From LPG Cylinder Price To Banking Service Charges: Important Changes To Be Effective From 1 June

The month of June, which begins in just a few days, will bring a slew of financial changes. SBI home loan, Axis Bank service charge hike, car insurance hike, revision in LPG cylinder rates, and ATF fuel prices were among the major financial changes in June. From this month, these new financial rules will have an impact on the average person's wallet. As a result, everyone must have a thorough understanding of them.

Cars and Bike Insurance:

From June 1, the insurance costs for a four-wheeler and two-wheeler owners are set to rise. This is due to the Ministry of Road Transport and Highways (MoRTH) announcing an increase in third-party motor insurance premiums for several vehicle types beginning June 1. The new change will have an impact on the cost of automobiles and two-wheelers.

SBI Home Loan Interest:

The State Bank of India has announced that the external benchmark lending rate (BLR) for home loans has been hiked by 40 basis points to 7.05 percent, with the Repo-Linked Lending Rate (RLLR) being revised to 6.65 percent + CRP.

SBI's home loan interest rate will rise as a result of the new changes. According to SBI website updates, the EBLR (as of June 1) is 7.05 percent, while the RLLR (as of June 1) is 6.65 percent plus CRP.

LPG Cylinder Price:

Even though domestic LPG prices were only raised last week, rising crude oil prices and subsequent high inflation may force gas firms to boost LPG rates again next month. An LPG cylinder costs Rs 1003 in Delhi and Mumbai at the moment.

Axis Bank Service Charge:

Axis Bank, a private sector lender, recently announced changes to its banking and non-banking service charges for customers with savings and income accounts. The increased fees include an increase in the monthly service fee for failure to maintain a minimum account balance as well as an increase in the required monthly average balance.

According to the bank, the monthly average balance requirement will increase from Rs 15,000 to Rs 25,000 as of June 1, and the monthly service cost for non-maintenance of account will also be hiked.