SBI Home Loan, Axis Bank Charges, Car and Bike Insurance: Key Rules Changed Today
SBI home loan EMI rate rise, Axis Bank service charge hike, gold hallmark regulation updates, and LPG pricing revisions are among the financial developments in June.
The following are the major monetary and operational changes that will take effect on June 1, 2022:
Increase in SBI Home Loan Interest Rates
The State Bank of India will raise home loan rates on June 1, which is today, as it has done with its external benchmark linked interest rates. SBI has increased its EBLR rates by 40 basis points to 7.05 percent, while the Repo-Linked Lending Rate (RLLR) has been updated to 6.65 percent plus CRP. This implies that SBI home loan EMIs would rise starting today, following the Reserve Bank of India's May rate hike.
Increase in Axis Bank Service Fees
Customers of big private lender Axis Bank will be affected by June financial reforms, as it has announced a slew of rate increases on its service charges. Axis Bank has amended its banking and non-banking service costs for clients with savings and salary accounts, including an increase in the monthly service fee for failing to maintain the minimum account balance and an increase in the monthly average balance requirement.
Car and bike prices will rise.
The government has amended new base premium rates for third-party insurance for vehicles and motorcycles, resulting in a rate rise beginning Wednesday. According to the ministry of road transport and highways, this applies to private and commercial automobiles and motorcycles that run on either gasoline or electricity. Previously, these insurance prices were last altered for the fiscal year 2019-20 and remained stable throughout the COVID-19 pandemic.
Changes to the Gold Hallmarking Rules
The standards for gold hallmarking in the country are slated to change on June 1 this year, that is, on Wednesday. According to a notification issued by the Centre, from June 1, 2022, jewellers in India will only be able to sell hallmarked gold jewellery, regardless of purity. This was announced by the relevant organisation, the Bureau of Indian Standards (BIS), in early April of this year.
Price Increase for LPG
While domestic LPG prices were altered a few days ago, rising crude oil prices and consequent inflation are anticipated to force gas firms to boost LPG rates again this month. A household LPG cylinder now costs Rs 1003 in Delhi and Mumbai.