Financial changes that will take effect from June 1, check here

The month of June 2022 will bring some new rules in the financial sector, from mandatory gold seal to higher interest rates for home loans. Here are the details of the financial changes that will affect the public.

Third party insurance premium increase

Starting June 1, buying a new car or bicycle will become more expensive, as the government raised the price of insurance premiums. According to a notification issued by the Ministry of Transport, the insurance premium will be increased in different categories of vehicles in the range of 6 to 17 percent.

The interest on SBI mortgage loans will rise

India’s largest public lender, the State Bank of India (SBI), has also raised the external benchmark lending rate (EBLR) on home loans by 40 bps to 7.05 per cent and revised interest rates will come in effective June 1, 2022.

Goldenseal

Likewise, as of June 1, the second phase of compulsory gold punching will come into force in the 256 existing districts and the 32 new districts covered by the Testing and Punching Centers (AHC). 20, 22, 23 and 24 carats will be sold in these 288 districts.

India Post Payments Bank Fees for Aadhaar Enabled Payments

The India Post Payments Bank (IPPB) has stated that issuer charges for the Aadhaar enabled payment system will be implemented from June 15, 2022. While each cash withdrawal or deposit will cost Rs 20+ GST, a transaction of mini statement will cost Rs 5+ GST.

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