New Financial rules from January 1 2024 these are the key changes that will effect you!

New Rules 2024: The new rules will come into effect from the first day of the new year. Key changes that will come into effect from January 1 may affect you. Know now about these new rules related to finance.

New rules will come into effect when a new month begins. We are going to enter 2024 in a few hours. On this occasion, everyone should be aware of the financial changes effective from January 1. Some of the key financial changes include interest rates on small savings schemes, inactive UPI IDs, SIM cards and health insurance policy applications. Let us find out now.

Interest rates of small savings schemes: The Central government has hiked interest rates on post office three-year time deposits including the Sukanya Samriddhi Yojana. On January 1, the new interest rates will take effect. The rates have been increased for the January-March quarter. In the Sukanya Samriddhi Yojana scheme, the interest rate is 8.20 percent. It has also increased the interest on 3-year deposits by 7.10 percent.

Car price hike: The prices of cars and other commercial vehicles will increase in the Indian auto mobile market. Almost all the auto mobile companies including Tata Motors, Maruti Suzuki, Honda have announced that they will increase the prices of their vehicles from January 1. Prices will increase by 2-3 percent on many models.

UPI ID is disabled: There will be new changes regarding UPI. UPI apps like Phone Pay and Google Pay will delete UPI IDs that have not been used for more than a year. Those IDs will not work from January 1. It is advisable to do at least one transaction through your UPI IDs to avoid being inactive.

Health Insurance: Some provisions of health insurance will also change from January 1. Insurance regulatory body IRDIA has clarified that revised customer information sheets should be released to health insurance policy holders. Jan. 1, 2024 is when it will go into effect. IRDA said that it will be useful to understand and choose insurance policy in simple language.

New sim cards: Until now, physical verification was required to get a SIM card. But now it has been removed by the Department of Telecommunications. It has been revealed that KYC should be done completely digitally. Verification will be done if ID proof is shown. This decision was taken to curb SIM card fraud along with customer acquisition cost. These rules will come into effect from January 1.