March 1 Brings Major Updates to UPI Payments, LPG Prices, and More – Here’s What You Need to Know
March 1 Brings Major Updates to UPI Payments, LPG Prices, and More – Here’s What You Need to Know
Starting March 1, 2025, there are a lot of changes coming that will affect many parts of our daily lives. From how we pay for things to how much we pay for things, there are a bunch of updates to be aware of.
The changes include updates to rules about nominations, LPG cylinder prices, fixed deposit rates, UPI payments, taxes, and even how businesses handle GST.
Here’s a more detailed breakdown of some of the key changes:
1. There are new rules for nominating beneficiaries for mutual funds and demat accounts…..
SEBI has updated the rules for nominating beneficiaries for mutual fund folios and demat accounts. These changes take effect on March 1st, 2025, and aim to make it easier to transfer assets, especially if you’re unable to manage your finances or pass away.
Key Changes for Investors:
More Nominees: You can now choose up to 10 people to be your nominees for your mutual fund and demat accounts.
Mandatory Nominations: If you have a single-holder account (in your name only), you’ll need to designate a nominee to prevent unclaimed assets. When you provide nominee information, you’ll need to include their PAN, the last four digits of their Aadhaar, or their driving license number.
Joint Account Transfers: For joint accounts, the surviving account holder(s) will automatically inherit the assets under the survivorship rule.
2. The price of LPG cylinders is expected to change….
Oil companies announce updated prices for LPG cylinders at the beginning of each month, and March 1 is no exception. The revised LPG cylinder prices, along with updates for air turbine fuel, CNG, and PNG, will be released around 6:00 am.
3. It’s possible that fixed deposit interest rates might change soon….
Some banks may adjust their fixed deposit (FD) interest rates starting March 1. Several banks have already made changes to their FD rates recently, so it’s likely we’ll see more adjustments in March 2025, which could affect your savings.
4. There are new rules coming for paying insurance premiums using UPI….
Starting March 1, 2025, paying insurance premiums using UPI will get a new feature called “Bima-ASBA”. This lets you block your money until the insurance company approves your policy. Only then will the payment be processed. If the insurance company rejects your policy, the blocked amount will be released back to you.
5. Taxpayers can expect some changes and potentially some relief when it comes to taxes…
March 1, 2025, will bring several changes to how taxes are handled. The tax brackets and the amount of taxes withheld from your income are likely to be adjusted. This could result in some tax relief for many people.
6. The GST portal is getting a security upgrade…
The GST portal will be getting a security upgrade with multi-factor authentication. This means businesses will need to update their systems to meet the new security standards. This will create a safer online environment for all GST-related activities.
7. UAN Activation Deadline Extended to March 15…
The EPFO has extended the deadline for activating your Universal Account Number (UAN) and linking your bank account to Aadhaar until March 15. This is necessary to be eligible for the EPFO’s ELI scheme.
These changes, effective from March 1, will directly impact your finances, taxes, payments, and security. It’s crucial to stay informed about these updates to manage them effectively.
