With the beginning of March, several new rules have come into effect across the country. These changes will have a direct impact on people’s daily lives.
From LPG cylinder prices to FD rates and UPI payments, many updates have been implemented starting today. Let’s take a look at these key changes.
New Rules for Mutual Fund Investors
The Securities and Exchange Board of India (SEBI) has introduced new rules to simplify the nomination process for folio and demat accounts. This will make asset transfer easier in cases of illness or death.
Key changes include:
1) Investors can now nominate up to 10 people for their mutual fund and demat accounts.
2) It is mandatory to add a nominee for single-holder accounts to prevent unclaimed assets.
3) Investors must provide nominee details, including PAN, Aadhaar (last four digits), or a driving license number.
Changes in Prices and Financial Policies
LPG Cylinder Price Hike: Oil companies have revised LPG cylinder prices, as they do every month.
The cost of a 19 kg commercial gas cylinder in Delhi has increased by Rs 6, bringing the price up from Rs 1,797 to Rs 1,803. Similar changes have been made in other states as well.
Air Turbine Fuel (ATF) Price Update: Oil companies are expected to adjust the price of Air Turbine Fuel (ATF), which directly affects air travel costs. If prices decrease, flight expenses will reduce; if they increase, travel costs will go up.
Fixed Deposit (FD) Interest Rate Changes: Several banks may revise their FD interest rates from March 1. Many banks have recently updated their rates, and further changes may be implemented this month.
UPI Payment Rules Revised: From today, paying insurance premiums via UPI will become easier. The Insurance Regulatory and Development Authority (IRDAI) has introduced a new feature called Insurance-ASBA. T
his allows policyholders to block funds for insurance payments, ensuring that money is deducted only after the policy is accepted. If the policy is rejected, the blocked amount will be released.
Tax Relief for Individuals: Several tax-related revisions are expected on March 1. Tax slabs and TDS (Tax Deducted at Source) limits are likely to be adjusted, offering relief to taxpayers.