Big news for India’s common people. Today is March 1st, and with the start of a new month, some rules are changing. Starting today, several changes are set to impact your finances. From March 1, 2025, everything from LPG cylinder prices to bank FD interest rates is seeing adjustments. Let’s dive into what March has in store and how it might affect your wallet.

 

LPG Gas Price Changes

As of March 1, new prices for LPG cylinders have been announced. This month, the cost of a 19 kg commercial gas cylinder has gone up by 6 rupees across various cities, including Delhi. Just last month, during the budget announcement, the price was reduced by 7 rupees, but that relief is now gone. Oil marketing companies typically adjust LPG prices on the first of each month, and this increase is likely to impact household budgets.

 

Air Turbine Fuel Price Adjustments

On March 1, 2025, we also see changes in air turbine fuel (ATF) prices, which will directly affect air travelers. Oil distribution companies revise ATF prices monthly. If the prices drop, airlines might lower their ticket fares, but if they rise, expect to pay more for flights.

 

Easier Insurance Premium Payments via UPI

Starting March 1, 2025, paying insurance premiums through UPI has become a lot simpler. The Unified Payment Interface (UPI) has undergone significant changes, thanks to new rules from the Insurance Regulatory and Development Authority of India (IRDAI). They’ve introduced a feature called Bima-ASBA (Application Supported by Blocked Amount), making it easier for customers to pay their premiums. This allows policyholders to block funds in their bank accounts specifically for premium payments, streamlining the process.

 

There’s going to be a shift in fixed deposit interest rates starting March 1, 2025. Banks might raise or lower these rates based on their financial situation and liquidity needs.

 

As for mutual funds and demat accounts, there’s a significant update effective March 1. Investors can now add up to 10 nominees to their mutual fund and demat accounts. Previously, you could only add one or two. Now, you can have joint account holders or different nominees for various accounts or folios. This change gives investors more flexibility, and SEBI had already announced it in a circular on January 10.

 

Also, if you need to activate your Universal Account Number (UAN), the deadline has been pushed to March 15. This applies to employees hired in the current financial year, so make sure to get it done by then since the original deadline was February 15.

 

Lastly, keep in mind that banks will be closed for 14 days in March. Make sure to check the holiday schedule before heading out, as it includes Holi, Eid-ul-Fitr, and the usual second and fourth Saturday and Sunday closures.