From banks, railways to income tax the rules has been changed, let us see their effects on our lives

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As we know the new financial year has been started. There are many changes in the year 2017-18, which will have an impact on you directly. These changes are being made from the rules of banks, including railway, income tax, post office, insurance services etc.

Low interest will be available at PPF and Post Office Savings

The Finance Ministry has cut the interest rate of the small saving scheme for the first quarter of the new financial year by 0.10 per cent.

What will be the interest on different schemes from April 1

Small Saving Schemes Revised interest rate (in %) Before interest rate (in %)
PPF 7.9 8.0
National Saving Certificate(5 years) 7.9 8.0
Kisan Vikas Patra(112 Months Maturity) 7.6 7.7
Sukanya Samriddhi Account 8.4 8.5
Senior Citizen Savings Scheme (5 years) 8.4 8.5
Term Deposits ( 1-5 years) 6.9-7.7 7.0-7.8
Recurring Deposit (5 years) 7.2 7.3


The new easy ITR form came

For Financial Year 2017-18 the new Income Tax Return Form has been notified. The biggest change in this is that now the form ITR-1, also called as “Sahaj”, has become 1 page instead of 3 pages. These forms will be filled by taxpayers, whose annual income is up to Rs 50 lakhs. Form will be available on the Income Tax department website from April 1.

New income tax rate applicable

The tax rate has been reduced from 10% to 5% for those who earn between Rs 2.5 lakh and Rs 5 lakh annually. This will save your 12,500 rupees annually. At the same time, the annual income of more than Rs. 1 crore will save Rs. 14,806.

These SBI’s services become expensive

SBI has reduced the limit of cash transactions in the home branch from April 1. Customer will have to charge after three transactions.

SBI charge on cash transactions for saving account holders

After 3 Cash Transaction, all transactions will charge 50 rupees

Monthly Balance needs to be maintained like Private Banks

Like private banks, SBI has also introduced Monthly Hours Balance System. Under this, maintenance of 5000 rupees of customer’s balance in metro cities will be maintained. Including New Delhi, Mumbai, Kolkata, Chennai, Hyderabad and Bengaluru. While Rs 3000 for Urban Branches’ Customers, 2000 for Semi Urban and 1000 Rupees Monthly Hours for Rural Branches will be applicable.

Insurance will be expensive

Premium of health, car and bike insurance will increase from April 1. This may be done after allowing IRDAI to do the services of the companies’ agents in the commission. In addition, IRDAI has approved the calculation necessary for increasing the third party motor insurance premium, after its calculation.

Option to confirm railway ticketing ticket

To give confirmation tickets to the passenger, the railway will implement the ‘option’ scheme from April 1. Under this scheme you will now be able to travel in the capital or centenary train after paying a ticket for express and mail. These options will be available for those passengers, who will choose the option of the train in the alternative train at the time of booking. This railway scheme will be started from online ticket booking companies. After this, the scheme will also be extended for the Railway Window ticket. At present, the Railways are running this scheme on 6 routes including Delhi-Lucknow, Delhi-Jammu and Delhi-Mumbai, on pilot basis.