Rule Change in March 2025- With the beginning of the new month, many important rules related to transactions change, which can affect your pocket.
These include rules related to LPG cylinder price, demat account nomination, fixed deposit (FD) interest rates, UPI payments, tax rules and security of GST portal. In such a situation, it is important that you are aware of these rules in advance and adjust your financial plan accordingly.
With the start of a new month, several important rules related to transactions change, which can affect your pocket. These include rules related to LPG cylinder price, demat account nomination, fixed deposit (FD) interest rates, UPI payments, tax rules and security of the GST portal. In such a situation, it is important that you are aware of these rules in advance and adjust your financial plan accordingly.
The Securities and Exchange Board of India (SEBI) has made changes in the nomination process of demat and mutual fund accounts. Now investors can add up to 10 nominees. This rule has come into effect from today i.e. March 1. It will be mandatory for single account holders to add a nominee, which will make it easier to claim money in future. It will be necessary for the nominee to provide PAN, Aadhaar (last four digits) or driving license number. In a joint account, if one account holder dies, the money will be automatically transferred to the other account holder.
Commercial cooking gas cylinder price
hiked Oil companies update LPG cylinder prices at the beginning of every month. The government has increased the price of a 19 kg commercial gas cylinder by Rs 6 from March 1. After this increase, the price of a commercial cylinder in Delhi has become Rs 1,803, in Kolkata Rs 1,913 and in Mumbai Rs 1,755.50. However, there has been no change in the prices of domestic gas cylinders.
New UPI payment rules implemented
The new rules for paying insurance premium through UPI have come into effect from March. Under the Insurance-ASBA facility, policyholders can block the insurance premium amount in their bank account. If the insurance company accepts the proposal, the amount will be automatically deducted. If the offer is rejected, the amount will be unblocked again in the account. This change has been made to make UPI payments more secure.
Security of GST portal to be strengthened
The GST portal is being made more secure for traders. Now multi-factor authentication (MFA) will be mandatory. Business owners will need to update their IT systems. This will make online transactions on the GST portal more secure than before.
Banks will remain closed for 14 days
Due to festivals and weekends, banks will remain closed for 14 days this month. There will be 5 Sundays and 2 Saturdays holidays this month. Banks will remain closed for 2 days due to Holi. Other local festivals and government holidays will also affect the functioning of banks. So if you have to go to the branch for any important banking related work, then first check the list of holidays.
Changes in tax rules
The new tax slab and TDS limit may come into effect from March 2025. The government has indicated that some tax exemptions may be given to the middle class and salaried class. The change in tax slab is expected to provide relief to lakhs of taxpayers. Apart from this, banks may also revise home loan interest rates this month after the RBI reduced the repo rate.
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