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Major financial changes in June IV News

Major financial changes in June

Financial changes in June: The month of June, which is soon to begin, officially marks the half of the year’s calendar. This also means that there are going to be significant changes in terms of financial matters. Financial changes in June include changes in bank and insurance rates, revision in prices of LPG cylinders and changes in ATF fuel prices. From revision in service charge at Axis Bank, higher premium for car insurance to anticipated change in cylinder prices – a host of these new rules will hit the pocket of the common man from this month. For this it is necessary to know about them in detail.

Here are the major funding and operational changes that will take effect from June 2022

Axis Bank Service Fee Hike

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India’s leading private sector lender Axis Bank has revised its banking and non-banking service charges for customers having savings and salary accounts with the bank. This includes an increase in the service fee per month and an increase in the monthly average balance for non-maintenance of the minimum account balance. The monthly average balance will increase from Rs 15,000 to Rs 25,000 from June 1, while the monthly service charge for account maintenance has also been increased.

SBI home loan interest will increase

India’s largest public sector bank State Bank of India, or SBI, has announced that it has increased its external benchmark lending rate (EBLR) on home loans by 40 basis points to 7.05 per cent and repo-linked lending rate (REL). RLLR) will increase. TURN should be revised to 6.65 percent plus CRP. This means that the home loan interest in SBI will increase as per the SBI website:

EBLR (effective from June 1) is 7.05 per cent; EBLR = 7.05 percent + CRP

RLLR (effective from June 1) will be 6.65 per cent + CRP.

Cars and bikes will be expensive

The price of car insurance for four wheeler and two wheeler owners is likely to increase from June 1 this year. This is because the Ministry of Road Transport and Highways (MoRTH) will increase third party motor insurance premium for various categories of vehicles from June 1, it said in a notification. The decision is likely to increase the cost of cars and two-wheelers. For detailed rates, click here.

LPG price hike

While the domestic LPG prices have been revised only last week, the gas companies may raise LPG rates again next month due to rising crude oil prices and subsequent inflation. At present, the cost of an LPG cylinder in Delhi and Mumbai is Rs 1003.

atf price hike

ATF or jet fuel prices are generally revised on the 1st and 16th of every month. On May 16, the ATF price rose to an all-time high with a modest 5.3 per cent increase, the 10th consecutive increase this year. ATF price in the national capital rose by Rs 6,188.25 per kl or 5.29 per cent to Rs 1,23,039.71 per kl (Rs 123 per liter) in the national capital, according to the price notification of state-owned fuel companies.

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