Rules Change: These rules related to money will change from June 1, know what will be the impact on your pocket..

Many rules related to money are going to change from June 1 to next month. These include PF to FD rates and charges on the use of credit cards. If you work somewhere where you get PF deducted or you have got FD done or are planning to get it done or use a credit card etc. then you should know about these new rules. These rules will directly affect your pocket.

EPFO is changing its system. It has been named EPFO ​​3.0. This will make it easier to withdraw money from PF. Not only this, you will not have to wait too long for a KYC update. With the new system, it will take less time to process the claim. You can also get a card like an ATM card so that you can easily withdraw PF money. This will greatly benefit the members of EPFO.

New rules of mutual funds
SEBI has also changed the rules of mutual funds. SEBI has changed the cut-off timing for the overnight mutual fund scheme. Cut-off timing means that time you can invest or withdraw money in mutual funds. Now the cut-off timing for offline transactions is 3 pm and for online transactions, it is 7 pm. This will help mutual fund companies to manage their money better.

What changes in credit cards?

Kotak Mahindra Bank is going to change the rules of its credit card. These changes will come into effect from June 1. Now you will have to pay new charges for some services. For example, if your standing instruction fails or you do dynamic currency conversion, then you will have to pay a charge.

Axis Bank is also going to make some changes to its rewards credit card. These changes will come into effect from June 20, 2025. These changes include the method of calculation of reward points, changes in merchant categorization, new offers, and rules for the validity of unredeemed reward points. These changes will help you manage your expenses better.

FD interest rates will be reduced.

Suryaday Small Finance Bank has decided to reduce interest rates on fixed deposits. These new rates will be effective from June 1. Now you will get interest ranging from 4% to 8.4%. The highest interest will be available on deposits with a tenure of 30 to 36 months. This change is being made because interest rates are changing in the market.

Disclaimer: This content has been sourced and edited from Navbharat Times. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.