- By Aditya Pratap Singh
- Thu, 29 May 2025 03:51 PM (IST)
- Source:JND
Rule Changing From June 2025: A number of important financial changes will take effect in India on June 1, 2025, and may have an impact on your daily money management, from credit card benefits and Provident Fund access to fixed deposit returns and ATM withdrawals. Retail banking clients, credit card holders, and salaried staff are anticipated to be directly impacted by these changes. Staying informed and taking early action is crucial to avoiding missing out on important benefits or being caught off guard by updated charges and policies, regardless of your plans to invest in fixed deposits, make high-value card purchases, or withdraw from your EPF.
Key Changes From June 1, 2025
EPFO 3.0 Rollout
Beginning on June 1, the Employees' Provident Fund Organisation (EPFO) will introduce its updated EPFO 3.0 system. The goals of this reform are to expedite claim processing, streamline KYC updates, and streamline the PF withdrawal procedure. The introduction of ATM-like cards, which will give account holders quicker and simpler access to EPF funds, is a noteworthy aspect of the update.
Revised ATM Withdrawal Charges
Customers had to pay more for ATM withdrawals in May. Users were now charged Rs 23 per transaction instead of the previous Rs 21 after going over their free monthly limit. The current limit permits:
Every month, you can make five free financial and non-financial transactions at the ATMs of your bank.
Metro areas have three free ATM transactions per month at other banks.
Other bank ATMs in non-metropolitan areas offer five free transactions per month.
Axis Bank Credit Card Rule Updates
Axis Bank will be changing the way it categorises credit card transactions as of June 20. Customers will be able to better understand and manage their card usage and related benefits thanks to the updated policy, which will clearly define which transactions are not eligible for reward points and fee waivers.
Fixed Deposit Interest Rate Revisions
Many banks have already cut their FD interest rates, and more banks are anticipated to do the same starting on June 1 amid rate cut speculation. Financial advisors advise investors to lock in their deposits now to optimise returns before additional rate cuts are enacted, as current rates range from 6.5% to 7.5%.