Multirate filtering process on the biological signals like Electrocardiogram (ECG) and Photoplethysmogram (PPG) can be defined as the digital signal processing algorithm in which the sampling rate varies to omit or interpolate the intermediate values between the sampled data. With this aim, we suggest a new multirate filtering algorithm by deleting the extraneous data to eliminate the unwanted degradations such as granular noise due to the usage of high sampling frequency and simultaneously to detect the fiducial features of ECG and PPG with reducing the complexity of resolving fiducial points such as R-peak, Pulse peak and Pulse Transit Time (PTT). After the experimental simulations performed, we can conclude the fact that we can detect the fiducial features of ECG and PPG signal in terms of R-peak, Pulse peak and PTT without the loss of accuracy even if we do not maintain the original sampling frequency.