On New Year, know big changes and new rules by Central govt that will surely change your income

We have officially entered the New Year 2023 after bidding adieu to the year 2022. Starting today, there will be a lot of changes in rules which can directly or indirectly impact your income/salary.

Some of these big changes are going to happen in many sectors including banking, post office, insurance, petrol-diesel and gas rates. 

So, it is crucial for every person to know about the big changes in the New Year and plan the year ahead accordingly. 

Price hike in CNG and LPG gas

Commercial consumers would have to pay Rs 25 more for a 19-kg cooking gas cylinder. However, the price of domestic consumers remains unchanged. Similarly, there are changes in the price of CNG.

Increase in price of vehicles 

Companies have already announced an increment in the price of their vehicles in New Year 2023. Most companies including Honda, Maruti Suzuki, Hyundai, Tata Motors, Mercedes and Audi, Renault, Kia and MG Motor have increased the price of their vehicles.

New rule for bank lockers

New bank locker facilities will start from today itself to protect the locker-holders’ interest. Customers will get updated locker agreements. According to RBI, banks shall ensure that any unfair terms or conditions are not incorporated in any locker agreements. 

Post office interest rate

In a piece of good news for customers, the interest rates of Post Office schemes will be increased in the New Year. Interest rates for savings of Senior Citizens and Monthly Income Scheme have been increased by up to 1.1 percent. National Savings Certificate (NSC) will get 7% interest instead of the existing 6.8%. Similarly, Senior Citizens Savings Scheme will get 8% instead of 7.6%. 

Rent through HDFC card

You may have to pay an extra 1% charge if you are using HDFC Credit card to pay your rent. Furthermore, the bank has stopped all the reward points on any card. A fee of 1% of the total transaction will be levied if the rent payments are made through third-party merchants.

New NPS withdrawal rule

Customers of all government sectors will have to submit their application for partial withdrawal through their associated nodal offices under the new National Pension System (NPS). They have to submit supporting documents to show the reasons for partial withdrawal.

KYC mandatory

KYC is mandatory from today for purchasing a new vehicle, travel, new health, life, general and home insurance policies.