Must Read: These Six Big Changes From Today

SBI’s Home Loan Costlier

The country’s largest bank State Bank of India (SBI) will increase its internal benchmark lending rate (EBLR) by 0.4 per cent to 7.05 per cent. Whereas RLLR will be more than 6.65 per cent. According to SBI’s website, the 10 bps increase in MCLR will also be applicable from June 1.

Expensive Third Party Motor Insurance Premium

The Ministry of Road Transport and Highways has increased the premium for third party motor insurance for various categories of vehicles with effect from June 1, 2022. This means that it will become costly for common people to insure their cars and bikes. However, a 15 per cent discount has been given on third party insurance premium for electric vehicles (e-vehicles) and educational institution buses.

Axis Bank Hikes Minimum Balance

Axis Bank has increased the average monthly balance. Now instead of 15 thousand, 25 thousand rupees will have to be kept as a minimum balance. Less than this will incur a fee. This rule will be applicable to the accounts of semi-urban and rural areas. Now a minimum of one lakh rupees rule has been imposed in the form of term deposit.

Gold Hallmarking

The second phase of hallmarking of gold jewellery and artificial jewellery will start from June 1. In this, 256 districts have been declared earlier while there will be 32 new districts. In these 288 districts, only 14, 18, 20, 22, 23 and 24-carat jewellry will be sold. Hallmarking will be mandatory on these.