Latest news with #Employees'ProvidentFundOrganisation
India Today
a day ago
- Business
- India Today
From UPI and ATM withdrawals to online corrections: 5 expected features of EPFO 3.0
The way you withdraw your EPF money is about to change—and for the better. Starting June 2025, the Employees' Provident Fund Organisation (EPFO) may roll out a new version of its services, called EPFO 3.0. This new system aims to make PF withdrawals quicker, smoother, and more members might soon be able to withdraw their money instantly using UPI or even directly from ATMs. No more waiting for days or filling out long claim modernisation effort is being executed with the backing of the Ministry of Labour and Employment and has secured approval from the National Payments Corporation of India (NPCI). Here's a simple look at what EPFO 3.0 might UPI AND ATM WITHDRAWALSThe integration of UPI and ATM services is expected to significantly expedite the withdrawal process for EPF members. At present, withdrawing PF money involves online claims and waiting for approvals, which can take several days or even weeks. With the UPI feature, you'll be able to withdraw up to Rs 1 lakh instantly, especially helpful during also be able to check your PF balance through UPI apps and once your claim is approved, you might be able to withdraw your PF just like you withdraw cash from a bank ATM. This will make access to your savings much easier and CLAIM SETTLEMENTSadvertisementEPFO 3.0 will likely have an automatic claim settlement system. This means less paperwork and fewer delays, as your claims will be processed by the system directly, without manual checks in most CORRECTIONS MADE EASIERIn addition to financial transaction enhancements, EPFO 3.0 will allow subscribers to make digital corrections to their account details online. This includes updates such as changes in name or date of birth, which can now be done seamlessly without the need for traditional form-based OTP-based verification will be introduced to enhance security and convenience for information GRIEVANCE REDRESSALA faster and more responsive grievance redressal mechanism is another feature of the revamped system. This change is intended to address subscriber complaints more swiftly and effectively, providing a better service experience to EPF new system promises to handle grievances with increased efficiency, reducing the frustration often associated with prolonged complaint WITHDRAWAL SCOPECurrently, EPF withdrawals are limited to specific life events such as medical emergencies, housing needs, education, and updated EPFO 3.0 system proposes to broaden this scope, allowing employees to access their PF savings for additional critical life events. This expansion is designed to offer more financial flexibility and responsiveness to the evolving needs of employees, ensuring that they can better manage financial EPFO 3.0 is aiming to put more power in your hands, giving you quicker access to your own money and improving how the system works for Watch
Mint
a day ago
- Business
- Mint
From EPFO 3.0 to free Aadhaar update & more: Key money rule changes from 1 June 2025 that could affect your wallet
Money rule changes from 1 June 2025: A series of financial rules will be introduced from 1 June 2025, onwards, expected to impact individuals and businesses actively engaged in the financial sector. The introduction of the Employees' Provident Fund Organisation (EPFO) 3.0 system, the TDS deadline, and Sebi's new cut-off timings for overnight mutual fund schemes are some of the personal finance rules and initiatives that will be implemented from June 2025 onwards. Here is a list of important 1 June money rule changes that all individuals and businesses must know: The Employees' Provident Fund Organisation is likely to introduce EPFO 3.0, which is expected to enable EPF members to withdraw PF funds instantly through UPI and ATMs, aiming to eliminate the lengthy process of withdrawal, according to a report by DD News. Additionally, the latest system will enable EPF members to check their provident fund balance directly on UPI platforms and transfer funds to their preferred bank accounts. The deadline for issuance of the tax deduction at source (TDS) certificate under Form 16 is 15 June 2025. Form 16 is a certificate provided by employers to salaried employees, confirming that tax has been deducted from their salary. Essentially, it serves as proof that the deducted tax has been submitted to the income tax department. This certificate must be issued by 15 June of the relevant year. For instance, for the financial year 2024-25, Form 16 should be issued by 15 June 2025. 