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From Gold hallmarking to SBI home loan rates--these 5 financial changes in June will impact you

New Delhi: As the month of May comes to an end today, people should be aware of the major financial changes that will take effect next month. From higher home loan interest rates to gold hallmarking, the month of June will bring in significant financial changes.

Zee Media Bureau|

Updated:May 31, 2022, 10:04 PM IST

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India Post Payments Bank charges for Aadhaar Enabled Payments

Another important financial change to remember is that the India Post Payments Bank (IPPB) has announced the implementation of issuance charges for the Aadhaar Enabled Payment System (AePS). These charges will go into effect on June 15, 2022.

The first three AEPS transactions, including AEPS cash withdrawal, AEPS cash deposit, and AEPS mini statement, will be free each month. Each cash withdrawal or cash deposit after that will cost Rs 20+GST, while a mini statement transaction would cost Rs 5+GST.

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Third-party motor insurance premiums hiked

The annual third-party insurance rate for private cars with a displacement of less than 1000cc has been set at Rs 2,094, up from Rs 2,072 in 2019-20. Third-party insurance for private cars with engines ranging from 1000 to 1500 cc has been raised to Rs 3,416 from Rs 3,221 in 2019-20 under the new rates. Premiums for larger private vehicles with engines larger than 1500 cc would range from Rs 7,897 to Rs 7,897, up from Rs 7,890.

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SBI home loan interest rates

The State Bank of India (SBI) has increased the external benchmark lending rate (EBLR) for home loans by 40 basis points to 7.05 percent. 6.65 percent + CRP would be the RLLR. On June 1, 2022, the new interest rates will take effect.

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Axis Bank’s savings account charges

The average monthly balance requirement for simple savings and salary programmes in semi-urban and rural areas has been raised from Rs 15,000 to Rs 25,000 or Rs 1 lakh term deposit by private lender Axis Bank. The minimum deposit for a liberty savings account has been raised from Rs 15,000 to Rs 25,000, or spends Rs 25,000. These fees will go into effect on June 1, 2022.

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Gold hallmarking

The second phase of compulsory hallmarking will begin on June 1, 2022, making gold jewelry/artifacts totally mandatory in the 256 districts already covered by Assaying and Hallmarking Centres, as well as 32 new districts (AHC). This means that in these 288 districts, only gold jewellery and artefacts measuring 14, 18, 20, 22, 23, and 24 carats may be sold, and they must be sold with hallmarking.

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Changes from June 1

While it is important for everyone to be aware of the changes, State Bank of India home loan borrowers, Axis Bank, India Post Payments Bank clients, and vehicle owners would be immediately affected.

Take a look at the changes below: