From EPFO To Form 16 To Mutual Fund, Credit Card Rules: Know Key Financial Changes From June 1
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Starting June 1, 2025, new rules will affect mutual funds, credit cards, and FD. SEBI revised cut-off times, banks updated credit card policies, and EPFO 3.0 will launch.
Starting June 1, 2025, several financial rule changes will take effect that could impact your finances. From mutual fund regulations to credit card updates, EPFO advancements, and fixed deposit interest rate revisions, here are the key personal finance changes to be aware of.
SEBI's New Rules for Overnight Mutual Funds
The Securities and Exchange Board of India (SEBI) has revised the cut-off timings for overnight mutual fund schemes. Effective June 1, 2025, the new cut-off time will be 3 pm for offline transactions and 7 pm for online transactions. Transactions made after these times will be processed the next business day, potentially affecting the applicable net asset value (NAV). Overnight mutual funds invest in government securities maturing in one day and are favoured for their low-risk profile. This move aims to streamline fund operations, particularly for pledging.
Credit Card Rule Changes
Credit card users, especially those with Kotak Mahindra Bank, HDFC Bank, and Axis Bank cards, should note several changes this month.
From 1 June, Kotak Mahindra Bank will introduce caps on reward points across categories such as fuel, rent, utility bills, and insurance. A 1% transaction fee will apply to fuel payments exceeding the monthly threshold. Rent and education payments will also incur a 1% charge regardless of the amount. Other charges will apply to wallet loads and online gaming.
From 10 June, HDFC Bank will revise its lounge access policy for Tata Neu Infinity and Tata Neu Plus cardholders. Lounge access will be offered via vouchers based on spending, replacing the previous swipe-based system.
EPFO 3.0 Expected Rollout
The Employees' Provident Fund Organisation (EPFO) is expected to launch EPFO 3.0 in June, according to DD News. It is expected to facilitate instant PF withdrawals through ATMs and UPI, balance checks via UPI apps, and faster claim processing. A more efficient grievance redressal system is also anticipated.
Form 16 Deadline For ITR Filing
The deadline for employers to issue Form 16 to salaried employees is June 15. This certificate is crucial for income tax return filing.
Aadhaar Deadline
June 14 is the last day for free Aadhaar detail updates on the myAadhaar portal. Subsequently, updates will cost Rs 25 online and Rs 50 at Aadhaar centres.
LPG Price Revision
Oil companies revise LPG cylinder prices on the first of each month. Following a price cut in May, a new update is expected on June 1.
FD Interest Rate Cuts
Suryoday Small Finance Bank will reduce its fixed deposit rates by up to 60 basis points from June 1 for deposits below Rs 3 crore. The new rates will range from 4% to 8.4%.
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