From EPFO To Fixed Deposit Rate Change: Key Financial Changes From June 1
Starting June 1, 2025, several important financial changes will come into effect in India, potentially impacting your savings, credit card usage, and Provident Fund access. Here's what to expect:
EPFO 3.0 Rollout
The Employees' Provident Fund Organisation will launch its upgraded EPFO 3.0 system from June 1. The new system aims to simplify PF withdrawals, streamline KYC updates, and speed up claim processing. A major highlight is the planned introduction of ATM-like cards to enable easier and quicker access to EPF funds.
Axis Bank Credit Card Rule Updates
From June 20, Axis Bank will revise how it classifies credit card transactions. The update will clarify which transactions are excluded from reward points and fee waivers, helping customers better understand their card benefits.
Fixed Deposit Interest Rate Revisions
Banks such as HDFC Bank and Axis Bank have already reduced their FD interest rates, and more banks may follow from June 1. With current rates ranging between 6.5% and 7.5%, financial experts advise investors to **lock in their deposits now to secure higher returns before potential rate cuts.
In May, customers had to shell out a little extra while withdrawing cash from ATMs. After exhausting their free monthly limit, they were required to pay Rs 23 per transaction, up from the earlier Rs 21.
Customers were allowed:
Five free transactions per month (both financial and non-financial) at ATMs of their own bank.
Three free transactions per month at ATMs of other banks in metro cities.
Five free transactions per month at ATMs of other banks in non-metro areas.
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