In the month of June, some new rules are going to be implemented which will directly affect your pocket. You should be aware of these new rules.
These changes are especially important for home loan borrowers of State Bank of India, Axis Bank and India Post Payments Bank customers, vehicle owners as these changes, which will be implemented in June, will have a direct impact on their money. Know more about the new changes.
State Bank Of India (SBI)
SBI has increased its home loan external benchmark lending rate (EBLR) by 40 basis points to 7.05 per cent, while the RLLR will be 6.65 per cent plus CRP. According to SBI’s website, the increased interest rates will be effective from June 1, 2022. Earlier, the EBLR was 6.65%, while the repo-linked lending rate (RLLR) was 6.25 percent. According to SBI website, EBLR = EBR + Credit Risk Premium (CRP).
Insurance premium expensive
According to a notification by the Ministry of Road, Transport and Highways, the annual rate of third party insurance for private cars has been increased from Rs 2,072 to Rs 2,094. This is for cars with a maximum of 1000 cc. Third party insurance for private cars with engine capacity between 1000 cc and 1500 cc has been increased from Rs 3,221 to Rs 3,416 in 2019-20. The premium for large private vehicles with engine capacity above 1500 cc will be reduced from Rs 7,890 to Rs 7,897. Similarly, the insurance premium for two wheelers and EVs is going to be costlier.
Gold hallmarking
The second phase of mandatory hallmarking will be effective from June 1, 2022, making hallmarking of gold jewellery/artifacts completely mandatory in the existing 256 districts and 32 new districts covered by Assaying and Hallmarking Centers (AHCs). Only gold jewelery and antiquities weighing 14, 18, 20, 22, 23 and 24 carat will be sold in these 288 districts, and they should be mandatorily sold with hallmarking.
India Post Payments Bank
India Post Payments Bank (IPPB) has said that the issuer fee has been implemented for Aadhaar Enabled Payment System (AEPS). This fee will be implemented on June 15, 2022. India Post Payments Bank is a subsidiary of India Post, operated by the Department of Posts. The first three AEPS transactions every month will be free, including AEPS cash withdrawal, AEPS cash deposit and AEPS mini statement. After the free transaction, each cash withdrawal or cash deposit will attract Rs 20 plus GST, while a mini statement transaction will attract Rs 5 plus GST.
Axis Bank
Average monthly balance for Easy Savings and Salary programs in semi-urban/rural areas has been increased from Rs 15,000 to Rs 25,000 or fixed deposit of Rs 1 lakh. The balance required for Liberty Savings Account has been increased from Rs 15,000 to Rs 25,000 or Rs 25,000. These tariffs will be effective from June 1, 2022.
Gas Cylinder
Prices of gas cylinders are reviewed on the 1st of every month. Apart from increase, reduction in these, there is also the possibility of maintaining the status quo.
