The month of June has almost arrived, as it happens every month, in June also some changes or new rules will be applicable. If you are a State Bank of India (SBI), Axis Bank and India Post Payments Bank customer, there are some finance related changes that you will start from June. One should be aware of. Apart from bank customers, third party motor insurance premium will increase for different categories of vehicles, which will have a direct impact on the monthly budget of the vehicle owners.
Here’s a look at the changes that will come into effect from June.
High SBI Home Loan Interest Rates
State Bank of India (SBI) has increased its home loan external benchmark lending rate (EBLR) by 40 basis points to 7.05 per cent, the external benchmark lending rate (EBLR). According to SBI’s website, the increased interest rates will be effective from June 1, 2022.
Axis Bank hike in service charge
axis Bank Service charges for salary and savings account holders have been increased. The bank has revised the Average Monthly Balance (AMB) requirement as follows: to 25,000 15,000; At the same time, in case of non-maintenance of balance, the minimum service charge will be zero.
Motor insurance premium for two wheelers
third party motor insurance premium There will be an increase for different categories of vehicles announced by the Union Ministry of Road Transport and Highways
For two-wheelers with engine capacity less than 75cc, the cost of third-party cover will be 538. Two wheelers with engine capacity more than 75cc but more than 150cc, the cost of premium will be 714. Two wheelers with engine capacity more than 150cc but more than 350cc, the cost of premium will be 1366. Two wheelers with engine capacity more than 350cc, the cost of premium will be 2,804.
Motor insurance premium for four wheelers
Third part rates have also been increased for private four wheelers. From 1st June, there will be a third party premium for the car with engine capacity less than 1000cc 2,094. For a car with an engine capacity of more than 1000cc but more than 1500cc, the third-party premium will be 3,416. For cars with engine capacity above 1500cc, there will be a third-party premium 7,897. These rates were last revised for the financial year 2019-20 and were kept unchanged during the COVID-19 pandemic.
India Post Payments Bank Charges for Aadhaar Enabled Payment
India Post Payments Bank (IPPB) has introduced Aadhaar Enabled Payment System Service Charges (AEPS). AePS issuer transaction charges will be effective from June 15, 2022. The first three AePS issuer transactions of each month, such as cash withdrawal, cash deposit and mini statement, will be free. Whereas, exceeding the free transaction limit, AEPS issuers will be charged cash withdrawals and cash deposits 20 plus GST per transaction, and charges will be levied on mini statement transactions 5 plus GST per transaction.