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Financial Changes in June: The month of June, which is going to start in just a few days, will bring along with it a lot of changes in financial matters. The key financial changes in June include SBI home loan, Axis Bank service charge hike, car insurance hike, revision in LPG cylinder prices, and ATF fuel prices. These new rules in financial matters will affect the pocket of the common man from this month. Hence, it is important for all to know about them in detail.
State Bank of India had recently announced that it has increased the 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. The new changes mean the home loan interest rate at SBI will increase. As per updates from SBI website, EBLR (with effect from June 1) is 7.05 per cent, RLLR (with effect from June 1) would be 6.65 per cent + CRP.
Private sector lender Axis Bank recently also said it has revised the banking and non-banking service charges for customers with savings and salary accounts at the bank. The new charges 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. The bank in a statement said that 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.
The insurance price for four wheeler and two wheeler owners are also likely to be increased from June 1. This is primarily because the ministry of road transport and highways (MoRTH) said it will increase the third-party motor insurance premium for various categories of vehicles with effect from June 1. The new change is going to affect the cost of cars and two-wheelers.
Even as the prices of domestic LPG has been changed just last week, the rising crude oil prices and a subsequent high inflation may make gas companies to raise LPG rates again next month. At present, the price of an LPG cylinder in Delhi and Mumbai is Rs 1003.
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