Latest news with #EPFO3.0
NDTV
19 hours ago
- Business
- NDTV
All About EPFO 3.0: From ATM Withdrawals To Faster Claim Settlements
In a major digital push aimed at improving accessibility and efficiency for salaried employees, the Employees' Provident Fund Organisation (EPFO) is set to roll out EPFO 3.0 in June 2025, according to a report by DD News. The platform is expected to bring several key changes to how provident fund subscribers access and manage their savings, including ATM withdrawals, auto-claim settlements, and OTP-based account updates. What to Expect from EPFO 3.0: ATM Withdrawals: In a first-of-its-kind move, subscribers may soon be able to withdraw EPF funds via ATMs, similar to a standard bank transaction. This feature is expected to go live after the approval and settlement of claims, giving users more direct access to their funds. Faster, Automated Claim Settlements: The upcoming version will include auto-claim settlement, significantly cutting down processing times and manual intervention. This is expected to speed up the transfer of funds into users' bank accounts. Digital Account Corrections: EPF account holders will soon be able to digitally update personal details such as name, date of birth, and other key information, eliminating the need for physical form submissions. OTP-Based Verification: Account updates will be made simpler through OTP-based authentication, streamlining the verification process and replacing older, form-based systems. Improved Grievance Redressal: The EPFO is also working on upgrading its grievance redressal system, aiming to address user concerns more efficiently through the new platform. Social Security Integration and Healthcare Expansion: EPFO 3.0 is part of a broader plan to create a unified social security framework. Efforts are underway to integrate central government welfare schemes such as the Atal Pension Yojana, Pradhan Mantri Jeevan Bima Yojana, and Shramik Jan Dhan Yojana into the EPFO ecosystem. In parallel, the Employees' State Insurance Corporation (ESIC) is also strengthening its healthcare offerings. Beneficiaries may soon be eligible for free treatment at hospitals under the Ayushman Bharat scheme, including both public and empanelled private facilities. Currently, ESIC provides healthcare coverage to nearly 18 crore individuals through its network of 165 hospitals. With EPFO 3.0, the government is aiming to modernise India's social security landscape by making it more accessible, integrated, and user-friendly for workers across sectors.
India.com
a day ago
- Business
- India.com
Key Financial Changes From June 1, 2025: From EPFO 3.0 To Form 16, New Credit Card Rules, FD Rates, Aadhaar And Income Tax Deadline
photoDetails english 2909387 Key Financial Changes In June 2025: As we approaches June 2025, a series of important financial changes will take effect from today June 1, and they may directly impact how you manage your day-to-day money matters. The new changes are expected to impact individuals and businesses actively engaged in the financial sector. These updates touch on several key areas, including credit card usage, ATM withdrawal charges, LPG prices, fixed deposit interest rates, and Aadhaar car updates. Adding further, the RBI is likely to announce an interest rate cut on June 6 during the monetary policy announcement. Updated:Jun 01, 2025, 02:09 PM IST ICICI Bank FD Rates 1 / 7 Several banks have revised their fixed deposit (FD) interest rates effective June 1. ICICI Bank has reduced rates by up to 20 basis points on select tenures, with senior citizens now earning a maximum of 7.35%. Similarly, Suryoday Small Finance Bank has cut its highest rate for senior citizens from 9.1% to 8.4 per cent on 5-year FDs. Depositors are advised to review the updated rates carefully and consider strategies like FD laddering or exploring small finance banks to secure better returns. Income Tax Deadline 2 / 7 Employers must issue Form 16, the TDS certificate for salaried employees, by June 15, 2025. This document is essential for filing income tax returns and verifying tax deductions for the financial year 2024–25. EPFO 3.0 Likely Coming Soon 3 / 7 The EPFO is expected to launch EPFO 3.0, allowing instant PF withdrawals via UPI and ATMs. Users will also be able to check their PF balance and transfer funds directly through UPI platforms for added convenience. Free Aadhaar Updates End June 14, 2025 4 / 7 Online Aadhaar updates—like address or identity proof—will remain free only until June 14, 2025. After this date, charges will apply. Users should log into the myAadhaar portal to ensure all personal details are accurate and up to date. New Credit Card Rules From June 1 5 / 7 From June 1, some banks may impose additional fees for utility and fuel payments via credit cards. Reward points may be capped, and international charges or auto-debit penalties revised. Customers should check updated policies with their banks. SEBI Revises Cut-off Timings For Overnight Mutual Funds 6 / 7 From June 1, 2025, SEBI has updated the transaction cut-off timings for overnight mutual funds to 3 PM for offline and 7 PM for online modes. Investors must complete transactions before these times to receive same-day processing. UPI Name Verification Mandatory from June 30 7 / 7 The NPCI has mandated that all UPI apps must display the verified name of the beneficiary from June 30. This change aims to prevent fraud and mistaken payments by improving transparency in peer-to-peer transactions.
