As we enter 2024, several financial changes are either already in effect or set to take place from January 1 onwards. These adjustments cover various aspects, including small savings schemes, insurance policies, digital payments, automotive industry, and telecom services. Here’s a breakdown of some significant changes to expect in January 2024:
-
Interest Rate Hike on Small Savings Schemes:
Interest rates on small savings schemes like the Sukanya Samridhi Account Scheme (SSAS) and three-year time deposits will see an increase. SSAS will see a rise of 20 basis points (bps) to 8.2%, while the three-year time deposit interest rate will increase by 10 bps to 7.1%.
-
Disabling of Inactive UPI IDs:
Inactive UPI accounts on popular apps will be deactivated starting January 1, 2024. This move aims to combat fraud by disabling UPI IDs and associated phone numbers that have remained unused for a year. Users can reactivate their accounts by initiating transactions or payments.
-
Simplification of Health Insurance Policy Documents:
Insurance companies are mandated to release revised and simpler Customer Information Sheets (CIS) for health insurance policyholders. These revised CIS documents, effective from January 1, 2024, aim to make policy features more understandable for customers by eliminating complex legal jargon.
-
Expected Rise in Car Prices:
Automotive companies have announced a potential price increase for various car models in January 2024. This price hike, estimated at around 2-3%, is attributed to rising input costs. Certain models may see even higher increases in prices.
-
Transition to Digital Verification for SIM Cards:
The Department of Telecommunications (DoT) has mandated telecom companies to discontinue physical verification processes for selling SIM cards. Instead, a fully digital Know-Your-Customer (KYC) process will be adopted, effective from January 1, 2024. Mobile users will only need to provide a photo identity proof for digital verification, aiming to streamline the process and prevent SIM card fraud.
These changes signify a shift towards modernization, simplification, and enhanced security across various financial and technological sectors. It’s essential for individuals to stay informed about these updates to adapt to the evolving landscape effectively.
🚀 Ready to level up your finances? Say goodbye to tax woes with Savingz! 🎉
Our app offers effortless tax planning & filing, saving high-income earners like you time and money.
Join now for exclusive CA👩🏻💼 call with us and start maximizing your wealth today! 💰📲 Download Our App Link: https://savz.live/app
Savings starts with Savingz.
A word from our Founder 🚀
