Get ready to pay more for home loan, motor car insurance, flying from June 1

Axis Bank service charge hike - Private lender Axis Bank has raised its average monthly balance (AMB) requirement on savings accounts from Rs 15,000 to Rs 25,000 with effect from June 1. The bank has also revised its minimum service fee on non-maintenance of balance, which will now be zero, down from the existing Rs 75. In metro/urban regions, semi-urban areas and rural places, the maximum price will be Rs 600, Rs 300 and Rs 250, respectively, from June 1.

Third-party motor insurance premiums - Following the directive of the Ministry of Road Transport and Highways, the third-party motor insurance premium for various categories of vehicles has been hiked from June 1.

As per the new rates, cars with an engine capacity of less than 1000cc will have to pay third-party premium of Rs 2,094. Private four-wheelers with engine capacity between 1000 cc and 1500 cc will have to pay a third-party insurance premium of Rs 3,416 against Rs 3,221 in 2019-20. Vehicles with an engine capacity above 1500 cc will have to pay a premium of Rs 7,897 against Rs 7,890 earlier.

Two-wheelers with an engine capacity of less than 75cc will have to pay third-party cover of Rs 538, while those with engine capacity between 75cc and 150cc will pay Rs 714. For two-wheelers having an engine capacity between 150cc and 350cc, the cost of the premium will be Rs 1,366. Those with engine capacities exceeding 350cc, third party motor insurance premium will be Rs 2,804.

The rates were not revised after the financial year 2019-20 due to the impact of COVID-19 pandemic.

India Post Payments Bank charges -- India Post Payments Bank will levy service charges for its Aadhaar-Enabled Payment System (AePS) after the first three transactions each month. The first three transactions, which can include cash withdrawal, cash deposit, and mini statement, can be done free of charges. Thereafter, the customer will be charged Rs 20 plus GST per transaction for cash withdrawals and cash deposits and Rs 5 plus GST for each mini statement transaction. The new service charges will come into effect from June 15, 2022.

ATF price hike – Prices of aviation turbine fuel (ATF) are revised on the first and sixteenth of every month. It was hiked by 5.29 percent, or Rs 6,188.25 per kilolitre, on May 16, taking the total to an all-time high of Rs 1,23,039.71 per kilolitre. This was the tenth straight increase of the year in ATF prices. The increase will make flying expensive.