These 5 rules will change from June 1, will hit your pocket.
New rules 1st june 2022 expenses will increase! These 5 rules will change from June 1, will hit your pocket.
Many of the rules relating to personal finance are set to change from June 1. Find out what changes will be made to the rules.
Many personal finance rules will change from June 1
SBI will raise interest rates
Third party insurance premiums will also be expensive
Many of the rules are going to change from June. These changes will have a direct impact on our pockets. All of these rules apply to personal finance. The rules will have a direct impact on State Bank home loan borrowers, Axis Bank and India Post Payment Bank customers and car owners. If you fall into this category too, many of the rules have been changing since June. The rise in repo rate and lending rate could lead to a big change in home loan EMI. So know the rules of banks and start your transaction accordingly
1. Increase in interest of SBI
State Bank of India has raised the external benchmark lending rate for home loans by 40 basis points to 7.05 per cent. State Bank of India (SBI) has said that the increase in interest rates linked to lending rates will come into effect from June 1, 2022. EBLR was 6.65 per cent earlier, but with an increase of 40 basis points, it has come down to 7.05 per cent. State Bank will now charge interest on home loans from its customers at this rate.
2. Third party insurance premium
Third party insurance for private cars will be more expensive than before. In 2019-20, this insurance was Rs 2072, but it has been fixed at Rs 2094. This is for cars with less than 1000 cc. Third party insurance for 1000 to 1500 cc cars has been increased from Rs 3221 to Rs 3416. Third party insurance for vehicles with a capacity of more than 1500 cc has been increased from Rs 7890 to Rs 7897. The insurance premium for two wheelers of 150 to 350 cc will be Rs 1366 while for vehicles with a capacity of more than 350 cc the premium will be Rs 2804.
3. Gold Hallmarking mandatory
The second phase of gold hallmarking will start from June 1, 2022. Hallmarking of gold jewelery and artifacts will be mandatory from June 1 in 256 districts of the country and 32 new districts attached to them. Assessing and hallmarking centers are already present in these districts, hence hallmarking has been made mandatory. Only 14,18,20, 22, 23 and 24 carat gold jewelery will be distributed in these 288 districts. All of this jewelry must be a mandatory hallmark.
4. India Post Payment Charge
Post-office payment systems such as POS machines and micro-ATMs will have to pay a service charge for transactions beyond the free limit. The service charge rule will come into effect from June 15. India Post Payment Bank is a subsidiary of Indian Post, which is run by the Post Department. Three transactions will be free from AEPS in a month, but after that a service charge will be levied on the transaction. Withdrawal or deposit of cash in excess of the limit will be subject to Rs. 20 plus GST and Rs. 5 plus GST for mini statement.
5. Axis Bank Savings Account Charge
In semi-urban / rural areas, the average monthly balance has been increased from Rs. 15,000 to a term deposit of Rs. 25,000 or Rs. Deposits for Liberty Savings Accounts have been increased from Rs 15,000 to Rs 25,000 or Rs 25,000.
Important Link
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These 5 rules will change from June 1, will hit your pocket.
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