From PF access to free Aadhaar update: 5 key financial changes in June 2025
Starting June 1, 2025, several significant financial changes will take effect across India, impacting aspects such as savings, credit card rules, and provident fund (PF) access, among others.EPFO 3.0 GOES LIVEAmong the most notable changes is the launch of the upgraded EPFO 3.0 system by the Employees' Provident Fund Organisation from June 1.This new system aims to simplify the process of PF withdrawals, streamline Know Your Customer (KYC) updates, and expedite claim processing. A key feature of this update is the introduction of ATM-like cards, facilitating easier and quicker access to EPF funds for users.advertisementREVISED FIXED DEPOSITS RATES
Suryoday Small Finance Bank joins other financial institutions in lowering interest rates on fixed deposits (FDs). From June 1, 2025, the bank will offer interest rates ranging from 4% to 8.4% for deposits below Rs 3 crore, with the highest rate applicable to tenures between 30 to 36 months.Notably, the interest rate for 5-year FDs will decrease by 60 basis points, dropping from 8.6% to 8%. This shift reflects broader market trends as banks adjust to changing economic conditions.CHANGES IN CREDIT CARD RULESStarting June 20, 2025, Axis Bank will introduce phased changes to its REWARDS Credit Card. Key changes involve point accrual rules, merchant category revisions, and changes in the validity of reward points.This update will help cardholders better comprehend their card benefits and manage their spending more effectively.SEBI'S NEW RULES FOR MUTUAL FUNDSadvertisementIn the realm of mutual funds, the Securities and Exchange Board of India (Sebi) has introduced changes to the cut-off timings for overnight mutual fund schemes, starting June 1, 2025.The new cut-off times are set at 3 PM for offline transactions and 7 PM for online transactions. Any order made after these times will be processed the next working day and may get a different NAV than expected. This adjustment is expected to enhance the management of client funds and the movement of pledges.AADHAAR CARD UPDATE DEADLINEThe deadline to update your Aadhaar details online for free is June 14, 2025. Those who fail to update their identity and address proof documents by this date will incur a fee of Rs 25 for updates through the online portal or Rs 50 at physical Aadhaar centres. This deadline underscores the importance of maintaining up-to-date personal information in official records.Overall, the implementation of these rules reflects ongoing efforts to optimise financial systems in India. Stakeholders are encouraged to review these changes closely to ensure compliance and maximise their financial advantages.
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Economic Times
9 hours ago
- Economic Times
FD rate up to 8.8% for senior citizens investing for three years; Know the list of banks
ET Online Tenant eviction: After more than 10 years fight a landlord wins eviction case on ground of rebuilding of property; Know how There are still some banks who continue to offer up to 8.8% interest rate on fixed deposits (FD) made by senior citizens (age 60 years and above) for three year tenure and not exceeding Rs 3 crore. Read below to know the list of banks offering FD interest rate up to 8.8%. Bank FD interest rate for senior citizens FD rate up to 8.8% Suryoday Small Finance Bank is offering 8.8% interest rate on FD of three year tenure. FD rate up to 8.75% for senior citizens Utkarsh Small Finance Bank is offering 8.75% interest rate on FD for three year tenure for senior citizens. Bank Name FD rate Suryoday Small Finance Bank 8.8% Utkarsh Small Finance Bank 8.75% Unity Small Finance Bank 8.5% slice Small Finance Bank 8.25% Jana Small Finance Bank 8.25% Source: as of June 18, 2025 FD rate up to 8.5% Unity Small Finance Bank is offering up to 8.5% interest rate on FD for three year tenure. FD rate up to 8.25% slice Small Finance Bank is offering 8.25% interest rate on FD for three year tenure. Similarly, Jana Small Finance Bank is offering 8.25% interest rate on FD for three year tenure. Disclaimer: While deposits in small finance banks are insured by the Deposit Insurance Credit Guarantee Corporation (DICGC) up to Rs 5 lakh, experts advise investors to exercise caution when investing in their FDs. Given their unique business model, the risk associated with investing in small finance bank FDs might differ slightly from that of scheduled commercial banks. To mitigate potential risks, it's recommended that investors