A new financial year starts tomorrow. The rules of last year are applicable only till today. There are a host of services for which you'll have to shell out more under new norms for the new financial year. Here we pare it down to the finer details to help you keep updated with the changes.

1. Pay more for health insurance and much more for vehicle insurance
With the start of the new financial year, you will have to pay much more for health and vehicle insurance. IRDAI, the insurance regulator, has allowed general insurance companies to pay higher commissions to insurance agents and also charge more for third party insurance in case of vehicles.

Third party insurance, which is mandatory for all vehicles, will cost between 40% to 50% more depending on vehicle type. However, there will be no hike in the third party insurance for private cars with engine capacity below 1000 CC and for two-wheelers with engine capacity less than 75CC.

2. Cash transaction and several other banking service charges go up:
While private banks such as Axis, HDFC and ICICI Bank have already introduced new cash transaction charges starting March 1, 2017, the country's largest banker SBI is now following suit effective from April 1st, 2017. For SBI savings account holders, 3 cash deposit transactions would be free per month and transactions beyond the limit will chargeable @ Rs. 50 + service tax per transaction.

SBI has also increased IMPS charges, where up to Rs. 1000 is free of charge and for transaction amount greater than Rs. 1000 charges will be leviable as follows: A minimum Rs. 1.50 + service tax (ST) per transaction to Rs. 11.50 + ST in case you are using USSD method of transfer and Rs 2 + ST to Rs12 + ST in case you are using IMPS/UPI transfer mode.

SBI account holders will also be required to maintain a minimum balance in their savings account ranging from Rs. 5,000 - Rs. 1000 depending on their geographical location: i.e. whether account is in a metro or non-metro branch. In case of non-maintenance of required balance you could be charged a maximum of Rs. 100 + service tax. However, PM Jan Dhan Yojana and Basic Savings Bank Small Accounts are exempted from this rule.

Similarly, in case you have not updated your address correctly in the bank records or have provided wrong address your account could be debited Rs. 100 + service tax in case ATM card or welcome Kit is returned to the bank because of this.

Others PSUs banks may follow the SBI footsteps in terms of increasing charges.

3. Penalty for cash payments more than Rs 2 lakh
The government has banned cash payments of over Rs 2 lakh and you would be penalised if found violating this rule with effect from April 1, 2017.

4.Income tax changes that will cost you money include:
i)Home loan interest claim on rented property is limited up to Rs. 2 lakh
If you're planning to buy a property to rent out as an investment or already have a property which is rented, then the start of this financial year may have a bad news for you. Earlier unlimited amount of interest paid on home loan taken for the property could be set off against your other income. However, this set off has now been restricted to Rs. 2 Lakh in case of second house.

ii)Delay in filing tax return to cost you
Not filing your income tax return within the deadline - normally July 31 every year - will be also be penalised.

Delay in filing tax return for 2017-18 will attract penalty of Rs 5,000 if filed by Dec 31, 2018 and Rs 10,000 if filed later. Such fee will be restricted to Rs 1,000 for small taxpayers with income up to Rs 5 lakh.