2024 has finally begun. The month of January has not only brought in a new year?but also a slew of big financial changes that can impact you. Whether it's car prices, UPI or bank lockers,?here's a look at financial changes that have come into effect from January 1, 2024.
The?National Payments Corporation?of India (NPCI) had directed all payment applications to disable UPI IDs that have been inactive for over a year by?December 31, 2023. This directive was aimed to enhance security and prevent potential fraud related to outdated or unused UPI IDs. So, from January 1, 2024, UPI IDs that have been inactive for a year have been deactivated.
Also Read:?Answered: All Your?FAQs?& Queries Regarding?UPI
Individuals with bank lockers were required to sign the revised bank locker agreement by December 31. If you failed to do so, it must have resulted in the freezing of bank lockers starting from the very next day, i.e. January 1, 2024.
The Insurance Regulatory and Development Authority of India (IRDAI) has already asked?insurance companies to provide updated customer information sheets (CIS) to highlight?all key policy details in simple terms from January 1, 2024.?
From the type of policy to coverage details to waiting period to limit and sub-limits to exclusions to free-look period to portability to guidance on procedure for claim submission and contact details for filing complaints will be available "in simple language in a snapshot" in the customer information sheet, the insurance regulator had said in a press release.
From January 2024, car buyers will have to dig deeper into their pockets for their new ride. Many carmakers have already announced plans to?raise car prices.?From Maruti Suzuki, and Tata Motors, to Mercedes, many carmakers have cited high-cost pressure, driven by overall inflation and increased commodity prices, behind the car price hike plans.??
Also Read:?How Gear Type Affects Car?Insurance?Premium
Some small savings schemes' interest rates have been hiked for the Jan-March 2024 quarter. A notable increase of 20 basis points has been implemented in the interest rates for both the Sukanya Samriddhi Account Scheme (SSAS) and the three-year time deposit.?The Sukanya Samridhi Account Scheme (SSAS) interest rate for the March quarter?has surged by 20 basis points to reach 8.20 percent.
Additionally, the interest rate on a 3-year time deposit has experienced a 10 basis points uptick, settling at 7.10 percent for the quarter starting January 1, 2024.
Also Read:?PPF?vs Bank Tax Saver FD-Which One To Choose For Tax Saving?
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