Starting June 1, several significant financial changes are being implemented in India, aimed at enhancing transparency, efficiency, and consumer convenience. One of the notable changes is the launch of EPFO 3.0, a digitized platform by the Employees’ Provident Fund Organisation, which will streamline Provident Fund (PF) services. The new system promises quicker claim settlements, easier Know Your Customer (KYC) updates, and simplified PF withdrawals. Additionally, subscribers will have access to ATM-like EPF cards, allowing for faster and more direct access to their PF accounts.
Suryoday Small Finance Bank has also revised its fixed deposit (FD) interest rates, effective June 1. The bank will now offer interest rates ranging from 4% to 8.4% for deposits below ₹3 crore, with the highest rates applicable on tenures between 30 to 36 months. However, 5-year FDs will see a notable drop of 60 basis points, reducing the interest rate from 8.6% to 8%. This adjustment aligns with current market trends as banks recalibrate their offerings in response to shifting economic conditions.
Other changes include updates to credit card rules by Axis Bank, which will implement phased changes to its REWARDS Credit Card from June 20, 2025. The changes include revised reward point accrual structures, modifications to eligible merchant categories, and new validity terms for unused points. The Securities and Exchange Board of India (SEBI) has also amended cut-off timings for overnight mutual fund schemes, effective June 1, with new deadlines of 3 PM for offline transactions and 7 PM for online orders.
Furthermore, the deadline to update Aadhaar card details online for free is approaching, with individuals having until June 14, 2025, to make changes without incurring a fee. Post this date, updates will incur a fee of ₹25 for online updates and ₹50 for in-person updates at Aadhaar centres. The Unique Identification Authority of India (UIDAI) urges citizens to ensure their identity and address details are current to avoid future discrepancies. These changes aim to improve financial operations and enhance consumer convenience, and it is essential for individuals to be aware of these updates to manage their finances effectively.