Bank service

Axis Bank Service Fee Rise, SBI Home Loan Interest: Key Changes in June

June is less than a week away and, as is the case every month, some new or revised financial rules will also come into effect in June. While some of the changes will take effect on day one, others will take effect later in the month. Some of these rules will also hit the common man’s pocket.

Here are some key financial changes that will be implemented in June 2022:

(1.) Axis Bank service fee increase: The leading private sector lender has revised the Average Monthly Balance (AMB) requirement for 25,000 from 15,000; on the other hand, the minimum service fee on not maintaining the balance will be zero, down from the current 75. The maximum price will be 600, 300 and 250 for metropolitan/urban areas, semi-urban areas and rural areas, respectively. Both changes will be in effect from June 1.

(2.) Rising Interest on SBI Home Loans: The State Bank of India (SBI) announced, effective June 1, an increase of 40 basis points to 7.05% in the external benchmark lending rate (EBLR), and changed the linked lending rate at repo (RLLR) at 6.65% plus the credit risk premium (CRP).

(3.) More expensive cars and bikes: Also from June 1, the motor third party liability insurance premium for different categories of vehicles will increase, as announced by the Union Ministry of Road Transport and Highways. This will probably lead to an increase in the cost of cars and two-wheelers.

Read also | Reduced insurance premium for school buses and electric vehicles

(4.) ATF Price Increase: Aviation jet fuel (ATF) prices are typically reset on the first and sixteenth of a month. On May 16, ATF prices, in the tenth consecutive increase of the year, increased by 5.29%, or 6,188.25 per kilolitre, at a record level of 1 23,039.71 per kilolitre.


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