7 major financial changes that will take effect from today

New Delhi: June starts from tomorrow and is expected to bring major financial changes with it. The month, which will officially mark the calendar halfway through the year, will bring significant changes in bank and insurance rates. From revisions to service charges at Axis Bank, higher premiums for car insurance to an anticipated change in bottle prices – a host of these new rules will hit the pocket of the common man from this month .Also Read – From today, PAN, Aadhaar is mandatory for cash transactions above THIS amount. Details here

Rise in interest rates for SBI real estate loans

The State Bank of India (SBI) raised its external benchmark lending rate for home loans (EBLR) by 40 basis points to 7.05%, to 7.05%, at the lending rate of external reference (EBLR). According to the SBI website, the interest rate hike will take effect on June 1, 2022. Also Read – New Gold Hallmarking Guidelines: What Happens to Your Gold Jewelery at Home? Check all the details

EBLR (effective June 1) is 7.05%; EBLR = 7.05% + CRP

The RLLR (effective June 1) would be 6.65% + CRP.

Hike in Axis Bank service fees

Axis Bank has revised its bank and non-bank service charges for customers with savings and salary accounts at the bank. This includes an increase in the service fee per month from not maintaining the minimum account balance and an increase in the monthly average balance requirement.

From June 1, the average monthly balance required will increase from Rs 15,000 to Rs 25,000, while the monthly service charge for not maintaining an account has also been increased.

On the other hand, the minimum service charge in the event of non-maintenance of balance will be zero.

Insurance premiums for two-wheelers

The motor vehicle liability insurance premium for different categories of vehicles will increase. For two-wheelers with an engine capacity of less than 75 cc, the cost of third party cover will be Rs. 538. Two-wheelers with an engine capacity of more than 75 cc but not exceeding 150 cc, the cost of premium will be Rs. 714.

Two-wheelers with an engine capacity above 150cc but not exceeding 350cc, the premium cost will be Rs. 1,366. Two-wheelers with engine capacities above 350cc, the premium cost will be Rs. 2,804.

Insurance premiums for four-wheelers

The third party bonus for cars with an engine capacity of less than 1000cc will be Rs. 2,094. For a car with an engine capacity exceeding 1000cc but not exceeding 1500cc, the third party bonus will be Rs. 3,416.

For cars above 1500cc, the third party bonus will be Rs. 7,897. These rates were last revised for the financial year 2019-20 and have remained unchanged during the COVID-19 pandemic .

While electric private cars not exceeding 30 KW will attract a premium of Rs 1,780, those exceeding 30 KW but not 65 KW will attract a premium of Rs 2,904.

Rise in the price of ATF

Aviation jet fuel (ATF) prices are typically reset on the first and sixteenth of a month. On May 16, ATF prices, in the tenth consecutive increase of the year, rose by 5.29%, or Rs. 6,188.25 per kilolitre, to a record high of Rs. 1,23,039.71 per kilolitre. .

Gold hallmark

From June 1, 2022, the second phase of mandatory hallmarking will come into effect, making the hallmarking of gold jewellery/artifacts fully mandatory in the 256 existing districts and 32 new districts covered by Assay and Hallmark Centers (AHCs) ). This means that only gold jewelry and antiques weighing 14, 18, 20, 22, 23 and 24 karat will be sold in these 288 districts, and they must be sold with mandatory hallmark.

India Post Payments Bank Charges for Aadhaar Enabled Payments

India Post Payments Bank (IPPB) has introduced the Aadhaar Enabled Payment System (AePS) service fee. 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. Then, each cash withdrawal or deposit will cost Rs 20 + GST, while a mini-transaction will cost Rs 5 + GST.


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Justin D. O'Neill