Many changes are going to be seen from Saturday, March 1, 2025. The first change is related to the nominee system. According to the new rules, it will now be mandatory for investors to declare a nominee for mutual funds and demat accounts.
The investor will have to choose his nominee himself and this right will not be with the power of attorney holders.
Now investors will be able to choose a maximum of 10 nominees in their mutual fund portfolio and demat account. Currently, there is a facility to name one or two nominees. All of them can be seen as joint account holders or different nominees can be chosen for different single accounts or folios. This will not only give more options to the investor but will also increase transparency. On January 10, SEBI had issued a circular in this regard and now these changes will be seen from March 1.
Investors will be able to update their nominee details both online and offline. As per the new rules, investors will now have to provide more details of their nominee, which will include PAN card number, driving license or the last four digits of their Aadhaar. Investors will also have to provide the nominee’s correspondence details and their relationship with him/her. If the nominee is a minor, then in such a case the investor will also have to enter his/her date of birth.
Insurance premium payment will also be easy through UPI
Under the new facility, it will be easy to pay insurance premium through UPI from the first date. Everyone will get the insurance related Application Supported by Block Amount (ABS) facility in UPI. With this new facility, people taking life and health insurance will be able to block the amount in the bank account linked to UPI to pay the premium.
The policyholder will receive a payment acceptance message via UPI and upon clicking OK, the premium amount will be automatically transferred. This will also remind the policyholder when he has to pay the next premium. Also, he will not have to worry about the premium amount not being available in the account at the last moment.
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