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Whether you’re a salaried employee, a credit card user, or someone with fixed deposits, here’s a quick look at the key money-related updates taking effect this month
New money rule changes from June 01: What’s changing in LPG, Aadhaar, EPFO 3.0.
New Money Rules From June 01: With the start of June 1, several money-related changes will impact your finances. These changes span a wide range of domains, including LPG cylinder price, credit card changes, deadline for Aadhaar update, fixed deposit interest rates, and implementation of EPFO 3.0.
Whether you’re a salaried employee, a credit card user, or someone with fixed deposits, it’s important to stay updated. Here’s a quick look at the key money-related updates taking effect this month — and what they mean for your finances.
LPG Cylinder Prices Reduced By Rs 24 From June 01
The price of 19-kg commercial LPG cylinders has been reduced by Rs 24. The revised cost will come into effect starting from June 1.
As per the new prices set by the oil marketing company, the 19-kg commercial LPG gas cylinder will now cost Rs 1723.50 from June 1 in Delhi.
While the price of 19-kg cylinders has been changed, the cost of 14-kg LPG commercial cylinders remains unchanged.
EPFO 3.0: Making Cash Withdrawal From PF Account Easier
In a significant step towards enhancing funds accessibility for salaried employees, the Employees’ Provident Fund Organisation (EPFO) is likely to launch EPFO 3.0 in June 2025, according to a DD News report. One of the most anticipated features of this digital transformation is the facility for EPF subscribers to withdraw funds using UPI and ATMs, potentially revolutionising provident fund (PF) account management and access.
EPFO 3.0 represents a comprehensive digital upgrade to the current EPF system. While existing systems require members to log in through the EPFO portal and submit claims processed over several days, version 3.0 is expected to significantly reduce turnaround time and offer real-time access to funds through user-friendly platforms like ATMs and UPI apps.
Free Aadhaar Update Deadline
Aadhaar holders can update their cards online for free until June 14, 2025. Post the deadline, holders will be charged Rs 25 for online updates and Rs 50 for updates at Aadhaar centers.
Credit Card Rule Changes
Credit card users, especially those with Kotak Mahindra Bank, HDFC Bank, and Axis Bank cards, should note several changes this month.
From 1 June, Kotak Mahindra Bank will introduce caps on reward points across categories such as fuel, rent, utility bills, and insurance. A 1% transaction fee will apply to fuel payments exceeding the monthly threshold. Rent and education payments will also incur a 1% charge regardless of the amount. Other charges will apply to wallet loads and online gaming.
From 10 June, HDFC Bank will revise its lounge access policy for Tata Neu Infinity and Tata Neu Plus cardholders. Lounge access will be offered via vouchers based on spending, replacing the previous swipe-based system.
From 20 June, Axis Bank will begin phased changes to its REWARDS Credit Card, impacting cashback, reward points, lounge access, and eligible spending categories.
FD Interest Rate Cuts
Suryoday Small Finance Bank will reduce its fixed deposit rates by up to 60 basis points from June 1 for deposits below Rs 3 crore. The new rates will range from 4% to 8.4%.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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