The Start of March Brings New Rules and Financial Changes
With the beginning of a new month, several regulations undergo modifications, directly affecting people’s finances. March 1, 2025, marks the introduction of several key changes, from revised LPG cylinder prices to adjustments in bank fixed deposit (FD) interest rates. Let’s take a look at the significant changes coming into effect this month and how they will impact your budget.
LPG Cylinder Price Revision
The prices of LPG cylinders have been updated starting March 1. The cost of a 19 kg commercial gas cylinder has been increased across various cities, including Delhi, by ₹6. This change follows a ₹7 reduction in February during the budget announcement. However, this relief has now been revoked. Oil marketing companies revise LPG prices on the first day of each month, making this increase a concern for businesses and consumers alike as it affects household and commercial expenses.
Air Turbine Fuel (ATF) Price Update
Air travel expenses may fluctuate due to changes in air turbine fuel (ATF) prices. Oil distribution companies reassess ATF rates at the beginning of every month. If fuel prices drop, airlines may reduce ticket fares. Conversely, an increase in fuel prices could lead to higher airfare, affecting travel budgets for frequent flyers and businesses.
Easier Insurance Premium Payments via UPI
From March 1, 2025, paying insurance premiums via UPI has become more convenient. A new feature called Bima-ASBA (Application Supported by Blocked Amount) has been introduced under the Insurance Regulatory and Development Authority of India (IRDAI) guidelines. This feature allows policyholders to block a specific amount in their bank account for premium payments, streamlining the transaction process. The initiative aims to simplify and secure premium payments, ensuring a hassle-free experience for policyholders.
Fixed Deposit (FD) Interest Rate Adjustments
Banks may revise interest rates on fixed deposits (FDs) starting March 1, 2025. Depending on their liquidity status and financial strategies, banks could either increase or decrease FD interest rates. Investors looking to open or renew their FDs should check the latest rates to make informed financial decisions.
Changes in Nominee Rules for Mutual Funds and Demat Accounts
A significant change in mutual fund and demat account nominee rules has been implemented from March 1. Investors can now add up to 10 nominees to their mutual fund portfolios and demat accounts. Previously, the facility allowed only one or two nominees. This change provides greater flexibility and choice, enabling investors to designate different nominees for various accounts or folios. The Securities and Exchange Board of India (SEBI) had already issued a circular on January 10, notifying investors about this update.
UAN Activation Deadline Extended to March 15
Employees appointed in the current financial year now have until March 15 to activate their Universal Account Number (UAN) and link their bank accounts with Aadhaar. The Employees’ Provident Fund Organisation (EPFO) initially set the deadline for February 15 but has now extended it. This extension offers employees additional time to complete the necessary formalities without any penalties.
Bank Holidays in March 2025
Those planning banking transactions in March should be aware of scheduled holidays. Banks will remain closed for 14 days this month due to public holidays, including Holi and Eid-ul-Fitr, as well as regular second and fourth Saturdays and Sundays. Checking the bank holiday list beforehand can help avoid any inconvenience.
Conclusion
March 1, 2025, brings several key financial changes that impact households, businesses, and individual investors. From revised gas prices and airfare fluctuations to easier insurance premium payments and nominee rule changes, these updates influence everyday financial decisions. Staying informed about these modifications will help you manage your expenses effectively and plan ahead.
