The Securities and Exchange Board of India (SEBI) has introduced new guidelines to streamline the process of adding nominees to mutual fund folios and demat accounts. This move is aimed at ensuring smooth asset transfers in the event of an investor’s illness or passing, reducing legal complexities for heirs.
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Banks Set to Revise Fixed Deposit Interest Rates
Starting March 1, some banks may revise their fixed deposit (FD) interest rates. Investors with existing FDs or those planning new investments should monitor these changes as they could impact returns. Financial institutions periodically adjust interest rates based on economic conditions, inflation, and monetary policies.
Bima-ASBA to Introduce Fund Blocking for Insurance Payments
A new feature under Bima-ASBA will allow users to block funds for insurance premium payments. The amount will be debited only after the policy is approved, ensuring a secure and hassle-free transaction. This initiative aims to enhance transparency and prevent unnecessary deductions before policy confirmation.
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Possible Updates in Tax Slabs and TDS Limits
Taxpayers may witness changes in tax slabs and revised Tax Deducted at Source (TDS) limits. These modifications are expected to provide some relief to individuals while improving tax compliance. Authorities often adjust tax structures to align with economic conditions and ease the financial burden on taxpayers.
GST Portal to Implement Multi-Factor Authentication
To strengthen security, the Goods and Services Tax (GST) portal will introduce multi-factor authentication (MFA). Businesses must update their IT systems to comply with these new safety measures. MFA will add an extra layer of protection, reducing the risk of unauthorized access and fraud.
These regulatory updates will have a significant impact on investors, taxpayers, and businesses. Stakeholders are advised to stay informed and adapt to the changes accordingly.
