EPFO, UPI, Aadhaar, FDs And More: Key Financial Changes To Take Effect In June

As June approaches, it is important to be aware of key changes in personal finance that may impact you. These changes include the rollout of version 3.0 of the Employees’ Provident Fund Organisation (EPFO), updates to the Unified Payment Interface (UPI) service, the deadline to update details for free in Aadhaar, and many more. Here are the details.

EPFO 3.0 Version

The Employees' Provident Fund Organization (EPFO) is scheduled to launch its version 3.0 in June this year. This new system is expected to offer simplified services, including auto-claim settlement for EPF claims and easier updation of personal details. It may also provide a facility to withdraw EPF funds from ATMs. This would expedite the claim settlement process, and enhance convenience for subscribers when making changes to their personal information. Additionally, it may also issue cards similar to ATM cards for EPF withdrawals from ATMs, further improving accessibility. These changes aim to improve users’ experience, speed up claim processing, and reduce complaints.

UPI Beneficiary Name Display

Due to the rise in digital fraud and the popularity of UPI as a tool for retail transactions, the National Payments Corporation of India (NPCI) issued regulations in April this year. According to the regulations, all UPI platforms and apps must display the verified name of the individual or merchant to whom payment is made. Any nickname, phone number, or QR code will no longer be allowed to appear on screen in the payment process after June 30. 

Currently, receivers’ virtual IDs, nicknames, and sometimes phone numbers are displayed while making payments. This step is to mitigate erroneous payments and fraudulent activities in online payments. 

Aadhaar Free-Update Deadline

Aadhaar is accepted as a KYC document to avail financial and other services and thus keeping it updated is necessary. The facility to update details is free until June 14 and after this deadline, one will need to pay a fee for it. The fee for biometric updation is Rs 100 and for other updates such as name, date of birth, address, gender, mobile number, and email id is up to Rs 50.

One can easily update demographic details on Aadhaar online through the official website of the Unique Identification Authority of India (UIDAI) or offline by visiting the nearest Aadhaar centres.

IDBI Special FD Deadline

IDBI's special FD deadline is June 30, 2025. Its Utsav Callable FDs offer the highest rates out of all its FDs. One considering a guaranteed return may consider looking at the rates amid speculation of a repo rate cut in June by the Reserve Bank of India. 

• 444 Days FD: It offers 7.10 per cent to the general public and 7.60 per cent to senior citizens (60 years and above)

• 555 Days FD: This offers 7.15 per cent interest to all and the highest 7.65 per cent interest to seniors 

• 700 Days FD: The interest rate for the general public is 7.00 per cent, and for seniors, it is 7.50 per cent

Suryoday Bank FD Rates

Suryodaya Small Finance Bank has reduced its FD rates, which will become effective June 1, 2025. The bank has reduced the rates, yet seniors can avail of a maximum of 8.80 per cent and the general public 8.40 per cent. These rates are available for ‘Above 30 Months to 36 Months’ tenure.

Overnight Fund Transactions Cut-Off Timings

The revised cut-off timing for the overnight mutual fund scheme will become applicable from June 1, 2025. The Securities and Exchange Board of India (Sebi) has introduced the new timing schedule. As per the revised schedule, the cut-off time is 3 PM for offline transactions and 7 PM for online transactions. An application received beyond this time will get the next day's net asset value (NAV).  

Credit Card Access And Rewards 

HDFC Bank, Axis Bank, and Kotak Mahindra Bank have changed the rules for some of their credit cards. These will be effective from the coming month (June).

As per the revised policy, HDFC Bank’s Tata Neu Infinity and Tata Neu Plus credit cardholders will be given vouchers effective June 10, 2025, for lounge access based on their transaction patterns and usage. Axis Bank has revised the point accrual rules for its REWARD credit card, effective June 20. It is aimed to help cardholders manage their spending more effectively. Kotak Mahindra Bank has changed the fee structure for its credit cards. The new fee will apply to various services, including standing instructions. This new fee structure will take effect on June 1, 2025.