Kolkata: June can be a very significant month for the entire country financially. The Monetary Policy Committee of the Reserve Bank of India is supposed to meet on June 4-6. With inflation under control — in fact, it is under the RBI target of 4% — many analysts think the RBI could go for a further slashing of Repo Rate by 25 basis points. If it turns out to be correct, it would be the third consecutive trimming of the key policy rate in this country that could drive down both the lending rate and the deposit rates in banks and NBFCs. While that will further slash EMIs on a variety of loans and spur aggregate consumption, e decline in deposit rates will also put those who depend on steady interest income to meet their regular expenses — typically the elders and retirees — in difficulty. But there are other financial changes too that will be applicable from the very first day of the new month. Let’s have a look at those.
Form 16 deadline
For salaried persons the first step of filing income tax returns (ITR) begins with their employers distributing Form 16, which contains the details of income tax deductions from his/her salary. June 15 is the deadline by which all employers who deduct tax to issue this essential document to their employees.
Changes in credit card rules
Kotak Mahindra Bank, HDFC Bank and Axis Bank could be tweaking credit card rules for their customers. From the first day of June, Kotak Mahindra Bank is introducing caps on reward points across domains such as fuel, rent, utility bills and even insurance and 1% transaction fee will be levied on fuel payments that rise above the threshold every month. There will be an impact on the wallet since payments for rent and education will entail 1% charge irrespective of the amount.
HDFC Bank is set to revise lounge access policy for Tata Neu Infinity and Tata Neu Plus cardholders from June 10. Access to lounges will be offered via vouchers based on spending. From June 20, there will be phased changes to REWARDS Credit Card of Axis Bank. It will impact cashback, reward points, lounge access etc.
EPFO 3.0 rollout
The transition of once fuddy duddy EPFO (Employees’ Provident Fund Organisation) that began several months ago could reach some sort of a culmination in June with the launch EPFO 3.0. One of the services that EPFO will be providing is that it will begin instant PF withdrawals through ATMs and UPI and very fast processing of claims. One can also expect a faster and more efficient grievance redressal system.
New rule for overnight mutual funds
Market regulator SEBI (Securities and Exchange Board of India) has announced a revision of cut-off timings for overnight mutual fund schemes. The new cut-off time from June 1 is 3 pm for offline transactions and 7 pm for online transactions. In short, it means transactions made after this time will be processed on the following working day and it can have an impact on the NAV at which the transaction will be conducted.
Aadhaar and LPG prices
Oil marketing companies usually revise LPG prices from the first day of every month. Moreover, June 14 has been set as the last day for free Aadhaar detail updates via the myAadhaar portal. Once this deadline is missed, one has to pay Rs 25 online and Rs 50 at Aadhaar centres for any update one needs to carry out.
There will be momentous financial changes from the first day of June 2025 over a wide array of issues from credit card rules to EPFO from companies issuing Form 16 to rate cuts in fixed deposits by a bank. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
