Key Financial Rule Changes from June 1: LPG Price Cut, EPFO 3.0 Launch, and Credit Card Updates That Could Affect Your Wallet
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As June begins, several important updates will affect your finances - from LPG prices and provident fund withdrawals to credit card fees and fixed deposit interest rates. Whether you use credit cards, hold fixed deposits, or manage your PF account, these changes could impact your wallet. Here’s a clear and concise overview of what’s new and how it might affect you.
LPG Cylinder Price Cut: Savings on Commercial Gas
Starting June 1, the price of 19-kg commercial LPG cylinders will drop by Rs 24, now costing Rs 1,723.50 in Delhi. This reduction brings some relief for businesses and heavy users. However, the price of 14-kg commercial LPG cylinders remains unchanged.
EPFO 3.0: Easier Access to Provident Fund Money
A major upgrade, EPFO 3.0, is set to launch this June, promising faster and simpler access to your provident fund savings. For the first time, PF withdrawals could be made via UPI and ATMs, bypassing the lengthy online claim process. This digital overhaul aims to make managing your PF more convenient, with real-time fund access expected to become the norm.
Aadhaar Update Deadline Approaching: Act Before June 14
If you need to update your Aadhaar details , now’s the time to do it for free. The government has extended free online Aadhaar updates only until June 14, 2025. After that, charges of Rs 25 online and Rs 50 at Aadhaar centres will apply, so don’t miss this deadline to avoid extra fees.
Credit Card Changes: New Fees and Limits for Top Banks
Several banks are revising their credit card rules this month:
Kotak Mahindra Bank will introduce limits on reward points for fuel, rent, utilities, and insurance payments starting June 1. Fuel payments above the monthly limit will incur a 1% transaction fee. Rent and education payments will also attract a 1% fee. Additional charges will apply to wallet top-ups and online gaming spends.
HDFC Bank will change lounge access for Tata Neu Infinity and Plus cards from June 10. Instead of swiping, access will now be granted via vouchers based on your spending.
Axis Bank will begin phased updates on its REWARDS Credit Card from June 20, affecting cashback, reward points, lounge access, and eligible spend categories.
Fixed Deposit Interest Rate Cut by Suryoday Bank
Suryoday Small Finance Bank is lowering interest rates on fixed deposits under Rs 3 crore by up to 0.6% from June 1. New rates will range between 4% and 8.4%, reflecting a tighter interest environment that could impact your savings growth.
Stay informed and plan accordingly to make the most of these financial changes starting this June!
LPG Cylinder Price Cut: Savings on Commercial Gas
Starting June 1, the price of 19-kg commercial LPG cylinders will drop by Rs 24, now costing Rs 1,723.50 in Delhi. This reduction brings some relief for businesses and heavy users. However, the price of 14-kg commercial LPG cylinders remains unchanged. EPFO 3.0: Easier Access to Provident Fund Money
A major upgrade, EPFO 3.0, is set to launch this June, promising faster and simpler access to your provident fund savings. For the first time, PF withdrawals could be made via UPI and ATMs, bypassing the lengthy online claim process. This digital overhaul aims to make managing your PF more convenient, with real-time fund access expected to become the norm. Aadhaar Update Deadline Approaching: Act Before June 14
If you need to update your Aadhaar details , now’s the time to do it for free. The government has extended free online Aadhaar updates only until June 14, 2025. After that, charges of Rs 25 online and Rs 50 at Aadhaar centres will apply, so don’t miss this deadline to avoid extra fees. Credit Card Changes: New Fees and Limits for Top Banks
Several banks are revising their credit card rules this month:Kotak Mahindra Bank will introduce limits on reward points for fuel, rent, utilities, and insurance payments starting June 1. Fuel payments above the monthly limit will incur a 1% transaction fee. Rent and education payments will also attract a 1% fee. Additional charges will apply to wallet top-ups and online gaming spends.
HDFC Bank will change lounge access for Tata Neu Infinity and Plus cards from June 10. Instead of swiping, access will now be granted via vouchers based on your spending.
Axis Bank will begin phased updates on its REWARDS Credit Card from June 20, affecting cashback, reward points, lounge access, and eligible spend categories.
Fixed Deposit Interest Rate Cut by Suryoday Bank
Suryoday Small Finance Bank is lowering interest rates on fixed deposits under Rs 3 crore by up to 0.6% from June 1. New rates will range between 4% and 8.4%, reflecting a tighter interest environment that could impact your savings growth.Stay informed and plan accordingly to make the most of these financial changes starting this June!
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