A series of significant financial changes kick in across India starting today, ushering in new regulations and updates that impact provident fund access, fixed deposit returns, mutual fund transactions, credit card rewards, and Aadhaar updates. These measures are part of broader efforts to enhance transparency, efficiency, and consumer convenience in financial operations.
EPFO 3.0 Goes Live
One of the most notable rollouts is the Employees’ Provident Fund Organisation’s launch of EPFO 3.0, a digitised platform aimed at streamlining Provident Fund (PF) services. The upgraded system promises quicker claim settlements, easier KYC updates, and simplified PF withdrawals. A key innovation includes ATM-like EPF cards, which will allow subscribers faster and more direct access to their PF accounts.
FD Interest Rate Revision by Suryoday Small Finance Bank
Suryoday Small Finance Bank has joined the trend of revising fixed deposit (FD) interest rates, effective June 1. For deposits below ₹3 crore, the bank will now offer interest rates ranging from 4% to 8.4%, with the highest rates applicable on tenures between 30 to 36 months.
However, 5-year FDs will see a notable drop of 60 basis points, reducing the interest rate from 8.6% to 8%. This adjustment aligns with current market trends as banks recalibrate offerings in response to shifting economic conditions.
Credit Card Rules Revamped by Axis Bank
From June 20, 2025, Axis Bank will implement phased changes to its REWARDS Credit Card. Key updates include revised reward point accrual structures, modifications to eligible merchant categories, and new validity terms for unused points. These changes aim to offer better clarity to cardholders, helping them manage benefits and expenses more efficiently.
SEBI Introduces New Mutual Fund Timings
In mutual fund regulations, the Securities and Exchange Board of India (SEBI) has amended cut-off timings for overnight mutual fund schemes, effective June 1. The new deadlines are 3 PM for offline transactions and 7 PM for online orders. Transactions beyond these hours will be processed on the next working day, potentially affecting the NAV applied. SEBI expects this change to improve fund management and the movement of pledges.
Aadhaar Update Deadline Approaches
The deadline to update Aadhaar card details online for free is June 14, 2025. Post this date, individuals will have to pay a fee of ₹25 for updates done via the online portal and ₹50 for in-person updates at Aadhaar centres. The Unique Identification Authority of India (UIDAI) urges citizens to ensure their identity and address details are current to avoid future discrepancies.
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