New Rules From June 1: The month of June can be important for your budget in many ways. Many financial and user-service related rules are going to change from June 1, 2025. These include changes from bank FD, credit card, LPG gas, PF withdrawal, Aadhaar update to ATM and mutual funds. Let us know those 10 big changes that can affect your pocket and planning.
1. EPFO 3.0 will be launched – PF withdrawal will be easier
EPFO is launching a new version EPFO 3.0 from June 1. With this, PF withdrawal, KYC update and claim process will be faster and easier than before. The special thing is that EPF related cards can also be used like ATM cards.
2. Change in FD interest rates is possible
Banks may change the interest rates of fixed deposits and loans in June. The Reserve Bank’s possible repo rate cut may reduce FD rates. For example, Suryoday Small Finance Bank has reduced the interest on 5-year FD from 8.6% to 8%.
3. Changes in credit card rewards and charges
There will be changes in the credit card rules of Kotak Mahindra Bank and other banks from June 1. Reward point limits can be fixed, penalty for auto-debit failure can be reduced and extra charges can be levied on fuel/utility payments.
4. LPG cylinder prices will change
The prices of LPG cylinders are reviewed on the first of every month. On June 1, the prices of domestic and commercial gas may increase or decrease, which will directly affect your kitchen budget.
5.ATM transaction charges may increase
From June, the charges levied after the limit of free transactions from ATMs may increase. People who withdraw cash frequently will feel the impact of this change on their pockets.
6. New cut-off time in mutual funds
SEBI has implemented a new cut-off time for overnight mutual fund schemes. From June 1, the time will be 3 PM for offline transactions and 7 PM for online. Orders placed after this will be considered on the next working day.
7. Deadline for getting Aadhaar updated for free
The free update facility of Aadhaar card is available only till 14 June 2025. After this, a fee of ₹25 will be charged for online update and ₹50 at the center. Therefore, get your identity and address proof updated immediately.
8. Now the name of the real receiver will be visible in UPI transactions
NPCI has implemented a new rule under which while making UPI payment, the user will only see the banking name of the ‘Ultimate Beneficiary’ i.e. the real receiver. QR code or edited names will no longer be visible. All UPI apps will have to implement these rules by June 30.
Banks will remain closed for 12 days in June
According to RBI, there will be a total of 12 bank holidays in June 2025, which includes Sunday, second and fourth Saturday. Apart from this, banks will also remain closed on festivals like Bakrid. Do cash or banking planning in advance.
10. Paying utility bills through credit card can be expensive
Some banks have indicated that from June, extra charges may be levied on paying utility bills like electricity, water etc. using credit cards or the cashback terms may be changed.