14 June 2025 is the final date to update Aadhaar details for free on the myAadhaar portal. After this date, a fee of ₹ 25 will be applicable on all online updates and ₹ 50 for updates at physical Aadhaar centres. The market regulator has introduced new cut-off timings for overnight mutual fund schemes from 1 June 2025 onwards. The revised cut-off time aims to bring transparency and consistency in the net asset value (NAV) calculation process. From 1 June 2025 onwards, the cut-off times for overnight mutual fund schemes will be 3 PM for offline transactions and 7 PM for online transactions. Suryoday Small Finance Bank will reduce interest rates on fixed deposits from 1 June 2025 onwards. From this date, FD rates will range from 4 per cent to 8.4 per cent for deposits under ₹ 3 crore. Some banks will introduce credit card fees and rule changes from June 2025 onwards. Kotak Mahindra Bank will revise its credit card fee structure from 1 June 2025 onwards. These changes include new fees for services such as standing instruction failures and dynamic currency conversion. Moreover, the bank will introduce a new approach for determining the Minimum Amount Due, which is the smallest amount that must be paid every month to avoid late payment fees. HDFC Bank will revise its lounge access policy for Tata Neu Infinity and Tata Neu Plus credit cardholders from 10 June 2025 onwards. As per the revised policy, lounge access will be granted through vouchers based on quarterly spending instead of direct card swipes. From 20 June 2025 onwards, Axis Bank will introduce phased adjustments to its REWARDS Credit Card. The adjustments involve alterations to reward points, cashback percentages, lounge access, and spending categories for certain cards.
India Today
2 days ago
- Business
- India Today
From PF access to free Aadhaar update: 5 key financial changes in June 2025
Starting June 1, 2025, several significant financial changes will take effect across India, impacting aspects such as savings, credit card rules, and provident fund (PF) access, among 3.0 GOES LIVEAmong the most notable changes is the launch of the upgraded EPFO 3.0 system by the Employees' Provident Fund Organisation from June new system aims to simplify the process of PF withdrawals, streamline Know Your Customer (KYC) updates, and expedite claim processing. A key feature of this update is the introduction of ATM-like cards, facilitating easier and quicker access to EPF funds for FIXED DEPOSITS RATES Suryoday Small Finance Bank joins other financial institutions in lowering interest rates on fixed deposits (FDs). From June 1, 2025, the bank will offer interest rates ranging from 4% to 8.4% for deposits below Rs 3 crore, with the highest rate applicable to tenures between 30 to 36 the interest rate for 5-year FDs will decrease by 60 basis points, dropping from 8.6% to 8%. This shift reflects broader market trends as banks adjust to changing economic IN CREDIT CARD RULESStarting June 20, 2025, Axis Bank will introduce phased changes to its REWARDS Credit Card. Key changes involve point accrual rules, merchant category revisions, and changes in the validity of reward update will help cardholders better comprehend their card benefits and manage their spending more NEW RULES FOR MUTUAL FUNDSadvertisementIn the realm of mutual funds, the Securities and Exchange Board of India (Sebi) has introduced changes to the cut-off timings for overnight mutual fund schemes, starting June 1, new cut-off times are set at 3 PM for offline transactions and 7 PM for online transactions. Any order made after these times will be processed the next working day and may get a different NAV than expected. This adjustment is expected to enhance the management of client funds and the movement of CARD UPDATE DEADLINEThe deadline to update your Aadhaar details online for free is June 14, 2025. Those who fail to update their identity and address proof documents by this date will incur a fee of Rs 25 for updates through the online portal or Rs 50 at physical Aadhaar centres. This deadline underscores the importance of maintaining up-to-date personal information in official the implementation of these rules reflects ongoing efforts to optimise financial systems in India. Stakeholders are encouraged to review these changes closely to ensure compliance and maximise their financial advantages.
