SBI Home Loan Rate Rise, Axis Bank Fees, Car Insurance Rise: Key Changes in June

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Financial changes in June: The month of June, which should begin soon, officially marks the half of the year’s calendar. This also means that there will be a significant number of changes in terms of financial matters. Financial changes in June include changes in banking and insurance rates, revision of LPG cylinder prices and ATF fuel prices. 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 . For this, it is important to know them in detail.

Here are the main money and operational changes that will take effect from June 2022

Increase in Axis Bank service fees

Axis Bank, India’s leading private sector lender, 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 monthly average balance requirement will increase from Rs 15,000 to Rs 25,000, while the monthly service charge for not maintaining an account has also been increased.

Increase in interest on SBI home loans

India’s largest public sector bank, the State Bank of India, or SBI, has announced that it has raised its external benchmark lending rate (EBLR) on home loans by 40 basis points to 7, 05% and that the repo-linked lending rate (RLLR) would in turn be revised to 6.65 percent plus CRP. This means that interest on home loans at SBI will increase. According to the SBI website:

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

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

Cars and bikes will be more expensive

The price of car insurance for owners of four and two wheelers is expected to be increased from June 1 this year. Indeed, the Ministry of Road Transport and Highways (MoRTH) will increase the motor third party liability insurance premium for different categories of vehicles from June 1, it said in a notification. The decision is likely to drive up the price of cars and two-wheelers. For detailed rates, click here.

Rise in the price of LPG

While domestic LPG prices were only changed last week, rising crude oil prices and subsequent inflation should prompt gas companies to raise LPG prices again next month. Currently, the price of a bottle of LPG in Delhi and Mumbai is Rs 1003.

ATF Price Rise

ATF or kerosene prices are usually reviewed on the 1st and 16th of each month. On May 16, the price of ATF rose sharply by 5.3% to a record high, the 10th consecutive increase this year. The price of ATF rose by 6,188.25 rupees per kilolitre, or 5.29%, to 1 23,039.71 rupees per kl (123 rupees per litre) in the national capital, according to a price notification from the companies public oil companies.

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