Financial changes to come into effect from June 1, check here

The month of June 2022 will bring some new rules in the financial sector from mandatory gold hallmarking to more home loan interest rates. Here are the details of the financial changes that will affect the public.

Third party insurance premium hike

From June 1, buying a new car or a bike will get costlier, as the government has raised the price of insurance premiums. As per a notification released by the Transport Ministry, the insurance premium will be increased in different categories of vehicles in the range of 6 to 17 percent.

SBI home loan interest to go up

India’s largest public lender the State Bank of India (SBI) has also hiked home loan external benchmark lending rate (EBLR) by 40 bps to 7.05 per cent and the revised interest rates will take effect on June 1, 2022.

Gold hallmarking

Similarly, the second phase of mandatory hallmarking of gold will come into effect in all the existing 256 districts and 32 new districts covered by Assaying and Hallmarking Centres (AHC) from June 1. This means that only gold jewellery and antiquities weighing 14, 18, 20, 22, 23, and 24 carats shall be sold in these 288 districts.

India Post Payments Bank fees for Aadhaar Enabled Payments

The India Post Payments Bank (IPPB) has stated that issuer charges for the Aadhaar Enabled Payment System will be implemented from June 15, 2022. While each cash withdrawal or deposit will cost Rs 20+GST, a mini statement transaction will cost Rs 5+GST.