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Financial changes from June 1, 2022

As May 2022 is ending, it is important for people to be aware of some financial changes that will come into effect from June 1, 2022. From increased home loan interest rates to gold hallmarking, there are some important money changes to keep in mind.

SBI Home Loan Interest Rates 

The country’s largest lender State Bank of India has raised its home loan external benchmark lending rate (EBLR) to 7.05%. The RLLR would be 6.65 percent plus CRP. 

“External Benchmark based Lending Rate (EBLR) = External Benchmark Rate (EBR) + Credit Risk Premium (CRP),” the bank’s website read. 

Axis Bank’s Savings Account Charges 

Axis Bank has increased the monthly balance requirement for easy savings and salary programs. 

Semi-urban/rural areas – From Rs 15,000 to Rs 25,000 or Rs 1 lakh term deposit. 

Liberty savings account – From Rs 15,000 to Rs 25,000 or spends Rs 25,000.

Gold hallmarking 

The second phase of mandatory hallmarking will come into effect from June 1, 2022. The Indian government will enforce mandatory hallmarking of gold jewellery and artifacts in the existing 256 districts and 32 new districts covered by Assaying and Hallmarking Centres (AHC). 

Only gold jewellery and artifacts weighing 14, 18, 20, 22, 23, and 24 carats shall be sold in these 288 districts, with compulsory hallmarking. 

Third-party Motor Insurance Premiums Hiked 

Buying a new car or a bike will get costlier from next month, June 1, as the government has hiked the price of insurance premiums. According to the notification released by the Ministry of Road Transport and Highways, the third-party insurance premiums will be increased in different categories of vehicles. The insurance premium is going to increase from 6 percent to 17 percent. 

The insurance premium on private cars from 1000 to 1500 cc will be increased by 6%. While 23% more will be charged in third party insurance (lump sum 3 years) on new private cars up to 1000 cc. Moreover, the third-party premium for new private cars of 1000 to 1500 cc will be hiked by 11%.

Even if you buy a new two-wheeler, you will have to pay 17% more for a third-party premium. The insurance premium will be increased by up to 15% on bikes above 150 CC.

India Post Payments Bank charges for Aadhaar Enabled Payments 

The India Post Payments Bank (IPPB) has revealed that the issuer charges for the Aadhaar Enabled Payment System have been executed (AePS). It will come into effect 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. After this, every cash withdrawal or cash deposit will cost Rs 20+GST, while a mini statement transaction would cost Rs 5+GST.

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