The first date of every month in the country brings with it some changes or new rules. This is going to happen from the first date of March. Some new rules are going to be implemented, while some changes are likely to happen. Everyone is going to be affected by these changes. Let’s take a look at them ….
Changes related to UPI
From 1 March 2025, a new facility is being added to the UPI system called Insurance-ASB (application supported by block amount). Through this, life and health insurance policyholders will be able to block money in advance for their premium payment. The money will be deducted from the account only after approval of the policy holder. In this regard, the Insurance Regulatory and Development Authority of India (IRDAI) issued a circular on 18 February.
It states that all insurance companies will have to offer insurance-SBA facility to their customers from March 1. Only after issuing the policy of the insurance company, the money will be transferred to the insurance company from the policyholder’s account. To use this facility of insurance payment, the customer has to select this facility in the proposal form of the insurance company. From March 1, this facility will be available in the proposal form of all insurance companies. After selecting this facility in the customer’s proposal form, the insurance company will create a one-time mandate through UPI.
LPG cylinder price
Often the price of LPG cylinder changes on the first date of every month. However, sometimes it remains the same. It may be that LPG prices increase from March 1. On 1 February 2025, the price of 19 kg commercial gas cylinder was cut by up to Rs 7. However, the price of 14 kg domestic LPG cylinder was not changed.
ATF price change
The price of air turbine fuel (ATF) also changes on the first date of every month. The price of ATF was increased by 5.6 percent from 1 February. After this, the price increased by Rs 5,078.25 per kiloliter to Rs 95,533.72 per kiloliter. There is a possibility of air travel becoming expensive when the ATF price increases.
10 nominees in mutual funds account
From March 1, the rules associated with adding nominees to mutual funds and demat accounts may change. Under the new change, one can add maximum 10 nominees in investor demat or mutual fund folio. These nominations can be seen as joint holders or different nominees for different single accounts or folios. Capital Market Regulator SEBI’s new guidelines can be effective from March 1, 2025.