From vehicle insurance to SBI home loan interest: What gets costlier from June
Here is a look at the changes that will come into effect from June
PremiumThe month of June is almost here, as is the case each month, some changes or new rules will come into effect in June as well. If you are a customer of the State Bank of India (SBI), Axis Bank and India Post Payments Bank, then there are some finance related changes that you would kick in from June. one should be aware of. Apart from, bank customers, the third-party motor insurance premium for various categories of vehicles will increase which will have a direct impact on the monthly budget of vehicle owners.
Here is a look at the changes that will come into effect from June.
Higher SBI home loan interest rates
The State Bank of India (SBI) has increased its home loan external benchmark lending rate (EBLR) by 40 basis points to 7.05 percent, to 7.05%, to External Benchmark Lending Rate (EBLR). According to SBI's website, the increased interest rates will take effect on June 1, 2022.
Axis Bank service charge hike
Axis Bank has hiked service charges for salary and savings account holders. The bank has revised the average monthly balance (AMB) requirement to ₹25,000 from ₹15,000; on the other hand, the minimum service fee on non-maintenance of balance will be zero.
Motor insurance premiums for two-wheelers
The third-party motor insurance premium for various categories of vehicles will increase, as announced by the Union ministry of road transport and highways
For two-wheelers with an engine capacity of less than 75cc, the cost of third-party cover will be ₹538. Two-wheelers with engine capacity exceeding 75cc but not exceeding 150cc, the cost of the premium will be ₹714. Two-wheelers with engine capacity exceeding 150cc but not exceeding 350cc, the cost of the premium will be ₹1366. Two-wheelers with engine capacities above 350cc, the cost of the premium will be ₹2,804.
Motor insurance premiums for four-wheelers
Third part rates for private four-wheelers have also increased. From 1 June, third-party premium for car with an engine capacity of less than 1000cc will be ₹2,094. For a car with engine capacity exceeding 1000cc but not exceeding 1500cc, the third-party premium will be ₹3,416. For cars with an engine capacity of more than 1500cc, the third-party premium will be ₹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 Payments
India Post Payments Bank (IPPB) has introduced Aadhaar Enabled Payment System service charges (AePS). AePS Issuer transaction charges will be in effect from June 15, 2022.The first three AePS issuer transactions each month, such as cash withdrawal, cash deposit, and mini statement, will be free of charge. Whereas, over the free transaction limit, AePS issuer cash withdrawals and cash deposits will be charged at ₹20 plus GST per transaction, and mini statement transactions will be charged at ₹5 plus GST per transaction.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
