Critical financial matters that require your attention in June

Few things are taking effect that necessitates immediate action. In this post, we discuss some of the critical financial issues that require your attention in June.

Personal financial management is critical because not only do stock markets harm your money, but your behaviours can also contribute to a terrible result. Furthermore, looking at factors that influence your personal finances becomes crucial. As a result, in this post, we will look at things that you should not overlook in June.

SBI Home Loan Interest Rates

Following the Reserve Bank of India's (RBI) rate rise of 40 basis points on repo rates in May 2022, the public sector bank giant will also raise interest rates on home loans. SBI will raise its external benchmark lending rate (EBLR) on housing loans from 6.65 per cent to 7.05 per cent from June 1, while its repo-linked lending rate (RLLR) would rise from 6.25 per cent to 6.65 per cent.

Motor Insurance Premium

Motor insurance rates are scheduled to climb from June 1 as the ministry of road transport and highways and the Insurance Regulatory and Development Authority of India (IRDAI) raise the rate of third-party insurance.

Gold hallmarking

With effect from June 1, 2022, jewellers are now required to sell only hallmarked gold jewellery and antiques weighing more than two grams. Previously, only gold of 14K, 18K, and 22K purity was hallmarked.

Charges by India Post Payments Bank

India Post Payments Bank will impose fees for Aadhaar-enabled payments from June 15, 2022. (AePS). The first three transactions each month would be free for cash withdrawals, cash deposits, and mini statements. However, after the free quota has been crossed, cash withdrawals and deposits will be charged Rs 20 plus GST, and mini statement requests will be charged Rs 5 plus GST.