Home Banking News Major update! 5 financial changes linked to your pocket become effective from June 1

Major update! 5 financial changes linked to your pocket become effective from June 1

by Shatakshi Gupta

Many changes have occurred around the country since June 1, 2022. These modifications will have a direct influence on your finances and daily life. Let us inform you that, as of June 1, acquiring a home loan from banks and third-party auto insurance would be more expensive. We’re going to inform you about five such changes that will have an impact on you.

Third-party vehicle insurance becomes costly

Third-party insurance for two-wheelers, four-wheelers, and other large vehicles has become more expensive as of today. That is to say, third-party insurance now has a higher price. The premium for two-wheelers between 150 and 350 cc will be Rs 1,366, while the premium for cars above 350 cc will be Rs 2,804.

Higher interest rates on home loans

Many banks including SBI raised their home loan External Benchmark Lending Rate (EBLR). SBI, for instance, has increased it by 40 basis points to 7.05 percent, while the RLLR will be 6.65 percent + credit risk premium (CRP). The new interest rates went into effect on June 1st. The interest rates on house home loans will rise as a result of this. Previously, the EBLR was 6.65% and the repo-linked lending rate (RLLR) was 6.25 percent. HDFC said in an official statement that the bank is increasing its RPLR based on which the Benchmark Adjustable Rate Home Loan (ARHL) has been increased by 5 basis points. It has become effective from today, June 1.

Gold Hallmarking Phase 2

Also read: 5 reasons why we must get a health insurance in early 20s

The phase 2 of gold hallmarking has started form June 1. In addition to the 256 previous districts, 32 additional districts will include hallmarking centres. The hallmarking of gold jewelry is now required in all 288 districts. Only 14 carat, 18 carat, 20 carat, 22 carat, 23 carat, and 24 carat jewelry can now be sold in these districts. Only after hallmarking will these be able to be sold.

Axis bank’s savings account rules have changed

The service price on Axis Bank’s savings account has been increased. The minimum balance requirement in a savings account has been increased as of June 1st. Customers in semi-urban and rural areas will be required to retain a minimum of Rs 25,000 instead of Rs 15,000 in all types of Axis Bank savings accounts, or a term deposit of Rs 1 lakh.

Gas cylinders become cheaper

The new LPG cylinder price has been announced. The price of a 19 kg commercial gas cylinder was slashed dramatically on Wednesday. From today, commercial gas cylinders are Rs 135 cheaper. The price of a gas cylinder stands at Rs 2,219 in Delhi, Rs 2,322 in Kolkata, Rs 2,171.50 in Mumbai, and Rs 2,373 in Chennai after the new pricing was announced.

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