Money matters that you should not ignore this June

Few things are getting into effect requiring timely action. In this article, we have listed some of the important money matters that need your attention this June.  

Keeping a good check on personal finance is quite important as not just stock markets hamper your finances, but also your habits sometimes become the culprit of poor performance. Moreover, even looking at things that impact your personal finances becomes important. Therefore, in this article, we would be looking at things that you should not ignore this June.

SBI Home Loan Interest Rates

Following the rate hike repo rate by 40 basis points from the Reserve Bank of India (RBI) in May 2022, the public sector bank behemoth would also be increasing interest rates on home loans. With effect from June 1, SBI would be increasing its external benchmark lending rate (EBLR) on home loans from 6.65% to 7.05%, while its repo-linked lending rate (RLLR) will be rising from 6.25% to 6.65%.

Motor Insurance Premium

With effect from June 1, the premiums of motor insurance premiums are set to rise as the ministry of road transport and highways and the Insurance Regulatory and Development Authority of India (IRDAI) have increased the rate of third-party insurance.

Gold hallmarking

The jewellers are now mandated to sell only hallmarked gold jewellery and artifacts above two grams with effect from June 1, 2022. Previously, only gold with a purity of 14K, 18K and 22K was hallmarked.

Charges by India Post Payments Bank 

From June 15, 2022, onwards charges would be levied by India Post Payments Bank for Aadhaar enabled payments (AePS). Each month the first three transactions would be free for cash withdrawals, cash deposits and mini statements. However, post exhausting the free limit, the cash withdrawal and deposits would be charged Rs 20 plus GST and a mini statement request would be charged Rs 5 plus GST.