2024: 5 key finance-related changes to roll out from January 1

Higher interest rates on small savings schemes: Interest rate for SSAS has been raised to 8.20% for the March quarter. Also, interest rate for 3-year time deposit has been raised to 7.10%.

Source: Republic

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 due to higher input prices.

Source: Pixabay

Inactive UPI IDs to be disabled: The UPI IDs, phone numbers of customers who have not performed any transaction for one year will be disabled for inward credit transactions, to prevent online frauds.

Source: ANI

Simplified health insurance policy documents: The IRDAI has told insurers to release revised CIS for health insurance policyholders with effect from Jan 1, 2024.

Source: Pexels

Verification for SIM cards: The DoT issued a notification asking companies to phase out physical verification of customers before selling SIM cards. The KYC verification will be completely digital.

Source: Pexels