Indian Express
3 days ago
- Business
- Indian Express
EPFO head office flags ‘exceptionally high' rejection of higher pension applications
The Employees' Provident Fund Organisation (EPFO) head office has written to its field formations flagging the 'exceptionally high' rejection of application vis-à-vis issuance of demand letters in the case of higher pension cases. The missive, dated May 23, has come after the Ministry of Labour and Employment instructions to the retirement fund body to undertake an audit for all such cases of rejection of higher pension applications. A total of 17.49 lakh applications were received for the higher pension option after the Supreme Court directed the EPFO to open a window for pensioners and members to apply for it. Out of the 17.49 lakh applications, 1.02 lakh applications were referred back to employers for complete information and demand letters were issued to 3.68 lakh applicants as of March 31 this year, an official told The Indian Express. Over 1 lakh pensioners have deposited the additional amount sought by the EPFO and over 47,000 members, who are still in service, have also deposited the higher amount, the official said. As per the data at the end of the previous financial year, the EPFO has issued over 34,500 pension payment orders (PPOs), out of which around 19,000 are in process, the official said. In its letter, the EPFO head office stated that it has received numerous grievances from stakeholders regarding the rejection of applications due to minor deficiencies that could have been rectified by employers if they had been provided with adequate guidance and opportunity to address them. 'Arbitrary rejections at various offices have resulted in a number of complaints and have made it difficult for the Head Office to respond effectively. Officers are advised to ensure that applications are processed strictly adhering to the guidelines and instructions provided by the head office. Rejections should be based on substantial and justifiable reasons, and applicants must be given adequate opportunity to rectify minor deficiencies in their submissions. Employers and employees should be adequately facilitated to comply with the requirements, thereby ensuring fair and efficient processing of applications,' the letter stated. The SC in a ruling on November 4, 2022 had upheld the amendments to the Employees' Pension (Amendment) Scheme, 2014, providing another chance for employees who were existing EPS members as on September 1, 2014, to contribute up to 8.33 per cent of their 'actual' salaries — as against 8.33 per cent of the pensionable salary capped at Rs 15,000 a month — towards pension. Applications that are complete with the required information are processed and demand letters issued by the EPFO indicate the additional due amounts to the pension fund. If the applicants for higher pension under EPS have the due amount available in their provident fund accounts maintained with the EPFO, then only a diversion is required. In cases where the due amount is not available with the EPFO, then it has to be deposited by the member directly or through the employer. In the letter sent last week, the EPFO head office also pointed out instances of rejections wherein the exempted provident fund trust rules did not contain any explicit bar on contribution to EPS 95 beyond wage ceiling or cases where the interpretation of the term 'wages' have been interpreted incorrectly. 'There are even references where the process of verification has been converted into a probing exercise to look out for justification for rejection of applications,' it said. The EPFO letter noted that the Ministry of Labour and Employment has asked the retirement fund body to carry out an audit by a specialised team of chartered accountants empanelled under Comptroller and Auditor General (CAG). The EPFO might also deploy its own audit teams to examine cases of rejection, especially those which are under litigation, it said, asking officers to review the cases and take necessary action. Earlier, in January this year, the EPFO head office in a letter to its field offices had said that despite issuance of several circulars and clarifications to facilitate the prompt disposal of higher pension applications, the 'overall progress remains below expectations due to delays in disposal of applications'. The EPFO head office had set fresh deadlines of January 24 and February 7 for its field offices to complete processing of the higher pension applications. 'For offices having less than 5,000 applications with joint options, the final deadline for completing the examination of all pending applications will be January 25, 2025. For all other offices the deadline is set for February 7, 2025. All clear cases for PPO issuance should be completed at all offices by January 24, 2025,' the EPFO chief had said in his letter. Nov-end 2024 Mar-end 2025 Demand letters issued 1.19 lakh 3.68 lakh Pension Payment Orders 16,282 34,500 Aanchal Magazine is Senior Assistant Editor with The Indian Express and reports on the macro economy and fiscal policy, with a special focus on economic science, labour trends, taxation and revenue metrics. With over 13 years of newsroom experience, she has also reported in detail on macroeconomic data such as trends and policy actions related to inflation, GDP growth and fiscal arithmetic. Interested in the history of her homeland, Kashmir, she likes to read about its culture and tradition in her spare time, along with trying to map the journeys of displacement from there. ... Read More
NDTV
3 days ago
- Business
- NDTV
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.
