As May comes to a close, several important financial changes are expected to take effect from June 1, 2025. Starting next week, these updates could impact your savings, credit card usage, and access to your Provident Fund. Here’s a complete guide to what’s set to change for you from June 1.
EPFO 3.0 Rollout
The Employees’ Provident Fund Organisation (EPFO) will start using a new system called EPFO 3.0 from June 1. This new system will make it easier to withdraw money from your PF account, update KYC details, and get claims processed faster. One of the biggest updates is that EPFO plans to introduce ATM-like cards, so people can access their PF money more easily and quickly.
Fixed Deposit Interest Rate Revisions
Banks like HDFC Bank and Axis Bank have already lowered their fixed deposit (FD) interest rates. More banks might do the same starting June 1. Right now, FD rates are between 6.5% and 7.5%. Experts suggest that people should invest in FDs now to get better returns before the rates go down further.
In May, customers had to pay a bit more money when withdrawing cash from ATMs. After using up their free withdrawals for the month, they had to pay Rs 23 for each extra withdrawal. This is higher than the previous charge of Rs 21 per transaction.
Credit Card Rule Updates For Axis Bank Customers
Starting June 20, Axis Bank will change the way it groups credit card transactions. This update will make it clearer which transactions do not earn reward points or qualify for fee waivers. It will help customers understand their card benefits better.
LPG Gas Cylinder Prices May Change
LPG cylinder prices are updated every month. On June 1, 2025, the price of domestic gas cylinders might go up or down. This change will directly impact the budgets of households accordingly.
Key Takeaways
Customers can make five free transactions each month at ATMs belonging to their own bank, including both financial and non-financial transactions. In metro cities, they are allowed three free transactions per month at ATMs of other banks. For non-metro areas, customers get five free transactions per month at ATMs of other banks.
