Starting March 1, 2025, several Online Payment Rules changes in India will affect your everyday life. These changes touch on how you name beneficiaries for your investments, the cost of cooking gas, interest rates on your savings, online payment rules, taxes, and the security of online business taxes.
The organization in charge of overseeing investments in India, SEBI, is introducing new rules about naming someone to inherit your investments (mutual funds and demat accounts). These rules take effect on March 1 and are designed to make it easier to transfer your investments if you become ill or pass away. The goal is to make the process clearer and simpler.
If you have mutual funds or investment accounts, you can now name up to ten people to inherit them. This change aims to reduce the problem of unclaimed investments. If you have a single account owner, you’re now required to name someone as a beneficiary. To do this, you’ll need to provide some basic details about the person you’re naming, like their tax ID PAN, part of their national ID (Aadhaar), or their driver’s license. If it’s a joint account, the assets will automatically go to the surviving account holders.
Also Read: Digital Wallet Payments Are Accessible via Any UPI Application
Oil companies in India have announced that the price of cooking gas cylinders (LPG) will be changing around 6:00 AM on March 1, 2025. This change will happen at the same time as prices are adjusted for airplane fuel, Compressed Natural Gas (CNG) for vehicles, and Piped Natural Gas (PNG) that’s delivered directly to homes.
Banks might be changing the interest rates they offer on fixed deposits (a popular type of savings account) starting on March 1, 2025. Some banks have already made these changes, and others might follow suit soon. This could affect how much interest people earn on their savings.
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Starting March 1, 2025, you’ll be able to use your UPI app (like PhonePe or Google Pay) to pay your insurance premiums. The new system will hold the money for the payment, and it will only be taken out if your insurance application is approved. If the application is rejected, the money is automatically returned to you.
You might see some changes in your tax rates and the amount of tax automatically deducted from your income (TDS) starting March 1, 2025. These changes could potentially mean that you have more money in your pocket.
The online portal used by businesses for paying taxes (GST portal) will get an upgrade in security starting March 1, 2025. Businesses will need to use a more secure way to log in, using something called multi-factor authentication. This means you’ll need to verify your identity in more than one way, making the system safer for everyone. Businesses must update their systems to meet these new security requirements.
It’s important to stay up-to-date with all of these changes, as they can impact how you manage your finances, pay your taxes, and protect yourself online.
