Money Matters to Change from June: June marks the beginning of the second half of the year, and this calls for a host of new changes for the people in India. These include financial changes in June as well, whereby which the common man is likely feel a his pocket.
The financial changes in June include SBI home loan EMI rate hike, Axis Bank service charge hike, gold hallmark rule amendments and LPG price revisions among others. Since these changes in June are going to affect several citizens in India from Wednesday, it is important to know about them in detail.Here are the Key Money and Operational Changes that will Come into Effect from June 01, 2022:
SBI Home Loan Interest Rate Hike
The State Bank of India will increase its home loan rates from June 1, which is today, as it has hiked its external benchmark linked interest rates from the day. SBI has hiked its EBLR rates by 40 basis points by 40 basis points to 7.05 per cent and the Repo-Linked Lending Rate (RLLR) would in turn be revised to 6.65 per cent plus CRP. This means SBI home loan EMIs are set to go up from today, after the Reserve Bank of India hiked its repo rates in May.
Hike in Axis Bank Service Charges
June financial changes will also affect the pockets of leading private lender Axis Bank customers, as it has announced a host of increased rates on its service charges. Axis Bank has revised its banking and non-banking service charges for customers with savings and salary accounts, including an increase in the service fee per month over non maintenance of minimum account balance and an increase in the monthly average balance requirement.
Cost of Cars and Bikes to Increase
The government has revised new base premium rates for third party insurance on cars and bikes, which in turn will result in an increase in their rates from Wednesday. This is applicable to private and commercial cars and bikes run on either fuel or electricity, as per a statement by the ministry of road transport and highways. Before this, these insurance rates were last revised for the financial year 2019-20 and were kept unchanged during the COVID-19 pandemic.
Gold Hallmarking Rule Change
From June 1 this year, that is, from Wednesday, the rules of gold hallmarking are set to change in the country. According to a notification by the Centre, from June 1, 2022, jewellers can only sell hallmarked gold jewellery in India, irrespective of its purity. This was notified by the nodal agency Bureau of Indian Standards (BIS) in a notification in the beginning of April this year.
LPG Price Hike
While the prices of domestic LPG has been changed just last week, the rising crude oil prices and a subsequent inflation is likely to make gas companies to raise LPG rates again next month. Currently, the price of an LPG cylinder in Delhi and Mumbai is Rs 1003.