The new year 2023 has brought many changes with it. The changes that are associated with you and me affect your life and pocket. From vehicles to the savings January 1st has brought along a series of changes coming in with an immediate effect. Besides, where you will have to cough up more in bringing a car or bike to your home, you will be getting more interest in investing in a small savings scheme.
Coming in detail here we present 6 such changes taking place from the beginning of 2023 and how it is going to impact you.
1. Rise in the prices of commercial gas cylinders:
The plight of lower middle and lower economic class traders whose livelihood is dependent on business associated with roadside eateries, fast food, and meals as they will have to cough up an additional Rs. 25 on the commercial cylinders they use to cook food and meal for the business, which eventually will impact you, the customer base as that will indirectly be compensated through your pockets.
2. Stagnant prices of Petrol and Diesel:
To the prices of millions of low and middle earning group, the petrol prices remained at the level it used to be 7 months back without any hike. Moreover, there are no indications coming in from the government that it is likely to increase in the days to come at least until any review of the government’s call on it.
3. Rise in the interest rate of small savings scheme:
The government has increased the rate on small savings, from now the interest on savings will be given more than it was given in 2022. Besides, the government has also increased the interest in Kisan Vikas Patra Yojana to 7.2%.
4. Rise in the prices of cars and bikes:
From cars to bikes the prices of different models coming from multiple brands have increased today. Here’s how the multiple brands have increased their cost this new year.
TATA – By 2%.
Use Aadhaar confidently, keep as safe as bank account details, passport: UIDAI
KIA – Up to Rs. 50,000.
MG – Up to Rs. 90,000.
AUDI – By 1.7 %.
Mercedes – 5%.
Hyundai – Up to Rs. 30,000.
While high-performing sports bikes of Ducati have also undergone an exponential rise in their top models.
5. Change in the norms of Bank Locker:
Rules for Bank Locker are changing today unlike the earlier norms existing for keeping your crucial belongings. From this year customers will now have to visit their bank branches to sign the locker agreement for ensuring and safeguarding customer security.
6. Mandatory KYC for Insurance Policies:
‘KYC’ Know Your Customer will now be made essential for Health Insurance alongside Travel or Motor Insurance policies starting today. The country’s apex Insurance regulatory body IRDAI has made it mandatory.