News

Published: January 1, 2024
Updated: January 1, 2024

Know the 5 Financial Changes Unveiling in 2024

Embrace these Transformations for a New Financial Year

As we step into 2024, gear up for 5 significant changes shaping the financial landscape for the better. Here's what you need to know.

1. Earning More from Savings:

Get ready for enhanced returns on small savings schemes. The Sukanya Samridhi Account Scheme offers a 20 basis point increase to 8.20 percent, and the 3-year time deposit interest rate rises by 10 basis points to 7.10 percent from January 1.

2. Auto Prices on the Rise:

Leading automakers like Tata Motors, Audi, Maruti, and Mercedes Benz are set to increase vehicle prices in January. Anticipate a 2-3 percent hike, with some models experiencing a more substantial increase due to rising input costs.

3. UPI IDs – Use it or Lose it:

Starting January 1, inactive UPI accounts on platforms like Google Pay, Phone Pe, and Paytm for over a year will be deactivated. Stay active to prevent this and ensure continued seamless transactions.

4. Clearer Health Insurance Information:

The Insurance Regulatory and Development Authority of India (IRDAI) mandates insurers to release simplified Customer Information Sheets (CIS) for health insurance policyholders from January 1. Understand your policy better with uncomplicated information sheets.

5. Simpler SIM Card Acquisition:

The Department of Telecommunications (DoT) brings a digital revolution by eliminating physical verification for SIM card purchases. Starting January 1, KYC verification will be entirely digital, reducing customer acquisition costs and preventing SIM card fraud.