The month of June is just hours away, bringing with it several significant financial rule changes that could directly impact your finances. From UPI transactions and PF withdrawals to LPG cylinder prices and fixed deposit interest rates, new regulations will come into effect on Sunday, June 1, in various sectors.

This could necessitate adjustments in the financial planning of middle-class households. Let’s look at seven major rule changes set to occur.

1. EPFO 3.0 Rollout Easier PF Withdrawals

The government is set to launch EPFO 3.0, likely at the beginning of June. This will simplify your PF claims, allowing PF money to be withdrawn through ATMs and UPI, benefiting over 9 crore EPFO subscribers.

2. Additional Fee for Aadhaar Update Update Soon

UIDAI has offered free Aadhaar card updates to users, with a deadline of June 14. If Aadhaar is not updated for free by this date, an additional fee of ₹50 will be charged. Therefore, update it in time.

3. Credit Cards Kotak Mahindra Increases Bounce Charges

A significant change is coming for Kotak Mahindra Bank credit card users from June 1. If an auto-debit transaction for this bank’s credit card fails, the bank will charge double the bounce fee. This charge can range from a minimum of ₹450 to a maximum of ₹5,000.

4. LPG Cylinder Prices Potential Impact on Pockets

LPG cylinder prices change on the first day of every month. On June 1, LPG cylinder prices may change, which could impact household budgets.

5. FD Interest Rates Change in Interest Rates

Fixed deposit and loan interest rates may change in June. The Reserve Bank recently reduced the repo rate and is likely to reduce it further in the coming days. Sarvodaya Small Finance Bank has already reduced its interest rate on 5-year FDs from 8.6 percent to 8 percent.

6. Mutual Fund Rules Change in Transaction Timings

SEBI has introduced new cut-off times for mutual fund schemes. From June 1, the cut-off time for offline transactions will be 3 PM and for online transactions, 7 PM. Any transactions made after these times will be processed on the next working day.

7. UPI Transactions New Rules for Transparency

NPCI has introduced a new rule for UPI transactions. When making a payment, only the ‘Ultimate Beneficiary’s’ bank name will be displayed. QR codes or edited names will no longer be visible. This rule is expected to be implemented across all UPI apps by June 30, bringing more transparency to transactions.