6 Major Financial Rule Changes from June 1. Credit Card Payments to Get Costlier, New UPI Rules Mandatory.

Several key financial changes are set to take effect starting June 1, impacting millions of consumers across India. The changes will affect credit card payments, EPFO services, Aadhaar updates, Form-16 availability, RBI’s monetary policy decisions, and UPI-based transactions.

Here is a breakdown of all the critical updates coming your way next month:

💳 1. Credit Card Bill Payments Through Third-Party Apps Will Incur Extra Charges

Consumers using third-party platforms like PhonePe, Paytm, and Google Pay to pay their credit card bills may now have to bear additional service charges. According to new banking norms, these platforms may introduce fees for processing payments not routed through the bank’s official payment systems.

Users are encouraged to check whether their credit card provider will pass on these charges or offer bank-authorized channels.

🧓 2. EPFO Members to Get New Services; Unified Portal 3.0 May Launch

The Employees’ Provident Fund Organisation (EPFO) is likely to roll out new features for its members in June. Reports suggest that Unified Portal Version 3.0 could be launched, simplifying access to services like claim status, KYC updates, and pension tracking.

EPFO may also start offering real-time status updates and smoother access to important information through the revamped interface.

🏦 3. RBI Monetary Policy Meeting on June 6 – FD Interest Rates May Change

The Reserve Bank of India (RBI) will hold its Monetary Policy Committee (MPC) meeting on June 6. Speculations suggest that the central bank might review and potentially revise repo rates, which could influence bank Fixed Deposit (FD) interest rates.

Any downward revision may affect returns for conservative investors relying on FD income.

🆔 4. June 14: Last Date for Free Aadhaar Card Updates

The deadline for free updates to Aadhaar data (such as name, date of birth, gender, and address) is set for June 14, 2025. After this date, citizens may be required to pay a fee of ₹50 for changes made via online or Aadhaar Seva Kendra channels.

Residents are advised to visit the myAadhaar portal to ensure their details are up to date before the free window closes.

📄 5. Form-16 Availability Deadline Set for June 15

For salaried taxpayers, Form-16, a crucial document for filing Income Tax Returns (ITRs), will be made available by June 15. Employers are mandated to issue Form-16 to all eligible employees by this date.

Form-16 contains key salary and tax deduction details and is necessary to complete the ITR filing process accurately.

📲 6. New UPI Rule from June 30 to Curb Digital Fraud

To improve transparency and reduce fraud, the National Payments Corporation of India (NPCI) will implement a new rule from June 30, requiring all UPI apps to display the verified name of the recipient during transactions.

This means that the registered name associated with a UPI ID or mobile number will appear to the sender before completing the payment—aiming to protect users from sending money to impersonators or fraudulent accounts.

📌 Summary of Changes at a Glance