June has begun after May has ended. This June marks the beginning of many significant changes. These changes will have an impact on your wallet on June 1st. Everything will change from now on, from rations to gas cylinders and insurance to home loans. It is critical that you are aware of these changes in such a situation.
Commercial LPG cylinder prices have been reduced by oil companies. According to Indian Oil’s June 1 price announcement, the price of commercial cylinders has dropped by Rs 135. In Delhi, it will now cost Rs 2219 instead of Rs 2354. On May 1, the price had risen by approximately Rs 100.
The Central Government has announced an increase in the premium of the Pradhan Mantri Jeevan Jyoti Bima Yojana after 7 years. This modification went into effect on June 1. The beneficiary is covered for Rs 2 lakh under PMJJBY. Previously, Rs 330 was charged for the central government’s insurance scheme. However, its daily premium has been increased by Rs 1.25. An annual premium of Rs 436 is now required for this.
In addition to the PMJJBY, the government has raised the premium for the Pradhan Mantri Suraksha Bima Yojana (PMSBY). Previously, 12 rupees had to be paid annually for this. However, as of June 1, this premium has increased to Rs 20.
The largest public sector bank, the State Bank of India, has raised the External Benchmark Lending Rate (EBLR) (SBI). The new rates became effective on June 1. This rate was previously 6.65 percent, but with a 40 basis point increase, it is now 7.05 percent. Aside from that, the repo-linked lending rate for home loans has risen by 40 basis points to 6.65 percent. This will have an effect on your EMI.
Axis Bank has raised the average monthly balance limit for rural and urban account holders from 15 thousand to 25 thousand rupees. With effect from June 1, 2022, Axis Bank has changed the tariff structure for Savings/Salary Account. The penalty for not having auto-debit access has also increased in comparison to previously. In addition, if the minimum balance is not maintained, an additional service charge will be assessed.
The second phase of gold hallmarking began on June 1. With this change, hallmarking centers will begin in the old 256 districts as well as 32 other districts. From June 1, hallmarking will be required in 288 districts, both new and old. Jewelers will no longer be able to sell jewelry without a hallmark. Customers are also advised not to purchase jewelry that lacks hallmarking in such a situation. Customers are also advised not to purchase jewelry without hallmarking in such a situation. From June 1, 14, 18, 20, 22, 23, and 24 carat jewelery will be sold in accordance with the hallmarking standard.
The quota of free wheat available in many states of the country has been reduced under the PM Garib Kalyan Anna Yojana. From June 1, only 5 kg of rice will be available in UP, Bihar, and Kerala, instead of 3 kg of wheat and 2 kg of rice. This decision was made due to a decrease in wheat procurement. Some states will continue to receive wheat as usual, and ration distribution will be unaffected.
From June 1, the Ministry of Roads, Transport, and Highways raised the premium for motor insurance. Insurance premiums will now be charged for various vehicles based on engine capacity. This will apply to both two and four-wheel vehicles. The insurance premium for vehicles with 1000cc engines will be Rs 2,094. Simultaneously, the insurance premium for a 1000 to 1500 cc car will be Rs 3416.
Due to the government’s notification, two-wheeler insurance has also become more expensive as of June 1. From June 1, third-party insurance premiums will be Rs 538 for two-wheelers with less than 75 cc capacity, Rs 714 for 75 to 150 cc, Rs 1366 for 150 to 350 cc, and Rs 2804 for two-wheelers with a capacity greater than 75 cc. I must give
India Post Payment Bank has also made Aadhaar Based Payment Service (AePS) chargeable. This rule, however, will go into effect on June 15. The first three transactions per month will be free beginning June 15 under the Aadhaar Enabled Payment System Service Charges. This includes cash withdrawals, cash deposits, and withdrawals from mini statements. If you withdraw or deposit cash after the free limit, you will be charged Rs 20 for each transaction. At the same time, the mini statement fee is Rs 15.