limit their exposure to small finance bank FDs to an amount that falls within the DICGC coverage. This ensures that their principal and interest are protected in unforeseen circumstances. When is TDS deducted from bank FDs? TDS is required to be deducted by banks if the interest amount in an FD is above Rs 1 lakh in a particular bank. Do note that TDS is not any additional tax, you can get this tax back as a refund or adjust it with your total tax liability at the time of income tax return filing (ITR). Moreover, if you are eligible for a tax refund then you might be eligible for interest on tax instance, if a senior citizen's income is Rs 11 lakh then, it's not subject to income tax due to Section 87A tax rebate under the new tax regime for FY 2025-26. Section 87A tax rebate is available for up to Rs 12 lakh income level under the new tax a senior citizen can submit Form 15H to prevent TDS deduction if his total income after all deductions claim and Section 87A rebate is below the taxable limit like Rs 12 lakh for the new tax regime or Rs 5 lakh for the old tax the fact that no income tax is levied on such an income level (below Rs 12 lakh), banks and other financial institutions will still deduct TDS. This is because the law mandated them to deduct TDS once the interest/income amount crossed a particular threshold which was Rs 1 lakh for senior citizens. This happens because banks are not aware about tax liability and deduct TDS whenever the annual interest amount crosses Rs 1 lakh. So, can such a senior citizen file form 15H to avoid TDS on fixed deposits in such situations. N.R. Narayana Murthy Founder, Infosys Watch Now Harsh Mariwala Chairman & Founder, Marico Watch Now Adar Poonawalla CEO, Serum Institute of India Watch Now Ronnie Screwvala Chairperson & Co-founder, upGrad Watch Now Puneet Dalmia Managing Director, Dalmia Bharat group Watch Now Martin Schwenk Former President & CEO, Mercedes-Benz, Thailand Watch Now Nadir Godrej Managing Director, of Godrej Industries Watch Now Manu Jain Former- Global Vice President, Xiaomi Watch Now Nithin Kamath Founder, CEO, Zerodha Watch Now Anil Agarwal Executive Chairman, Vedanta Resources Watch Now Dr. Prathap C. Reddy Founder Chairman, Apollo Hospitals Watch Now Vikram Kirloskar Former Vice Chairman, Toyota Kirloskar Motor Watch Now Kiran Mazumdar Shaw Executive Chairperson, Biocon Limited Watch Now Shashi Kiran Shetty Chairman of Allcargo Logistics, ECU Worldwide and Gati Ltd Watch Now Samir K Modi Managing Director, Modi Enterprises Watch Now R Gopalakrishnan Former Director Tata Sons, Former Vice Chairman, HUL Watch Now Sanjiv Mehta Former Chairman / CEO, Hindustan Unilever Watch Now Dr Ajai Chowdhry Co-Founder, HCL, Chairman EPIC Foundation, Author, Just Aspire Watch Now Shiv Khera Author, Business Consultant, Motivational Speaker Watch Now Nakul Anand Executive Director, ITC Limited Watch Now RS Sodhi Former MD, Amul & President, Indian Dairy Association Watch Now Anil Rai Gupta Managing Director & Chairman, Havells Watch Now Zia Mody Co-Founder & Managing Partner, AZB & Partners Watch Now Arundhati Bhattacharya Chairperson & CEO, Salesforce India Watch Now
Time of India
9 hours ago
- Time of India
FD rate up to 8.8% for senior citizens investing for three years; Know the list of banks
Bank FD interest rate for senior citizens FD rate up to 8.8% FD rate up to 8.75% for senior citizens Academy Empower your mind, elevate your skills Bank Name FD rate Suryoday Small Finance Bank 8.8% Utkarsh Small Finance Bank 8.75% Unity Small Finance Bank 8.5% slice Small Finance Bank 8.25% Jana Small Finance Bank 8.25% FD rate up to 8.5% FD rate up to 8.25% When is TDS deducted from bank FDs? There are still some banks who continue to offer up to 8.8% interest rate on fixed deposits (FD) made by senior citizens (age 60 years and above) for three year tenure and not exceeding Rs 3 below to know the list of banks offering FD interest rate up to 8.8%. Suryoday Small Finance Bank is offering 8.8% interest rate on FD of three year tenure. Utkarsh Small Finance Bank is offering 8.75% interest rate on FD for three year tenure for senior as of June 18, 2025Unity Small Finance Bank is offering up to 8.5% interest rate on FD for three year Small Finance Bank is offering 8.25% interest rate on FD for three year Jana Small Finance Bank is offering 8.25% interest rate on FD for three year While deposits in small finance banks are insured by the Deposit Insurance Credit Guarantee Corporation (DICGC) up to Rs 5 lakh, experts advise investors to exercise caution