As June 2025 approaches, several important changes will take effect across the financial landscape. From the roll-out of EPFO 3.0 to updates on credit card policies by major banks like HDFC, Axis Bank, and Kotak Mahindra Bank, it’s crucial for consumers to stay informed. The deadlines for Aadhaar updates, TDS certificates, and special FD schemes are also nearing. Here’s a round-up of what to expect in June:
EPFO 3.0 roll-out
The Employees’ Provident Fund Organisation (EPFO) is set to roll out its enhanced EPFO 3.0 system in June 2025. The upgraded system aims to simplify provident fund (PF) withdrawals, accelerate KYC updates, and reduce claim processing time. EPFO 3.0 is likely to introduce ATM-like cards for quicker and more convenient access to EPF funds.
HDFC Bank revises lounge access policy
HDFC Bank, the country’s largest private bank in terms of market capitalisation, has recently announced changes to its lounge access policy for Tata Neu Infinity and Tata Neu Plus credit cardholders, effective June 10, 2025. Under the new policy, cardholders will no longer be able to access domestic lounges by swiping their cards directly; instead, lounge vouchers will be issued based on quarterly spending milestones. This change is aimed at streamlining benefits and encouraging higher card usage.
Axis Bank REWARDS Credit Card update
Starting June 20, 2025, Axis Bank will update the terms and conditions for its REWARDS Credit Card. The calculation of reward points and spend-based fee waivers will now be based on spend categories (like rent, wallet, and fuel) instead of the traditional 4-digit merchant codes, making it easier for users to understand eligible transactions.
Kotak Mahindra Bank Revises Credit Card Charges
Kotak Mahindra Bank has announced a series of updates to its credit card fee structure, which will take effect on June 1, 2025. The revised charges include new or adjusted fees for standing instruction failures, dynamic currency conversion, utility bill payments, education-related transactions, wallet top-ups, online skill-based gaming, and fuel spends. The bank has also introduced a new method for calculating the Minimum Amount Due (MAD).
TDS Certificate Deadline
As per income tax regulations, taxpayers should receive their TDS certificates, including Form 16 and Form 16A, by June 15, 2025. These forms are essential for accurate tax filing and reconciliation.
Aadhaar free update deadline
The UIDAI has extended the deadline for updating Aadhaar details free of cost to June 14, 2025, an extension from the previous deadline of December 14, 2024. After this date, offline updates at Aadhaar centers will incur a fee. The free update service is only available via the myAadhaar portal.
IDBI’s special FD deadline
IDBI Bank is one of the banks in the country that offers lucrative interest rates on fixed deposits. On 444-day tenure FDs, IDBI offers a 7.25% interest rate for general customers, 7.75% for senior citizens, and 7.9% for super senior citizens (under the IDBI Chiranjeev FD). The interest rate on 555-day tenure FDs for general customers is set at 7.30%, for senior citizens at 7.80%, and for super senior citizens at 7.95%. On the 700-day tenure, the interest rate for general customers is 7%, for senior citizens is 7.50%, and for super senior citizens is 7.65%. However, the deadline to invest in IDBI special FDs is June 30, 2025.
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