Changes That Come Into Effect From May 1, 2021

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oi-Roshni Agarwal

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As the new month commences there will come into effect from today (May 1, 2021) some of the personal finance changes as well as day to day things of importance, here we summarize all such changes that need your kind attention.

Changes That Come Into Effect From May 1, 2021

Changes That Come Into Effect From May 1, 2021

1. LPG rates:

Every month, state-run retailers change LPG rates based on international rates. For May month,prices remain unchanged. So, in the National Capital LPG rates are Rs. 809, similar is the price in Mumbai, while in Chennai and Kolkata, LPG cylinder is available Rs. 825 and Rs. 835.5, per cylinder, respectively.

2. Arogya Sanjeevani health insurance coverage being capped to Rs. 10 lakh

Amid raging pandemic and to bring in more people under the standardized health insurance coverage, IRDAI has asked insurance companies to limit the maximum cover to Rs. 10 lakh. It is an indemnity based health insurance plan offered by all general and health insurance companies. From today, the insurers have been advised to offer this health plan with a cover of between Rs. 50000 to Rs. 10 lakh.

3. Vaccination drive to get wider:

While few of the states such as Delhi have asked people to not unnecessarily queue because of the lack of jabs, the vaccination shall commence in few other states for all aged between 18 and 44 years.

4. SBI reduces home loan rates:

With effect from May 1, 2021, SBI after reinstating the previous high rate has now again slashed home loan rates. And the country’s leading lender will now offer home loan starting at 6.7 percent. The rate will be on the low side for loans up to Rs. 30 lakh and 6.95% for for loans above Rs 30 lakh and up to 75 lakh. The big-ticket loans above Rs 75 lakh would get home loans at 7.05%.

Further, women will get a special 5 bps concession. “Customers can also apply for a loan from the ease of their home via the YONO App to earn an additional interest concession of 5 bps,” the release stated.

In other development, the bank said if the KYC of the customer is not updated with the bank, it shall not freeze their accounts.

5. Axis Bank to charge for various services:

The private sector lender has also changed various charges for its savings account customers from today. Charges are in lieu of withdrawing amount in case the maximum free withdrawal limit from ATM has been exhausted. The charges decided have been Rs. 10/ Rs. 1000. Also, the minimum balance limit has been increased for the different savings account.

In case of salary account that are over six months old and do not recieve any credit there shall be charged a penalty of Rs. 100 per month.

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