Major Financial Changes from July 1, 2025: New Rules for PAN, Taxes, Credit Cards & Bank Charges

Kuldeep Singh Chundawat

Starting July 1, 2025, Indian taxpayers and bank customers will see several key financial rule changes that could significantly impact how they file taxes, use credit cards, and manage banking services. Here’s a detailed look at all the major updates coming into effect from July and how they will affect you:

1. Aadhaar Now Mandatory for New PAN Cards

From July 1, Aadhaar verification is compulsory for all new PAN card applications, according to the Central Board of Direct Taxes (CBDT). Earlier, alternative documents like voter ID or birth certificates were allowed. The move aims to curb tax evasion and increase digital transparency in the system.

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2. ITR Filing Deadline Extended to September 15

Good news for salaried taxpayers: the Income Tax Return (ITR) deadline for FY 2025–26 has been extended from July 31 to September 15, 2025. However, experts advise not to wait until the last minute to avoid server delays and penalties.

3. SBI Cards to Remove Air Accident Insurance on Premium Cards

From July 15, SBI Card will discontinue air accident insurance coverage of up to ₹1 crore on its top-tier cards such as Elite, Miles Elite, and Miles Prime. Other cards like Prime and Pulse will also lose the ₹50 lakh coverage. The calculation method for the Minimum Amount Due (MAD) is also being revised to align with new RBI guidelines.

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4. HDFC Bank Introduces New Credit Card Fees

HDFC Bank will introduce a 1% transaction fee (capped at ₹4,999 per transaction) on several credit card payments starting July 1:

Rent payments
Online gaming (monthly spends above ₹10,000)
Utility bills (above ₹50,000/month, insurance excluded)
Wallet reloads (above ₹10,000/month)

5. ICICI Bank Revises ATM and Transaction Charges

ICICI Bank will implement new service charges from July 1:

ATM Withdrawals:
- 5 free ICICI ATM transactions per month, after which ₹23 per withdrawal will be charged.
- At other bank ATMs: 3 free in metro cities, 5 in non-metros.
- Post-limit charges: ₹23 for financial and ₹8.50 for non-financial transactions.
International ATM Withdrawals: ₹125 + 3.5% forex fee + ₹25 service fee.
IMPS (Instant Transfer): Charges range from ₹2.50 to ₹15 based on transaction amount.
Cash Deposit Charges:
- First 3 deposits per month are free.
- After that: ₹150 per transaction.
- Deposits above ₹1 lakh/month will incur ₹150 or ₹3.5 per ₹1,000 (whichever is higher).
Third-Party Deposits: Capped at ₹25,000 per transaction.

Final Word

These updates reflect the government’s push toward digital compliance, reduced cash dependency, and better financial accountability. Customers are advised to:

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File taxes early
Review credit card benefits
Track ATM usage
Reassess bank charges to avoid hidden costs

These policy changes, though minor on their own, can add up to significant financial implications if ignored.

Author Profile

Kuldeep Singh Chundawat: My name is Kuldeep Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.