Here are the monetary changes in June:
1. SBI home loan EMI will increase:
State Bank of India (SBI), the largest public sector lender, has increased its home loan interest rates with effect from June 1, 2022. The bank has increased the external benchmark-based lending rate (EBLR) by 40 basis points to 7.05% plus CRP. And the Repo Rate Linked Lending Rate (RLLR) has increased to 6.65% plus CRP.
Under regular home loans, SBI interest rates range from as low as 7.05% to a maximum of 7.35%. A concession of 5 basis points is available to women borrowers subject to a minimum EBR i.e. 7.05%.
2. HDFC Retail Prime Lending Rate (RPLR):
Effective June 1, NBFC giant HDFC has raised its retail prime lending rate (RPLR) on housing loans, over which its adjustable rate home loan (ARHL) benchmark, by 5 basis points.
On HDFC’s website it shows that the retail prime lending rate is 16.40%.
Adjustable home loan interest rates vary from 7.05 – 7.55% on loans up to 30 lakhs for women, while the rate for others is between 7.10 – 7.60%.
between from 30.01 lakh 75 lakhs, the interest rate varies from 7.30 – 7.80% for women and 7.35 – 7.85% for others. for housing loan 75.01 lakh and above, the interest rate is 7.40 – 7.90% for women and 7.45 – 7.95% for others.
3. Axis Bank Service Charges:
The bank has revised the specific service charges related to current account with effect from June 1, 2022.
Average Monthly Balance (AMB) for semi-urban/rural areas has increased from from 15,000 25,000 or 1 lakh term deposit under prime version. The AMB on the Liberty Edition has been increased from from 15,000 25,000 or 25,000/-, and these revised charges will be effective from June 1, 2022.
For non-maintenance of balance amount, the fee has been increased by 7.5% on account of shortfall in AMB/AQB/HAB, which was earlier 75+ INR, accounting for 5% reduction from AMB/AQB/HAB. Minimum service price, which was earlier 75, will now be NIL, while the maximum fee will be 600. The maximum monthly service charge for metro/urban areas is 600, for semi-urban areas – it is 300, and for rural areas – this is 250.
Monthly cash transaction limit previously set on first 5 transactions or 2 lakh, whichever comes earlier, but now it will be set on first 5 transactions or 1.5 lakh, whichever is earlier.
4. Union Bank Savings Bank Deposit:
The public sector bank has revised its savings bank deposits with effect from June 1.
to deposit up to 50 lakhs, the interest rate is 2.75%, and for deposits between from 50 lakhs 100 crores – the interest rate is 2.90%.
The interest rate for is 3.10% 100 crore 500 crores, while the rate on deposits was 3.40% from 500 crores 1,000 crore, and the interest on deposits above is 3.55% 1,000 crores.
5. American Express Credit Card:
Effective June 1, processing fee required for American Express Cardmembers 99 + Taxes applicable on all EMI transactions converted online or in-store at Point of Sale. The processing fee will be reversed only if the transaction is canceled or for foreclosure of EMI transaction(s) is requested by the Merchant and Cardmember within 30 days from the date of payment.
In addition, the Cardmember will now be required to pay a fee of 2% of the transaction amount as processing fee to avail the post-purchase EMI conversion facility, unless expressly waived otherwise. In the event that any offer applies, this fee will be refunded and reflected as a statement credit within 30 working days. In some cases, it may take up to 60 working days.
6. India Post Payment Bank Savings Account Revised:
IPPB has cut its interest rate by 25 basis points on all customer forms of savings accounts with effect from June 1, 2022.
Balance up to Savings Deposits 1 lakh, the interest rate is 2% p.a. from the previous 2.25% p.a.
For the above incremental balance from 1 lakh 2 lakh, the interest rate is 2.25% p.a. from the previous 2.5% p.a.
Interest will be paid quarterly to the customer (calculated on daily EOD balance).
7. Gold Hallmarking:
The second phase of mandatory hallmarking for gold jewelery and gold artefacts has come into effect from June 1.
The second phase of mandatory hallmarking will cover three carats of gold jewellery/artifacts in addition to the 20, 23 and 24 carats mentioned in the Indian Standard IS 1417 and AHC has been set up in 32 new districts under the mandatory hallmarking regime – before the mandatory hallmarking order phase implementation.
8. Penalty for failure to link PAN with Aadhaar:
The deadline for linking PAN with Aadhaar has been extended on several occasions and now the latest due date has been set as March 31, 2023. To ensure that taxpayers are giving importance to PAN-Aadhaar linking, the department has announced a number of penalties that can be avoided or reduced only when the linking takes place.
Under the new provisions of sub-section, the CBDT directs that a fine of 500 is imposed “if such intimation is made within three months from the date referred to in sub-section (2) of section 139AA.”
This means, a fine of 500 is applicable for PAN-Aadhaar linking within three months i.e. June 30, 2022. If it fails to do so after June 30, the fine has been increased. 1,000 in all other cases.
9. Third-Party Motor Insurance Premium:
The government issued guidelines Motor Vehicles (Third Party Insurance Base Premium and Liability) Rules, 2022, which have come into force from June 1.
The base premium for third-party insurance has been notified for unlimited liability for different classes of vehicles. The following exemptions in premium are also allowed in the said rules:
– A discount of 15% has been provided for educational institution buses.
A private car registered as a vintage car is allowed a discounted price of 50% of the premium.
Rebates of about 15% and 7.5% have been allowed on premium for electric and hybrid electric vehicles, respectively.
10. LPG Price:
Oil Marketing Companies (OMCs) have reduced the price of 19 kg commercial LPG cylinders by around Rs 135 with immediate effect from June 1. The price of 19 kg commercial cylinder in Delhi now is Rs. Against the previous level of 2219.00 2355.50 per cylinder. In Mumbai, the price of LPG has been reduced 2171.50 per cylinder. From 2,307 while in Kolkata the consumer has to pay 2,322 per cylinder instead of 2,455. at the same time, instead of 2,508, a customer has to spend 2373 in Chennai.