To change Money Matters from June: June marks the beginning of the second half of the year, and it calls for many new changes for the people in India. it includes financial changes in june Also, due to which the common man is likely to get his pocket. Financial changes in June include SBI Home Loan EMI Rate Hikedaxis bank service fee hike, gold hallmark rules revision and LPG price revision among others. Since these changes are going to affect many citizens in India from Wednesday in June, it is important to know about them in detail.
Here are the major funding and operational changes that will be effective from June 01, 2022:
SBI home loan interest rate hiked
State Bank of India will increase its home loan rates from June 1, which is today, as it increased its external benchmark-linked interest rates from the day. SBI has increased its EBLR rates by 40 basis points by 40 basis points to 7.05 per cent and the repo-linked lending rate (RLLR) will be revised to 6.65 per cent plus CRP. This means that after the Reserve Bank of India hiked its repo rates in May, SBI home loan EMIs are going to increase from today.
Axis Bank hike in service charges
June’s financial changes will also hit the pockets of customers of leading private lender Axis Bank, as it has announced several hiked rates on its service charges. Axis Bank has revised its banking and non-banking service charges for customers with savings and salary accounts, which include increase in service charges per month for non-maintenance of minimum account balance and increase in monthly average balance requirement.
Increase in the cost of cars and bikes
The government has revised the new base premium rates for third party insurance on cars and bikes, which will result in an increase in their rates from Wednesday. This applies to private and commercial cars and bikes that run on fuel or electricity, according to a statement from the Ministry of Road Transport and Highways. Earlier, these insurance rates were last revised for the financial year 2019-20 and were kept unchanged during the COVID-19 pandemic.
Change in gold hallmarking rule
From June 1 this year, that is, from Wednesday, the rules of gold hallmarking in the country are going to change. According to a notification by the Centre, with effect from June 1, 2022, jewelers can sell only hallmarked gold jewelery in India, irrespective of their purity. This was notified by the nodal agency Bureau of Indian Standards (BIS) in a notification in early April this year.
LPG price hike
While the domestic LPG prices have been revised only last week, the gas companies may raise LPG rates again next month due to rising crude oil prices and subsequent inflation. At present, the cost of an LPG cylinder in Delhi and Mumbai is Rs 1003.
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