What will be the big changes from June? | Which will affect the burden of pocket.

Five big changes are going to happen from June 1:

There are only a few days left for May to end. Every time at the beginning of the month, some small and big changes are seen, except that it affects our pockets. This time also some similar changes are going to happen in India. Let us know about such changes happening from June 1 which are going to affect personal finance. Let's take the matter first.

The first change to increase pocket money is if you are a customer of banks or SBI or you. If you are planning to take a home loan from SBI, then the beginning of the new month will be special for you too. The country's largest bank SBI has increased the External Benchmark Based Lending Rate (EBLR) for home loans. 

External Benchmark Lending Rate refers to the lending rate set by the banks on the external benchmark. External Benchmark Lending Rate is the lowest interest rate offered by the bank for lending. Bank cannot give a loan for this. Banks fix this total interest rate by adding a credit risk premium over the external benchmark lending rate and the repo rate. 

Explain that, this benchmark rate has increased by 0.40% to 7.05%. Similarly, the Repo Linked Lending Rate (RLLR) has also increased by 0.40% to 6.65%. Earlier both were 6.65% and 6.25%. According to the information given on SBI's website, the increased interest rates are going to be applicable from June 1. SBI has also increased the Marginal Cost Based Lending Way by 0.10%, which has come into effect on May 15. 

Apart from this, from June 1, 2022, third-party insurance of vehicles is going to be insurance month. That is, you have to pay the insurance premium. The increased rates are going to apply to not only four-wheelers but also two-wheeler vehicle owners. The central government on Thursday increased the premium rate of third-party motor vehicle insurance. 

Firstly we understand, What is third-party insurance? When you buy a new vehicle, you must take insurance as a vehicle owner. This insurance gives insurance cover notes to the owner of the vehicle but to the person who gets injured by his vehicle during a road accident. At the same time, the owner of the vehicle can choose any one of the different insurance options to protect his vehicle. 

If we talk about the insurance premium of a four-wheeler vehicle, then according to a recent notification from the Ministry of Road Transport and Highways, now you will have to pay a higher amount to get insurance according to the engine of the car. That is, the insurance premium of cars with 1000 cc engine capacity will be ₹ 2094, which was ₹ 2072 in 2019-20 before covid. 

The same insurance premium for cars from 1000 cc to 1500 cc, which was ₹ 3221 earlier, will now be ₹ 3416. Apart from this, if the engine of your car is more than 1500 cc, then the insurance premium will also come down to ₹ 7890. Earlier it was ₹7897. The same government has also increased the single premium for three years. 

Now ₹ 4521 for 1000 cc cars, ₹ 10540 for 1500 cc cars, and ₹ 24596 for cars above 1500 cc. Similarly, the insurance premium for two-wheelers has also been increased. Because of this, now buying any vehicle from a date is going to be expensive. With this, according to the announcement of the Central Government, now the government has changed the rate of third party insurance premiums not only for four-wheelers but also for two-wheelers. 

Now according to this announcement, from June 1, 2022, the premium for bikes from 150 ccs to 350 ccs will be charged ₹ 1366, While the insurance premium for two-wheelers with engine capacity above 350 has been fixed at ₹ 2804. Same if you are going to get third party insurance at a single premium for five years then the insurance premium for 75 cc bike scooter is ₹ 2901 and 75 to 150 cc ₹ 3851, 150 to 350 cc ₹ 7365 and thereof ₹15 for the above trains will be at 117. 

Now let's talk about the next big change, let us tell you that in the year 2022, gold hallmarking will be started from 1 June. While sharing this information in the past, the government had said that from the beginning of June, gold and hallmarking, the second phase will be started, under which it will be necessary to prove the purity of gold. 

Now in addition to 256 old districts, such assaying and hallmarking centers are going to open in 32 districts also in India.  After this, hallmarking of gold ornaments will become mandatory in all 288 districts. In these districts, now only 14, 18, 20, 22, 23, and 24-carat jewelry can be sold. It will not be possible to sell them without hallmarking.

Apart from this, India Post Payment Bank is a subsidiary of India Post and is governed by the Department of Posts. Has said that now there will be an issuer charge applicable for Aadhaar enabled payment system. This charge will be applicable from June 15. 

After the change, 3 transactions will be free at the beginning of every month. ₹ 20 will have to be paid for every 4th transaction. Apart from cash withdrawal and cash deposit, the mini statement will also be counted in the transaction. However, the charge for a mini statement will be ₹ 5 plus GST.

Another big change is going to happen from 1st June. For the semi-urban and rural areas in the axis bank of the private sector, the average monthly balance limit for the accounts of savings and salary programs has been fixed from 15,000 to 50,000. If the customer maintains a term deposit of ₹ 1 lakh, then he will get an exemption. 

Similarly, the limit for Liberty Savings Account has also been increased from ₹15,000 to ₹25,000. If the customer spends ₹ 25,000, then he will get a discount from this increased limit. Both these changes are effective from June 1.

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