The month of June will introduce a few important money changes that must not be ignored. While some of the financial changes will come into effect from the very first day, others will come into force later in the month.
New Delhi: The month of June begins from tomorrow and is set to bring some major financial changes with it. The month, which will officially mark halfway to the calendar of the year will bring significant changes in bank bank and insurance rates. From service charge revisions in Axis Bank, higher premiums for car insurance to an anticipated change in cylinder prices — a host of these new rules will affect the pocket of the common man from this month.
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Increase in SBI home loan interest rates
The State Bank of India (SBI) has increased its home loan external benchmark lending rate (EBLR) by 40 basis points to 7.05 percent, to 7.05%, to External Benchmark Lending Rate (EBLR). According to SBI’s website, the increased interest rates will take effect on June 1, 2022.
EBLR (with effect from June 1) is 7.05 per cent; EBLR = 7.05 per cent + CRP
RLLR (with effect from June 1) would be 6.65 per cent + CRP.
Hike in Axis Bank service charge
Axis Bank has revised its banking and non-banking service charges for customers with savings and salary accounts at the bank. This includes an increase in the service fee per month over non maintenance of minimum account balance and an increase in the monthly average balance requirement.
From June 1, the monthly average balance requirement will be up from Rs 15,000 to Rs 25,000, while the monthly service fee for non maintenance of account has also been increased.
On the other hand, the minimum service fee on non-maintenance of balance will be zero.
Insurance premiums for two-wheelers
The third-party motor insurance premium for various categories of vehicles will increase. For two-wheelers with an engine capacity of less than 75cc, the cost of third-party cover will be Rs. 538. Two-wheelers with engine capacity exceeding 75cc but not exceeding 150cc, the cost of the premium will be Rs. 714.
Two-wheelers with engine capacity exceeding 150cc but not exceeding 350cc, the cost of the premium will be Rs. 1366. Two-wheelers with engine capacities above 350cc, the cost of the premium will be Rs. 2,804.
Insurance premiums for four-wheelers
Third-party premium for car with an engine capacity of less than 1000cc will be Rs. 2,094. For a car with engine capacity exceeding 1000cc but not exceeding 1500cc, the third-party premium will be Rs. 3,416.
For cars with an engine capacity of more than 1500cc, the third-party premium will be Rs. 7,897. These rates were last revised for the financial year 2019-20 and were kept unchanged during the COVID-19 pandemic.
While electric private cars not exceeding 30KW will attract a premium of Rs 1,780, those exceeding 30 KW but not 65 KW will attract a premium of Rs 2,904.
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ATF price hike
Aviation Turbine Fuel (ATF) prices are revised generally on the first and sixteenth of a month. On May 16, ATF prices, in the tenth straight increase of the year, rose by 5.29%, or Rs. 6,188.25 per kilolitre, to an all-time high of Rs. 1,23,039.71 per kilolitre.
Gold hallmarking
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From June 1, 2022, the second phase of mandatory hallmarking will take effect, making Hallmarking of gold jewellery/artifacts fully mandatory in the existing 256 districts and 32 new districts covered by Assaying and Hallmarking Centres (AHC). This means that only gold jewellery and antiquities weighing 14, 18, 20, 22, 23, and 24 carats shall be sold in these 288 districts, and they must be sold compulsorily with hallmarking.
India Post Payments Bank charges for Aadhaar Enabled Payments
India Post Payments Bank (IPPB) has introduced Aadhaar Enabled Payment System service charges (AePS). These fees will be implemented on June 15, 2022.
The first three AEPS transactions will be free per month, including AEPS cash withdrawal, AEPS cash deposit, and AEPS mini statement. Following this, each cash withdrawal or cash deposit will cost Rs 20+GST, while a mini statement transaction would cost Rs 5+GST.
