As March begins, several new rules have come into effect across the country.
These changes will impact various aspects of daily life, including LPG cylinder prices, FD rates, and UPI payments. Let’s take a look at the key updates.
Updates 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.
These changes aim to make asset transfers easier in cases of illness or death.
Key updates
1) Investors can now nominate up to 10 people for their mutual fund and demat accounts.
2) Single-holder accounts must have a nominee to prevent unclaimed assets.
3) Investors need to provide nominee details, such as 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 part of their monthly adjustments.
In Delhi, the price of a 19 kg commercial gas cylinder has increased by ₹6, raising it from ₹1,797 to ₹1,803. Similar price changes have occurred in other states.
Air Turbine Fuel (ATF) Price Update
Oil companies may also adjust ATF prices, affecting flight costs. If ATF prices drop, airfares may decrease; if they rise, ticket prices will go up.
Fixed Deposit (FD) Interest Rate Changes
Several banks are expected to update their FD interest rates from March 1. Many banks have already made changes recently, and further revisions may follow.
Revised UPI Payment Rules
Paying insurance premiums via UPI is now more convenient. The Insurance Regulatory
and Development Authority (IRDAI) has introduced “Insurance-ASBA,” a feature that allows policyholders to block funds for insurance payments.
Money will be deducted only after the policy is approved. If the policy is rejected, the blocked amount will be refunded.
Tax Relief for Individuals
Tax-related changes, including adjustments to tax slabs and TDS (Tax Deducted at Source) limits, are expected. These revisions aim to provide relief to taxpayers.
