New Rule from June 1: As we step into June 2025, several major changes in financial and public service rules are set to come into effect from June 1. These updates may directly impact your monthly budget, financial planning, and day-to-day transactions. From PF withdrawals to LPG cylinder prices, mutual funds, Aadhaar card updates, and credit card billing – here’s a detailed look at the 10 major rule changes from June 1 that you need to be aware of.
1. EPFO 3.0 to Launch – Easier PF Withdrawal & KYC Update
The Employees’ Provident Fund Organisation (EPFO) is set to roll out its upgraded platform, EPFO 3.0, from June 1. The new system promises faster and more streamlined PF withdrawals, quicker KYC updates, and simplified claim processes. Notably, EPF-linked cards—similar to debit cards—may also become operational, offering card-based transactions linked to your PF account.
2. Possible Changes in FD Interest Rates
With expectations of a repo rate revision by the Reserve Bank of India, banks may adjust their fixed deposit (FD) interest rates in June. Some banks like Suryoday Small Finance Bank have already revised rates – for instance, reducing the 5-year FD rate from 8.6% to 8%. If the trend continues, savers might need to reassess their fixed income strategies.
3. Credit Card Rewards and Charges to Change
Several banks, including Kotak Mahindra Bank, are revising their credit card rules from June 1. Changes may include:
- Caps on monthly reward points
- Reduced penalties for auto-debit failures
- Additional charges for fuel and utility bill payments using credit cards
Users should check their respective bank’s notification to avoid unexpected deductions or reduced benefits.
4. LPG Cylinder Prices to Be Revised
As per standard procedure, LPG (Liquefied Petroleum Gas) prices for both domestic and commercial cylinders are revised on the first day of every month. Any change on June 1 could directly impact your household expenses. Consumers are advised to check the latest rates for their region.
5. ATM Transaction Charges Likely to Increase
ATM users, beware! Banks may revise ATM transaction charges, especially those that apply after the free monthly transaction limit. Frequent cash withdrawers might see a noticeable increase in charges starting this month.
6. New Cut-off Time for Mutual Fund Orders
The Securities and Exchange Board of India (SEBI) has introduced a new cut-off time for overnight mutual fund schemes starting June 1. For offline transactions, the new deadline is 3 PM, while for online orders, it is 7 PM. Any transactions placed after these times will be processed the next working day.
7. Deadline for Free Aadhaar Card Update
The facility to update Aadhaar card details for free is available only until June 14, 2025. After this, the online update will cost ₹25, and offline updates at Aadhaar Seva Kendras will cost ₹50. Citizens are encouraged to update their identity and address proofs promptly to avoid charges.
8. New UPI Rule: Only Real Beneficiary Name Will Be Shown
The National Payments Corporation of India (NPCI) has issued a directive requiring all UPI platforms to display the real bank-registered name of the recipient during transactions. This means that aliases, QR code names, or edited profile names will no longer appear. The deadline for all UPI apps to implement this rule is June 30.
9. Bank Holidays in June – 12 Days Closed
As per the RBI calendar, banks will remain closed for 12 days in June 2025, including:
- All Sundays
- Second and fourth Saturdays
- Major festivals like Bakrid (Eid al-Adha)
Customers are advised to plan their cash withdrawals and banking tasks accordingly to avoid inconvenience.
10. Utility Bill Payments via Credit Card May Get Costlier
Several banks have indicated potential changes in cashback terms and transaction fees for utility bill payments (electricity, water, etc.) made via credit cards. From June, you might face extra charges or lose existing cashback benefits on such payments.
These rule changes are not just regulatory updates; they can significantly affect your personal finances and everyday decisions. Whether it’s optimizing your investment returns, reducing avoidable charges, or ensuring your Aadhaar is up to date – being informed and acting early can help you stay ahead.
