New Year 2024: 5 key finance-related changes set for rollout from January 1
New Year 2024 will certainly be different from 2023, yet similar in the way that this, too, will usher in a slew of changes with it. Come New Year, small savings schemes will offer higher interest rates, insurance policy documents will be easier to understand, dormant UPI IDs will be de-activated, cars will get costlier, and the physical verification of documents for SIM card will be phased out, among others, in the finance world. Let us understand more.
Higher interest rates on small savings schemes: Interest rate for Sukanya Samridhi Account Scheme (SSAS) has been raised by 20 basis points to 8.20 percent for the March quarter. Also, interest rate for 3-year time deposit has been raised by 10 basis points to 7.10 percent for the quarter commencing Jan 1, 2024. Higher prices of cars: Some of the auto companies such as Tata Motors, Audi, Maruti and Mercedes Benz have announced that their vehicle prices will see an uptick in January on account of higher input prices.
There are speculations that the price hike will be around 2-3 percent while there could be a higher price hike for some of the models. UPI IDs inactive for 1 year to be disabled: If you have a UPI account with any of the popular apps such as Google Pay, Phone Pe or Paytm and have not used it for a year or so, then be ready to see it get deactivated from Jan 1 onwards. This move will be a follow-up action of the NPCI (National Payments Corporation of India) which issued a circular on Nov 7, 2023.
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