News18
2 days ago
- Business
- News18
EPFO 3.0: When Will PF Withdrawal Via UPI, ATM Begin? All You Need To Know
Last Updated: One of the most-anticipated features of the EPFO 3.0 is the ability for EPF subscribers to withdraw funds via UPI and ATM, which could revolutionise how PF is managed and accessed. In a significant step towards enhancing funds accessibility for salaried employees, the Employees' Provident Fund Organisation (EPFO) is likely to launch EPFO 3.0 in June 2025, according to a DD News report. One of the most anticipated features of this digital transformation is the facility for EPF subscribers to withdraw funds using UPI and ATMs, potentially revolutionising provident fund (PF) account management and access. What is EPFO 3.0? EPFO 3.0 represents a comprehensive digital upgrade to the current EPF system. While existing systems require members to log in through the EPFO portal and submit claims processed over several days, version 3.0 is expected to significantly reduce turnaround time and offer real-time access to funds through user-friendly platforms like ATMs and UPI apps. This marks a shift from a partially manual process to a seamless digital interface. How Will ATM and UPI Withdrawals Work? Though the precise operational details are awaited, the EPFO 3.0 upgrade is expected to integrate PF accounts with the broader financial infrastructure supporting the Unified Payments Interface (UPI) and ATM networks. This would allow subscribers to withdraw eligible EPF funds directly via UPI apps or bank ATMs, possibly using a secure PIN or Aadhaar-based verification. Withdrawal limits and conditions are likely to be implemented to ensure fund safety and compliance. Benefits of Digital Withdrawals Experts suggest the new digital withdrawal methods promise multiple benefits. Firstly, it enhances convenience by eliminating paperwork and lengthy waiting periods. Secondly, it enables anytime, anywhere access to EPF savings, crucial in emergencies. Thirdly, it aligns with the broader vision of Digital India and financial inclusion by integrating government-backed savings schemes with the digital financial ecosystem commonly used by most Indians. Implementation Timeline and Future Outlook As per the DD News report, the launch of EPFO 3.0 is anticipated in June 2025, though an official confirmation of the date is pending. A phased rollout or pilot testing in select regions may precede nationwide implementation. This development is likely to impact over six crore EPF account holders across India. First Published:
Economic Times
2 days ago
- Business
- Economic Times
Saturday bank holiday: Are banks open or closed today, May 31, 2025?
ET Online Saturday bank holiday Many people are often confused about whether the fifth Saturday of the month is a bank holiday. This is largely due to the Reserve Bank of India (RBI) rules governing bank holidays in India. According to RBI rules, banks are closed on the second and fourth Saturdays and Sundays of every month. Since not every month has a fifth Saturday, its irregular occurrence adds to the to RBI guidelines, the first, third, and fifth Saturdays of each month are working days for banks, unless they coincide with a public holiday or festival. This means that today (May 31, 2025) is a working day for banks as per RBI guidelines for all scheduled and non-scheduled banks. Bank holidays in June 2025: Check full list of state-wise bank holidays Bank customers can visit their nearest bank branch to conduct their banking transactions that require their physical presence. Here are some of the transactions for which you may need to visit bank: Cash deposit (especially large amounts): While ATMs allow deposits, large sums or deposits into certain accounts may need to be done at the branch. EPFO 3.0 roll out, free Aadhaar update, Form 16 for ITR filing: 7 money changes in June 2025; check details here Cash withdrawal (above ATM limits): For amounts exceeding ATM withdrawal limits or for specific denominations, a visit to a bank branch is required Opening or closing accounts: Account opening or closure usually involves in-person verification and signatures, which requires a bank visit. Loan application and document submission: Though online applications are possible, physical visits are often needed for signing documents, submitting hard copies, or verification. High-value Demand Draft (DD): DDs and pay orders for high amounts typically require branch visits and ID proof. KYC in bank account: At times, you may require a visit to a bank branch to undergo the periodic KYC and ensure the bank account is not held inactive. A bank holiday no longer disrupts access to essential financial services due to the rise of digital banking. Whether you need to transfer funds, pay bills, or check your account balance, digital banking has you covered. A bank customer can access digital banking options in various ways, including Net Banking, UPI apps, and mobile banking NetBanking, using NEFT, RTGS, and IMPS, which are operational 24/7, you can transfer funds instantly, even on bank holidays. This is particularly helpful for emergencies or last-minute payments. Further, money transfer can be via UPI apps as we enter the month of June, banks will remain closed on various occasions depending on the state, including festivals such as Id-ul-Ad'ha (Bakrid), Bakri Id (Id-Uz-Zuha), Sant Guru Kabir Jayanti, Saga Dawa, Ratha Yatra (Kang Rathajatra), and Remna the list below to know the dates
News18
2 days ago
- Business
- News18
From EPFO To Form 16 To Mutual Fund, Credit Card Rules: Know Key Financial Changes From June 1
Last Updated: 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%. First Published:
