Major financial changes coming on March 1, 2025: what you need to know

As March 1, 2025, approaches, several key financial updates are set to take effect, impacting investments, banking, taxation, and digital payments.

Changes include revised SEBI nomination rules, potential fluctuations in LPG prices and FD interest rates, new UPI payment features, tax adjustments, and enhanced security for the GST portal.

Here’s a detailed look at the major changes:

SEBI introduces new nomination rules

The Securities and Exchange Board of India (SEBI) has introduced updated regulations for mutual fund folios and demat accounts, aimed at streamlining asset transfers in case of an investor’s illness or passing.

Key updates include:

- Investors can now nominate up to 10 individuals for their mutual fund and demat accounts.

- Providing nominee details will be mandatory for single-holder accounts to prevent unclaimed assets.

- Nominees must be identified using key details such as PAN, Aadhaar (last four digits), or a driving license number.

- In the case of joint accounts, the survivorship rule will apply, ensuring automatic transfer of assets to the remaining account holders.

LPG cylinder prices to be updated

As is customary at the beginning of each month, oil companies will revise LPG cylinder prices on March 1, 2025. Changes will also be announced for air turbine fuel, compressed natural gas (CNG), and piped natural gas (PNG). The new rates will be released at around 6:00 AM.

Fixed deposit (FD) interest rates may change

Several banks have recently adjusted their fixed deposit (FD) rates, and similar revisions are expected in March 2025. These changes could impact savings and investment returns, making it important for account holders to stay updated on potential rate fluctuations.

UPI payment rules to change for insurance payments

A new feature called the Bima-ASBA facility will be introduced for UPI transactions, allowing policyholders to block funds for insurance premium payments. This ensures that payments are only processed once the policy is officially accepted. If an insurer rejects a proposal, the blocked funds will be released back to the account holder.

Tax updates and potential relief for taxpayers

March 1, 2025, will bring modifications to tax structures, including possible revisions to tax slabs and TDS (Tax Deducted at Source) limits. These adjustments aim to provide financial relief to taxpayers, but it’s essential to review the updated tax regulations for a clearer picture.

Enhanced security for the GST portal

To improve cybersecurity, the GST portal will implement multi-factor authentication. Business owners and taxpayers using the platform must ensure their IT systems comply with the new security protocols to continue smooth and secure transactions.