when investing in their FDs. Given their unique business model, the risk associated with investing in small finance bank FDs might differ slightly from that of scheduled commercial banks. To mitigate potential risks, it's recommended that investors limit their exposure to small finance bank FDs to an amount that falls within the DICGC coverage. This ensures that their principal and interest are protected in unforeseen is required to be deducted by banks if the interest amount in an FD is above Rs 1 lakh in a particular bank. Do note that TDS is not any additional tax, you can get this tax back as a refund or adjust it with your total tax liability at the time of income tax return filing (ITR). Moreover, if you are eligible for a tax refund then you might be eligible for interest on tax instance, if a senior citizen's income is Rs 11 lakh then, it's not subject to income tax due to Section 87A tax rebate under the new tax regime for FY 2025-26. Section 87A tax rebate is available for up to Rs 12 lakh income level under the new tax a senior citizen can submit Form 15H to prevent TDS deduction if his total income after all deductions claim and Section 87A rebate is below the taxable limit like Rs 12 lakh for the new tax regime or Rs 5 lakh for the old tax the fact that no income tax is levied on such an income level (below Rs 12 lakh), banks and other financial institutions will still deduct TDS. This is because the law mandated them to deduct TDS once the interest/income amount crossed a particular threshold which was Rs 1 lakh for senior citizens. This happens because banks are not aware about tax liability and deduct TDS whenever the annual interest amount crosses Rs 1 lakh. So, can such a senior citizen file form 15H to avoid TDS on fixed deposits in such situations.
India Today
9 hours ago
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PM Kisan 20th Instalment: How to complete Aadhaar OTP e-KYC to get payment
The Pradhan Mantri Kisan Samman Nidhi (PM Kisan) scheme provides crucial financial support of Rs 6,000 annually to small and marginal farmers, paid in three equal instalments of Rs 2,000 each. As the 20th instalment is scheduled to be credited by the end of June 2025, it is mandatory for all beneficiaries to complete the Aadhaar-based OTP e-KYC process to receive the payment directly into their Aadhaar-linked bank the 20th PM Kisan instalment expected by June-end 2025, completing Aadhaar OTP-based e-KYC is crucial for all beneficiaries. This process safeguards the scheme's integrity and ensures timely direct transfer of funds to farmers' accounts. Farmers should promptly complete their e-KYC via the PM Kisan portal or app or visit their nearest CSC to avoid missing out on this vital financial IS E-KYC MANDATORY?The government has made e-KYC compulsory to ensure transparency and prevent fraudulent claims. It helps verify the identity of genuine beneficiaries and ensures that funds reach the rightful farmers without intermediaries. Without completing e-KYC, beneficiaries risk missing out on the upcoming TO COMPLETET AADHAAR OTP E-KYC ONLINE Farmers can easily complete the e-KYC process through the official PM Kisan portal or mobile app by following these steps:Go to the official website or download the PM Kisan mobile app from the Google Play the homepage, click on the 'e-KYC' option under the 'Farmers Corner' or log in with your registered mobile number on the app and go to the 'Beneficiary Status' your Aadhaar number and click 'Search'.An OTP will be sent to the mobile number registered with your Aadhaar. Enter this OTP to authenticate your successful OTP verification, your e-KYC status will be updated as 'Complete' on the portal within 24 E-KYC METHODSadvertisementFor farmers without access to OTP-based verification or smartphones, biometric e-KYC can be done at nearby Common Service Centres (CSCs) or State Seva Kendras (SSKs).Additionally, the PM Kisan mobile app offers face authentication-based e-KYC, which is user-friendly and convenient for those unable to provide E-KYC STATUS AND BENEFICIARY DETAILSFarmers can check their e-KYC status and beneficiary details by visiting the PM Kisan portal and using the 'Beneficiary Status' option. It is advisable to complete the e-KYC process well before the deadline to avoid delays in receiving the 20th IS ELIGIBLE?Indian farmers owning cultivable landAge between 18 and 60 yearsNot paying income tax or belonging to excluded categories like institutional landholders, professionals, or pensioners with pension above Rs 10,000Must Watch
