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SBI Home Loan Rate Hike, Axis Bank Fee, Rise in Car Insurance: Key Changes in June


Financial Changes in June: The month of June, which is set to kick in soon, officially marks halfway of the calendar of the year. This also means that there are going to be a significant number of changes in terms of financial matters. The financial changes in June include changes in bank and insurance rates, revision in LPG cylinder prices, and ATF fuel prices. From service charge revisions in Axis Bank, higher premiums for car insurance to an anticipated change in cylinder prices — a host of these new rules will affect the pocket of the common man from this month. For this, it is important to know about them in detail.

Here are the Key Money and Operational Changes that will be Effective from June 2022

Axis Bank Service Charge Hike

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

SBI Home Loan Interest to 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 the Repo-Linked Lending Rate (RLLR) would in turn be revised to 6.65 per cent plus CRP. This means that home loan interests at SBI will increase As per the SBI Website:

EBLR (with effect from June 1) is 7.05 per cent; EBLR = 7.05 per cent + CRP

RLLR (with effect from June 1) would be 6.65 per cent + CRP.

Cars and Bikes to be Costlier

Car insurance price for four wheeler and two wheeler owners are likely to be increased from June 1 this year. This is because  the ministry of road transport and highways (MoRTH) will increase the third-party motor insurance premium for various categories of vehicles with effect from June 1, it said in a notification. The decision is likely to jack up the cost of cars and two-wheelers. For detailed rates, click here.

LPG Price Hike

While the prices of domestic LPG has been changed just last week, the rising crude oil prices and a subsequent inflation is likely to make gas companies to raise LPG rates again next month. Currently, the price of an LPG cylinder in Delhi and Mumbai is Rs 1003.

ATF Price Hike

ATF or jet fuel prices are revised generally on the 1st and 16th of each month. On May 16, ATF price was hiked steeply by marginal 5.3 per cent to an all-time high, in the the 10th straight increase this year. ATF price was hiked by Rs 6,188.25 per kilolitre, or 5.29 per cent, to Rs 1,23,039.71 per kl (Rs 123 per litre) in the national capital, according to a price notification of state-owned fuel companies.

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