7 Major Financial Changes Coming in June 2025 That Will Impact Your Pocket

As the month of May draws to a close, it's time to prepare for several key financial changes coming in June 2025. From updates to Aadhaar services and tax documentation deadlines to changes in credit card policies and special fixed deposit schemes — there’s a lot that could directly affect your personal finances.

Here’s a detailed breakdown of the 7 most important financial updates you need to know as we head into the new month.

1. EPFO 3.0 Set to Launch

The Employees' Provident Fund Organisation (EPFO) is all set to roll out its EPFO 3.0 platform in June 2025. This upgraded system is designed to streamline and simplify processes such as PF withdrawals, KYC updates, and claim settlements.

One of the most anticipated features includes the introduction of ATM-like cards for easier and faster access to EPF funds. This digital transformation aims to reduce waiting times and increase convenience for millions of salaried individuals.

2. HDFC Bank Credit Card Lounge Policy Update

Starting June 10, 2025, HDFC Bank will implement changes to the lounge access policy for Tata Neu Infinity and Tata Neu Plus credit cards. Cardholders will no longer be able to directly swipe their cards for lounge access at domestic airports.

Instead, lounge access will now be offered via vouchers, issued based on quarterly spending thresholds. The update is intended to streamline rewards and encourage more card usage.

3. Axis Bank Revises Rewards Credit Card Terms

From June 20, 2025, Axis Bank will revise the terms and conditions of its Rewards Credit Card offerings. Reward points and fee waivers will now be calculated based on spending categories like rent payments, wallet loads, and fuel purchases, rather than the traditional 4-digit merchant category codes (MCCs).

This change is expected to simplify how users understand and track eligible transactions for benefits.

4. Kotak Mahindra Bank Credit Card Fee Overhaul

Kotak Mahindra Bank is also updating its credit card fee structure starting June 1, 2025. The changes include revised charges for:

• Standing instruction failures

• Dynamic currency conversion

• Utility bill payments

• Education-related transactions

• Wallet top-ups

• Online skill-based gaming

• Fuel purchases

Additionally, a new method for calculating the Minimum Amount Due (MAD) will be introduced, potentially altering your monthly payment responsibilities.

5. TDS Certificate Deadline Approaching

As per income tax regulations, all taxpayers must obtain their TDS certificates, including Form 16 and Form 16A, by June 15, 2025. These documents are essential for accurate income tax filing and help in verifying the tax deducted at source by employers and other entities.

6. Last Chance for Free Aadhaar Update

The UIDAI (Unique Identification Authority of India) has extended the deadline for free Aadhaar updates till June 14, 2025. After this date, any updates to your Aadhaar details at physical centers will involve a service fee.

For now, updates are free only through the myAadhaar portal. If you haven't updated your information yet, this is your final chance to do so without paying a fee.

7. IDBI Bank’s Special Fixed Deposit Deadline

IDBI Bank is offering attractive interest rates on select special fixed deposit (FD) schemes for a limited time. The offer is valid till June 30, 2025, and includes:

• 444 Days FD:

  • 7.25% for general customers

  • 7.75% for senior citizens

  • 7.90% for super senior citizens under the "Chiranjiv FD" scheme

• 555 Days FD:

  • 7.30% for general customers

  • 7.80% for senior citizens

  • 7.95% for super senior citizens

• 700 Days FD:

  • 7.00% for general customers

  • 7.50% for senior citizens

  • 7.65% for super senior citizens

These special rates make it a good time for conservative investors to lock in higher returns on their savings.

Final Thoughts

From banking and tax to digital identity and investment opportunities, June 2025 is packed with financial changes that could directly impact your wallet. Whether you're a salaried employee, investor, or taxpayer, staying informed about these updates is crucial for effective financial planning.

Make sure to act on the deadlines and review your banking and tax documents in advance to avoid last-minute surprises.