There have been numerous changes to personal finance regulations since the start of the year. 2024 is going to have a big impact on your pocketbook. While some of the changes that are happening as of right now will help you, others will put more of a strain on your finances. You should be aware of changes in everything from car costs to interest rates on savings plans.
Benefits from small savings
Investing money in little savings will pay off for you immediately. The interest rates for small savings plans have been modified by the government. Interest rates on the 3-year deposit program have increased by 0.10 percent, while the Sukanya Samriddhi Yojana has seen an increase of 0.20 percent. The new charges are effective as of right now. For the quarter ending in January 2024 and lasting three years, the government has raised the interest rates on deposits made under the Sukanya Samriddhi Yojana. Now, there will be greater rewards for those who put money into these tiny savings plans. Sukanya Samriddhi Yojana would offer 8.2 percent interest starting on January 1, 2024, while three-year fixed-rate loans will offer 7.1 percent interest.
Insurance made easy
The insurance regulations have undergone an alteration in the upcoming year. All insurance businesses have been requested by insurance regulator IRDAI to provide updated client information sheets. Allow us to advise you that all insurance-related information is contained in CIS. For the public to fully comprehend all of the terms and circumstances of insurance, IRDA has requested that all insurance companies start delivering the information provided in CIS in plain, understandable English from January 1, 2024.
Purchasing an automobile is costly.
The cost of purchasing a car has increased in the new year. In the new year, automakers such as Audi, Mercedes-Benz, Tata Motors, and Maruti Suzuki have all agreed to raise their pricing. Companies have chosen to raise the cost of cars as a result of growing costs.
The updated bank locker agreement must be submitted by December 31, 2023, at the latest. Your locker may be frozen by the bank if you miss this date. If you are among those who failed to meet this deadline, the bank has the right to prevent you from using the locker. You can be charged additional fees. In such a case, send the locker agreement to your bank right away.
Relief for owners of demat accounts and mutual funds
The market regulator SEBI has just extended the deadline for mutual fund and demat account nominations, which was set to expire on December 31, to June 30, 2024. Get a nominee added to your demat account if you haven’t already.
Read More: Eight crore people filed income tax returns last year, shattering the previous record!
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