Several changes are set to take place from June 1 which will have a direct impact on individual finances, including that of banking, PF, LPG prices, ITR filing etc. The central government is also making changes in its flagship insurance schemes – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) starting this month.
Check the 10 changes starting June 1:
Commercial LPG price slashed
The LPG gas cylinder prices have been changed on Wednesday as the prices of 19 kg commercial LPG cylinders reduced by ₹135 per cylinder. In Delhi, the LPG cylinders will cost ₹2,19, in Kolkata, it will cost ₹2,322, and in Mumbai, it will cost ₹2171.50. Meanwhile, in Chennai, the LPG cylinders will cost ₹2,373. The non-commercial LPG gas cylinder is also likely to be changed as the price is revised on the first day of every month. On May 19, the LPG prices were increased by ₹3.50.
Jet fuel price
The prices of jet fuel are also likely to change today. The jet fuel prices change twice a month – once on the 1st and then on the 16th. The country’s largest oil company Indian Oil Corporation (IOC) had increased the prices of jet fuel by ₹6,188 per kilolitre on May 16 – making it the 10th consecutive hike in the prices. Reportedly, the jet fuel prices have increased by 61.7 percent this year.
The second phase of the ‘mandatory’ gold hallmarking of the gold jewellery will begin on Wednesday. According to the consumer affairs ministry, the second phase includes three additional carats of gold jewellery (20,23 and 24 carats). Hallmark centres have been set up in several districts after the implementation of the first phase.
The India Post Payment Bank is making Aadhaar-based Payment Service (AePS) chargeable. A charge of ₹20 per transaction will be applicable for depositing and withdrawing cash, while ₹15 will be applicable for mini statements. The first three transactions under the AePS will be free every month and that the rules will be implemented from June 15. The AePS includes cash withdrawal, cash deposit, and mini statement withdrawal.
India’s largest public sector bank – the State Bank of India (SBI) – has increased its External Benchmark Lending Rate (EBLR) by 40 bps to 7.05 percent. Meanwhile, the Repo Linked Loan Rate(RLLR) has been increased at 6.65 percent plus CRP (Credit Risk Premium). According to the SBI website, the new lending rates will be applicable from June 1.
Third-party insurance premium for four-wheelers
According to the notification issued by the ministry of road transport and highways, the third party insurance premiums of private four wheelers and two wheelers are set to rise. The annual rate will be increased from ₹2,072 to ₹2,094 for vehicles less than 1000 cc. For a vehicle of 1000-1500 cc, the third-party premium is ₹3,416,and for a vehicle above 1500 cc the premium is ₹7,897.
Third-party insurance premium for two-wheelers
For private two-wheelers that have an engine capacity of less than 75 cc, the insurance premium has gone up to ₹538, as per the ministry of road transport and Highway. The premium for 75-150 cc engine is ₹714, the premium for 150-350 cc vehicles has been increased to ₹1,366, and for bikes with more than 350 cc engine capacity, the premium has gone up to ₹2,804.
Axis Bank service charge increase
The Axis Bank is set to increase the service charge for salary and savings account holders from ₹15,000 to ₹25,000 from June 1. For the non-maintenance of the monthly average balance, the charge has been increased to ₹600 per month for the metro and urban areas, ₹300 per month for semi urban areas, and ₹250 per month for rural areas.
PM Jeevan Jyoti Bima Yojana
The central government has announced to increase the premium of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). According to the government, the increase in premium is “necessary” to make both schemes financially strong. The premium for PMJJBY has been increased by ₹1.25 per day ( ₹436 annually) – as compared to the earlier cost of ₹330 annually for the scheme.
PM Suraksha Bima Yojana
The central government has announced to increase the premium of Pradhan Mantri Suraksha Bima Yojana (PMSBY). The annual premium of Pradhan Mantri Suraksha Bima Yojana (PMSBY) has been increased to ₹20 from the earlier ₹12.