New Rules from 1 March 2025: Many money related rules have changed with the new month. These rules will affect your everyday life. The government has increased the price of commercial cylinders by Rs 6. These changes are related to your home expenses, nomination in demat account, FD rates, bank holiday, UPI payment and tax etc. These changes have come into force today from 1 March 2025. Let’s know about these new rules.
1. New Nomination Rules for Mutual Funds and Demat accounts
The Securities and Exchange Board of India (SEBI) has changed the nomination process of mutual funds and demat accounts. Investors can now make up to 10 people in their mutual funds and demat accounts. It would be mandatory to add a nominee to a single holder account, so that it is easy to claim property in the future. Nominee will have to be given with PAN, Aadhaar (last four digits) or driving license number. If an account holder dies in a joint account, the property will be transferred automatically in the name of the remaining account holder.
2. LPG cylinder prices change
Earlier every month, oil companies release new prices of LPG gas cylinders. Today, on March 1, the government has increased the prices of 19 kg commercial gas cylinder by Rs 6. In Delhi, the 19 kg commercial LPG cylinder will be available for Rs 1,803, which was Rs 1,797 in February. Similarly, its price in Kolkata has been Rs 1,913, which was Rs 1,907 in February. In Mumbai, this cylinder will now be available for Rs 1,755.50, while in February it was priced at Rs 1,749.50.
3. Fixed Deposit (FD) Interest rates will change
After reducing the repo rate of RBI, most banks have started reducing the interesting rates of FDs. Also, the interest rates of home loan have also been corrected. Recently, many banks have revised FD interest rates. It is now expected to be further in March.
4. UPI payment new rules
From March 1, a new rule of making insurance premium through UPI has come into force. Insurance- Under the ASBA facility, policyholders can block the amount of insurance premium in their bank account. If the insurance company accepts the proposal, the amount will be cut automatically. If the proposal is rejected, this amount will be reopened again to the account.
5. Changes in tax and relief to taxpayers
From March 2025, a new limit of tax slab and TDS may apply, which will provide relief to taxpayers. The government has indicated a change in the tax structure, which may give some tax exemption to the middle class and salary people.
6. GST portal will be strengthened
The GST portal is now being made more secure. Traders will now have to follow multi-factor authentication, which will make the online GST process more safe than before. For this, business owners will be required to update their IT system.
7. Banks will be closed for 14 days in March
Banks will remain closed for 14 days in March. Banks are going to be closed for seven days due to festivals and seven days due to a weekly holiday. It is 5 Sundays in March. In the month of March, banks will remain closed for 2 days due to the festival of Holi.
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