Top 5 Money-Related Changes in June

From Loan IMEs, Auto Insurance to Deposits: The Top 5 Money-Related Changes in June

Now that June has begun, many monetary policy changes announced by banks, insurance companies and other agencies last month have come into effect and some will be in place by the end of this month. . All of these changes will have an impact on your budget planning.

Whether you’re taking out a home loan or planning to buy a car or just want to put your hard-earned money into deposits, some key changes took place in June. Some lenders have made key revisions to their home loan interest rates, savings deposit rates and service charges from June.

In addition, car and bicycle owners will now have to pay a higher liability insurance premium. In addition, the penalty amount is doubled to Rs 1,000, if the PAN-Aadhaar link is not completed by June 30. To relieve LPG consumers, the purchase of commercial cylinders has become cheaper this month.

Here are the main changes in June:

1. Lend EMI to increase

Various lenders, including SBI and HDFC, have raised their interest rates on home loans. The State Bank of India (SBI) has raised its interest rates on home loans effective June 1, 2022. The bank has raised the External Benchmark Lending Rate (EBLR) by 40 basis points to 7.05% plus CRP and the repo rate-linked lending rate (RLLR) increased to 6.65% plus CRP.

On ordinary home loans, SBI interest rates range from 7.05% to a maximum of 7.35%. A concession of 5 basis points is granted to women borrowers subject to a minimum RER, ie 7.05%.

HDFC Retail Prime Lending Rate (RPLR), on which its adjustable rate home loans (ARHL) are referenced, increased by 5 basis points, effective June 1. With this 5 basis point increase, the total interest rate hike will be 40 basis points for HDFC home loan borrowers. A basis point is one hundredth of a percentage point.

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Two other lenders ICICI Bank and Punjab National Bank (PNB) have also announced a hike in their marginal cost-based lending rates (MCLR). PNB, a public bank, raised its marginal cost of funds-based lending rate by 15 basis points. The increased rates come into effect on June 1, according to the PNB website.

Private sector lender ICICI Bank has also revised the marginal cost of funds-based lending rate with effect from June 1, 2022, according to its website.

The Bank of India has also increased the marginal cost of funds based lending rate over a certain term with effect from June 1, 2022.

2. Premium for Flagship Insurance Plans PMJJBYPMSBY browsed

The Center has increased the premium of its flagship insurance schemes – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) to make them economically viable. The revision of premium rates was carried out for the first time in seven years for these two plans.

The premium rate of PMJJBY has been revised upwards to Rs 1.25 per day, which translates into an increase of Rs 330 to Rs 436 per year. The annual premium for PMSBY has been increased from Rs 12 to Rs 20, according to an official statement. The new premium rates come into effect on June 1, 2022.

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3. Be prepared to pay a double penalty, if the PAN-Aadhar link is made after June 30

Taxpayers have until June 30 to bind their PAN and Aadhaar with a late fee of Rs 500, according to a circular issued by the Central Board of Direct Taxes (CBDT). However, if this PAN-Aadhaar link is made on or after July 1, the penalty amount will be Rs 1,000.

With penalty fee, the Center has extended the deadline for linking the PAN card to the Aadhar number till March 31, 2023. The previous deadline was March 31, 2022.

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4. Motor vehicle liability insurance premium increases

Under the revised premium rates, passenger cars with engine capacities of up to 1,000 cc will attract an increased rate of Rs. 2,094. On the other hand, while cars with engine capacities ranging from 1,000 cc to 1,500 cc have to pay a premium of Rs. 3,416, those with an engine capacity above 1,500cc will have premium rates of Rs. 7,897.

For two-wheelers, if the engine capacity is between 150 cc and 350 cc, the premium rate will be Rs. 1,366. Above 350 cc, the premium amount will be Rs. 2,804. One can You can also select three-year insurance plans with separate premium rates.

5. Lower LPG price

The Petroleum Marketing Companies (OMC) have reduced the price of commercial 19kg LPG cylinder by around Rs 135 with immediate effect from June 1. In Delhi, the commercial 19 kg bottle now costs Rs 2,219 from the previous level of Rs 2,355.50 per bottle. In Mumbai, the price of LPG is lowered to Rs 2,171.50 per cylinder from Rs 2,307 while in Kolkata, a consumer will have to pay Rs 2,322 per cylinder instead of Rs 2,455. of Rs 2,508, a customer will have to shell out Rs 2,373 in Chennai.

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