A series of financial rules will take effect from June 1. These are expected to impact individuals and businesses 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.
Here is a list of important 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.
This will also 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 June 15. 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 June 15 of the relevant year. For instance, for the financial year 2024-25, Form 16 should be issued by June 15,2025.
June 14, 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 June 1. From this date, FD rates will range from 4 percent to 8.4 percent for deposits under ₹3 crore.
Some banks will introduce credit card fees and rule changes from June.
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 June 10. Lounge access will be given through vouchers based on quarterly spending instead of direct card swipes.
From 20 June, 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.