With the beginning of the new month, many important rules related to money have changed which can affect your pocket. These include rules related to LPG cylinder prices, demat account nomination, fixed deposit (FD) interest rates, UPI payment, tax rules, and GST portal security. In such a situation, you must have information about these rules in advance and adjust your financial planning accordingly.

The Securities and Exchange Board of India (SEBI) has changed the nomination process for 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 a single account holder to add a nominee, which will make it easier to claim the property in the future. It will be necessary for the nominee to provide PAN, Aadhaar (last four digits), or driving license number. In a joint account, if an account holder dies, the property will automatically be transferred to the other account holder.

Commercial LPG cylinder become expensive
At the beginning of every month, oil companies update the prices of LPG cylinders. From March 1, the government has increased the price of a 19 kg commercial gas cylinder by Rs 6. After this increase, the price of commercial cylinders in Delhi has become Rs 1,803, in Kolkata Rs 1,913, and in Mumbai Rs 1,755.50. However, no change has been made in the prices of domestic gas cylinders.

New rules for UPI payment implemented

In March, a new rule for paying insurance premiums through UPI came into effect. Under the Insurance-ASBA facility, policyholders can block the amount of insurance premium in their bank account. If the insurance company accepts the proposal, the amount will be deducted automatically. If the proposal is rejected, this amount will be unblocked in the account again. This change has been made to make UPI payment more secure.

GST portal security will 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 the IT system. This will make online transactions on the GST portal more secure than before.

Banks will remain closed for 14 days.

Banks will remain closed for 14 days this month due to festivals and weekends. There will be 5 Sundays and 2 Saturdays off this month. Banks will remain closed for 2 days due to Holi. Banking operations will also be affected due to other local festivals and government holidays. Therefore, if you have to go to the branch for important banking-related work, then check the list of holidays first.

Changes in tax rules
The new limit of tax slab and TDS may come into effect from March 2025. The government has indicated that some tax exemptions can be given to the middle class and salary class. Changes in tax slabs are expected to provide relief to millions of taxpayers. Apart from this, after RBI reduced the repo rate, banks can also revise the interest rates on home loans this month.

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