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May 28, 2025, 17:39 IST

As May wraps up and the calendar inches closer to June, several crucial financial reforms are set to roll out across India starting June 1, 2025. These changes could directly impact your savings, credit card transactions, fixed deposits, and provident fund returns.

Here’s a comprehensive breakdown of the updates that will come into effect:

EPFO 3.0: Faster, Smarter, More Accessible

The Employees’ Provident Fund Organisation (EPFO) is set to launch its upgraded EPFO 3.0 platform from June 1. This new system promises to:

Simplify PF withdrawals
Streamline KYC updates
Accelerate claim processing

One of the standout features is the planned introduction of ATM-style cards, designed to help users access their EPF funds more quickly and conveniently.

Changes in Credit Card Rules

Axis Bank

From June 20, Axis Bank will revise how it categorises credit card transactions. The update will clearly define:

Which transactions are eligible for reward points
What types of payments qualify for fee waivers

Kotak Mahindra Bank

Starting June 1, Kotak will implement changes to:

Reward point structures based on spending categories
Credit card fees, which may increase depending on the card type

Advice to Cardholders: Review your card’s revised terms to optimize your spending and make the most of the updated benefits.

FD Interest Rates Likely to Drop

Banks like HDFC Bank and Axis Bank have already reduced their Fixed Deposit (FD) interest rates. With more banks expected to follow suit from June 1, experts are urging investors to:

Lock in existing FD rates now (currently between 6.5% and 7.5%)
Maximise returns before potential rate cuts take place

SEBI’s Cut-Off Time Update for Mutual Funds

The Securities and Exchange Board of India (SEBI) will revise cut-off timings for Overnight Mutual Fund Schemes (MFOS) from June 1. This move aims to:

Regulate the upstreaming of client funds backed by collateral
Adjust transaction and redemption timings for overnight funds (which invest in risk-free government securities maturing in one day)

These changes are expected to influence Net Asset Value (NAV) calculations for such schemes.

Whether you’re a salaried employee managing your PF, a credit card user tracking benefits, or an investor planning your next move, these updates are crucial to ensure your financial decisions align with the latest policies.