Business Standard brings to you a list of products and services that might either pinch your pockets or ease your expenses from the month of August.
What becomes cheaper from today?
1. HDFC home loans
Mortgage lender HDFC has cut its retail prime lending rates on housing loans by 10 basis points (bps) with effect from August 1 i.e., today for all existing customers.
For new customers, interest charged on loans up to Rs 30 lakh will be 8.6 per cent from today. Similarly, for loans above Rs 30 lakh and up to Rs 75 lakh, interest rate charged will be 8.85 per cent and for loans above Rs 75 lakh, the interest charged will be 8.9 per cent.
For women borrowers, there is an extra 5 bps discount in each category of loans.
2. Non-subsided LPG cylinder
Non-subsidised cooking gas price has been cut by Rs 62.50 per cylinder on softening international rates. Non-subsidised or market priced LPG, which consumers buy after exhausting their quota of 12 cylinders of 14.2-kilogram each at subsidised rates, will now cost Rs 574.50 with effect from today.
3. SBI's deposit rate
The country’s largest bank SBI has lowered its bank fixed deposit or FD interest rates with effect from today. SBI has slashed interest rates on fixed deposits by 20 to 75 basis points across all maturities amid a fall in the interest rate across the financial system and improving liquidity in the banking system. Also from today, SBI will remove charges on money transfer through IMPS or Immediate Payment Service (IMPS) to boost digital transactions. More than 60 million customers use SBI's internet banking facility. SBI will also waive IMPS charges for fund transfer up to Rs 1,000 through branch banking.
4. Electric vehicles
The GST Council on June 27 reduced the rate on EVs from 12 per cent to 5 per cent and on EV chargers from 18 per cent to 5 per cent, effective from August 1. The cut is likely to bring cheer to India’s fledgling EV industry.
What becomes more expensive from today?
1. Hyundai Motor India cars
Hyundai Motor India will increase vehicle prices on all models by up to Rs 9,200 from today on account of increase in input costs following new safety regulations in cars, Hyundai Motor India Ltd (HMIL) said in a statement.
The company currently sells a range of models from the Santro hatchback to Tucson SUV - priced between Rs 3.9 lakh and Rs 26.95 lakh (all prices ex-showroom Delhi).
2. Bajaj Auto motorcycles
Bajaj Auto has revised the prices across most motorcycles in its line-up by up Rs 2,950. This includes the Bajaj Pulsar line-up, Discover range and even the entry-level Platina motorcycles. The Bajaj Pulsar 150 Neon gets the highest price increase of Rs 2,950 and now starts at Rs 71,200.
3. Mercedes-Benz India cars
Mercedes-Benz India has announced an increase in prices for select model range in India. With effect from August 2019, select Mercedes-Benz cars will see an upward revision in prices, up to 3 per cent across the model range. While the company hasn't shared the list of models that will see the price hike next month, the carmaker does mention that the current increase in customs duty on automotive parts and additional cess and excise duty on fuel has led to the price hike.