With the start of the new year, there are some changes in the rules about your money. These changes will impact your finances in 2024.
Some changes will be good for you, while others might make things a bit more expensive. Here’s what you need to know:
Benefit in Small Savings
If you save money in small savings, you’re in luck. The government has changed the interest rates for small savings schemes.
The interest rates for Sukanya Samriddhi Yojana have gone up by 0.20 percent, and for the 3-year deposit scheme, they’ve increased by 0.10 percent.
These new rates started on January 1, 2024. If you invest in these schemes, you’ll get higher returns.
From January 1, 2024, you’ll get 8.2 percent interest on Sukanya Samriddhi Yojana and 7.1 percent interest on 3-year fixed deposits.
Insurance Made Easy
Rules about insurance have changed. The insurance regulator IRDAI has told all insurance companies to give out a revised customer information sheet.
This sheet has all the details about insurance, and from January 1, 2024, it must be in simple and easy language.
This way, everyone can understand the terms and conditions of insurance better.
Buying a Car is Expensive
Getting a car has become more costly this year. Companies like Maruti Suzuki, Tata Motors, Mercedes-Benz, and Audi have decided to increase car prices due to rising costs.
Locker Agreement
The deadline to update your bank locker agreement was December 31, 2023. If you missed this deadline, your bank might freeze your locker.
If you are one of those who missed it, contact your bank immediately, or they might stop your access and impose additional charges.
Relief to Mutual Fund and Demat Account Holders
The deadline for adding a nomination in a demat account was initially December 31.
Still, the market regulator SEBI has extended the last date for nomination in mutual fund and demat accounts to June 30, 2024.
If you haven’t added a nominee yet, do it soon, or you won’t be able to buy shares after June 30.
