8 Big changes from 1st June in many sectors including banking, insurance & technology that can pinch your pocket; Check

8 Big changes from 1st June in many sectors including banking, insurance & technology that can pinch your pocket; Check

Reetu | May 30, 2022 |

8 Big changes from 1st June in many sectors including banking, insurance & technology that can pinch your pocket; Check

8 Big changes from 1st June in many sectors including banking, insurance & technology that can pinch your pocket; Check

In India, there is continual development, and the norms are changing all the time as a result of this progress. From June 1, numerous changes will take place throughout the country. These will have a direct impact on the general public’s wallets and lifestyles. It is important for everyone to be aware of the changes in the rules in such a situation.

Five major money reforms will take effect in June 2022, ranging from home loan EMIs to banking service costs. It’s vital to remember that these significant personal finance reforms would mostly affect borrowers of State Bank of India home loans, Axis Bank clients, and India Post Payments Bank consumers. Aside from this, the central government has released a draught notification announcing its plan to raise third-party car insurance premiums. Vehicle owners will have to pay more starting next month, despite the fact that the base insurance cost was last increased in June 2019.

Let’s take a closer look at the changes that will affect people starting in June 2022:

SBI home loan will be expensive

The largest public lender in India, the State Bank of India, has raised its loan external benchmark lending rate (EBLR) by 40 basis points to 7.05 per cent. The Repo-Linked Lending Rate (RLLR) would, however, be increased to 6.65% plus the Credit Risk Premium (CRP). The new interest rates will take effect on June 1, 2022. SBI had declared that the EBLR would be 7.05 percent starting June 1. With effect from June 1, the Repo Linked Lending Rate, or RLLR, will be 6.65 percent plus.

Third-party insurance of vehicles will become expensive

Vehicle owners should be aware that the Central government has also issued a draft notification announcing its plan to raise the premium for third-party car insurance. According to the increased rates, private cars with a 1,000 cc engine would be charged Rs 2,094 instead of Rs 2,072 in 2019-20. Apart from that, private cars with engines ranging from 1,000 to 1,500 cc will pay Rs 3,416 instead of Rs 3,221, while cars with engines larger than 1,500 cc would pay Rs 7,890 instead of Rs 7,897.

Two-wheelers with a displacement of more than 150 cc but less than 350 cc will be charged a premium of Rs 1,366; those with a displacement of more than 350 cc will be charged a revised premium of Rs 2,804.

Gold hallmarking

The second phase of gold hallmarking will begin on June 1, 2022. In the second phase, hallmarking centres will be established in 32 new districts, in addition to the 256 old districts. In fact, in all 288 districts covered by Assaying and Hallmarking Centres (AHC), hallmarking of gold jewellery will be mandatory. Only 14, 18, 20, 22, 23, and 24-carat jewellery can be sold after hallmarking in certain zones.

India Post Payments Bank to charge for Aadhaar Enabled Payment System services

For Adhaar Enabled Payment System (AePS) Services, the India Post Payments Bank (IPPB) has decided to implement issuer charges. It will take effect on June 15, 2022.

The IPPB, an Indian Post subsidiary administered by the Postal Department, has announced that the first three AEPS transactions will be free each month (including AEPS cash withdrawal, AEPS cash deposit, and AEPS mini statement). Following the free transactions, each cash withdrawal or cash deposit will be charged Rs 20 plus GST, and a small statement transaction will be charged Rs 5 plus GST.

Cash deposit, cash withdrawal, balance inquiry, mini statement, Aadhaar to Aadhaar fund transfer, and BHIM Aadhaar Pay are some of the banking services provided by AePS.

Rules of Axis Bank Savings Account

The service price on Axis Bank’s savings account has been increased. The minimum balance requirement in the bank’s savings account will be increased beginning June 1. Customers from semi-urban and rural areas will be required to keep a minimum of Rs 25,000 in an Axis Bank savings account. Previously, a minimum of Rs 15,000 had to be maintained.

Internet Explorer will be shut down

Internet Explorer, once a popular browser, has fallen out of favour. Due to Internet Explorer’s diminishing popularity, the firm has decided to abandon it. After June 15, Internet Explorer will be permanently retired. Newer browsers such as Google Chrome, Microsoft Edge, and Mozilla Firefox are now in use. People who still use Internet Explorer may encounter issues.

Money can be withdrawn from ATMs by mobile

Citizens will now be able to withdraw cash from ATMs without the use of a card. The RBI has released fresh guidelines in this regard. From June 1, 2022, cash can be withdrawn from ATMs using a mobile device. Users can withdraw money from ATMs without using debit or credit cards during this process. Only smartphones will be able to withdraw money from ATMs. This will aid in the prevention of card fraud. This service will be offered in ATMs around the country.

Apple is discontinuing the use of the card

Since June 1, 2022, Apple has also been modifying several of its policies. Users in India would no longer be able to use the card to pay subscriptions and applications using Apple ID beginning June 1. This means that Indian users would be unable to purchase apps from the App Store using credit or debit cards. Payments also cannot be made using Apple subscription cards such as iCloud Plus and Apple Music.

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