New rules from January 1, 2024: 6 crucial financial changes to keep in mind

The first month of 2024 is expected to bring with it a plethora of noteworthy changes to numerous rules and regulations that affect the average person, ranging from income tax returns (ITRs) to SIM cards, as the year comes to an end.

Let's take a look at the list of key changes coming into effect from January 1, 2024:

Higher interest rates on small savings schemes: 
The Sukanya Samridhi Account Scheme (SSAS) interest rate for the March quarter has been raised by 20 basis points to 8.20 percent. In addition, the interest rate on a 3-year time deposit has gone up by 10 basis points to 7.10 percent for the quarter beginning on January 1, 2024.

Bank Locker Agreements:
There's a critical deadline for people who have bank lockers. They can choose to deposit money by completing the updated bank locker agreement before December 31. If this isn't done, lockers will start to freeze on January 1.

Delayed Income Tax Return filing:
The last date to file Income Tax Returns with penalty fees for the fiscal year 2022-23 is December 31. People who don't file their taxes by the deadline will pay a late filing fee, as stated in Section 234F of the Income Tax Act. The fine for individuals who failed to meet the deadline is ₹5,000. Nonetheless, taxpayers will only be required to pay a lower penalty of ₹1,000 if their total income stays below ₹5 lakh.

Documents for simplified health insurance policies: 
IRDAI, the insurance regulator has told insurers to release revised customer information sheets (CIS) for health insurance policyholders with effect from January 1, 2024. This is to make sure that the clients are aware of the main points of the policy in an easy-to-understand manner.

Increased car pricing: 
A number of automakers, including Mercedes Benz, Audi, Maruti, and Tata Motors, have stated that increased input costs will result in higher vehicle prices in January. There are rumors that the price increase will be between 2-3%, while certain models may see a larger price increase.

No physical verification for SIM cards: 
In a notification, the Department of Telecommunications (DoT) requested that telecom providers gradually stop requiring physical client verification before providing SIM cards to consumers. As a result, the Know Your Customer (KYC) verification will soon be entirely digital. After that, the clients will just need to provide a photo ID to complete the digital verification process.