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India Today
an hour 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
an hour 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.
Yahoo
2 hours ago
- Business
- Yahoo
Fed chair tells Trump policy will not be politically influenced
May 30 (UPI) -- The Federal Reserve chair, Jerome Powell, has told President Donald Trump that monetary policy will not be influenced by politics. Powell and Trump had a meeting Thursday as the president has been pressuring the central bank to lower interest rates. A statement published by the Reserve following the meeting said that Powell and Trump discussed economic issues, including growth, employment and inflation. What Powell did not discuss was his expectation for monetary policy, according to the sternly worded statement, "except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook." "Chairman Powell said that he and his colleagues on the [Federal Open Market Committee] will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective and non-political analysis," the statement said. The meeting was held at Trump's invitation, it added. White House press secretary Karoline Leavitt confirmed during a press conference Thursday that Trump saw the statement and that it was "correct." "However, the president did say that he believes the Fed chair is making a mistake by not lowering interest rates, which is putting us at an economic disadvantage to China and other countries," she said. The announcement comes as the Trump administration has been seeking to influence Powell and the Fed to lower interest rates. The Fed has steadily cut the interest rate from a high of 5.5% since the summer of 2024 but has maintained a lending rate of between 4.25% and 4.5% throughout the Trump administration due to uncertainty over the president's ever-changing tariff policies. The Fed issued its most recent hold on the interest rate earlier this month over concerns about tariff-related inflation and slower economic growth. "Uncertainty about the economic outlook has increased further," the Fed said in its May 7 statement. Trump has repeatedly lashed out at the Fed and Powell. On May 2, he took to his Truth Social platform to broadcast "THE FED SHOULD LOWER ITS RATE!!!" As a reason, he pointed to a recent drop in gas prices. After the Fed maintained its interest rate hold about a week later, Trump called Powell "a FOOL, who doesn't have a clue."
UPI
2 hours ago
- Business
- UPI
Fed chair tells Trump policy will not be politically influenced
Federal Reserve Chair Jerome Powell had a meeting with President Donald Trump on Thursday. File Photo by Annabelle Gordon/UPI | License Photo May 30 (UPI) -- The Federal Reserve chair, Jerome Powell, has told President Donald Trump that monetary policy will not be influenced by politics. Powell and Trump had a meeting Thursday as the president has been pressuring the central bank to lower interest rates. A statement published by the Reserve following the meeting said that Powell and Trump discussed economic issues, including growth, employment and inflation. What Powell did not discuss was his expectation for monetary policy, according to the sternly worded statement, "except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook." "Chairman Powell said that he and his colleagues on the [Federal Open Market Committee] will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective and non-political analysis," the statement said. The meeting was held at Trump's invitation, it added. White House press secretary Karoline Leavitt confirmed during a press conference Thursday that Trump saw the statement and that it was "correct." "However, the president did say that he believes the Fed chair is making a mistake by not lowering interest rates, which is putting us at an economic disadvantage to China and other countries," she said. The announcement comes as the Trump administration has been seeking to influence Powell and the Fed to lower interest rates. The Fed has steadily cut the interest rate from a high of 5.5% since the summer of 2024 but has maintained a lending rate of between 4.25% and 4.5% throughout the Trump administration due to uncertainty over the president's ever-changing tariff policies. The Fed issued its most recent hold on the interest rate earlier this month over concerns about tariff-related inflation and slower economic growth. "Uncertainty about the economic outlook has increased further," the Fed said in its May 7 statement. Trump has repeatedly lashed out at the Fed and Powell. On May 2, he took to his Truth Social platform to broadcast "THE FED SHOULD LOWER ITS RATE!!!" As a reason, he pointed to a recent drop in gas prices. After the Fed maintained its interest rate hold about a week later, Trump called Powell "a FOOL, who doesn't have a clue."
Yahoo
3 hours ago
- General
- Yahoo
6 gray whales found dead in a week in San Francisco Bay
May 30 (UPI) -- Six gray whales have been found dead in the wider San Francisco Bay Area in the last seven days, raising the total number of dead whales in the region to 15 for the year. According to a joint Wednesday statement from the California Academy of Sciences and The Marine Mammal Center, the most recent gray whale was found on Wednesday. The carcass was found near Alamere Falls at Point Reyes National Seashore, they said. Two whales were discovered on Monday, one near Alcatraz and the other near Point Bonita. A whale was discovered near Berkeley on Saturday, one near Fisherman's Bay on May 22 and one near Bolinas on May 21. Of the six whales, only the one found near Bolinas -- a yearling -- received a partial necropsy, the results of which were inconclusive, the organizations said. For the year, there have been 14 gray whales and one minke whale found dead in the San Francisco Bay Area. The organizations said suspected or probable vessel strikes appear to be the cause of death for three of the gray whales. "The Academy and partners at the Center have not responded to this many dead gray whales since the height of the Unusual Mortality Event in 2019," the statement said. The UME saw hundreds of gray whales become stranded along the west coat of North America between Dec. 17, 2018, to Nov. 9, 2023. The National Oceanic and Atmospheric Administration reported a total 690 whales died during the UME in the United States, Mexico and Canada. The centers said they had responded to 14 stranded whales in 2019 and 15 in 2021. The increase in deaths comes amid what the organizations described as "an unusually high number" of whale sightings this year in the San Francisco Bay Area. They said 33 individual gray whales have been confirmed in the bay area via photo identification this year, which is up from six gray whales sighted in the bay for all of last year. "The reason or potential reasons behind the massive spike in sightings this year are still being investigated by researchers," it said. "It is expected that gray whales will be in the bay for another one to two weeks before continuing their annual northern migration to Arctic feeding grounds."
