce.
- Under the Bima-ASBA facility, UPI users will be able to pay insurance premiums through blocked amounts starting March 1, 2025. The customer’s money will remain blocked in the bank account until the insurance policy is approved. If the insurance company rejects the proposal, the amount will be unblocked immediately.
- There is also a possibility of change in tax rules from March 1, 2025. New tax slabs may be implemented, which may provide relief to taxpayers. New TDS rates may be implemented, which will affect many taxpayers.
- Multi-factor authentication (MFA) will be implemented on the GST portal from March 1, requiring business owners to add an additional security layer to logins.
Staring March 1, 2025, a number of significant changes will come into effect which could affect aspects of daily life. Changes include, naming more nominees, LPG cylinder prices, FD rates, UPI payments, etc. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
