1 July 2025 New Rules: From July 1, 2025, several major changes related to banking and tax will come into effect. These changes will directly impact regular bank account holders, credit card users, and taxpayers.
Key updates include a new ITR filing deadline, Aadhaar becoming mandatory for new PAN cards, changes in SBI and HDFC credit card rules, and new charges for ICICI Bank’s ATM and cash transactions. Here’s what’s changing and how it could affect your money.
Aadhaar Now Mandatory for New PAN Cards
Starting July 1, 2025, it will be compulsory to provide and verify your Aadhaar number when applying for a new PAN card.
Until now, a PAN card could be issued using an identity card and birth certificate. This change has been made to improve digital verification and ensure better tax compliance.
ITR Filing Deadline Extended to September 15
For those filing Income Tax Returns (ITR) for FY 2024–25, the last date has been extended from July 31 to September 15, 2025.
This gives taxpayers more time, but it’s still advised not to wait until the last minute, to avoid server issues or delays.
SBI Credit Cards: Air Accident Insurance Removed
From July 15, 2025, SBI Card will stop offering air accident insurance on certain premium credit cards:
₹1 crore cover on SBI Card ELITE, Miles ELITE, and Miles PRIME will be discontinued.
₹50 lakh cover on SBI PRIME and PULSE cards will also end.
If you frequently travel using these cards, this is an important update.
New SBI Credit Card Payment Formula (MAD)
SBI Card is also changing how the Minimum Amount Due (MAD) is calculated for credit card bills from July 15.
New MAD will include:
GST + EMI
100% of fees and charges
100% of finance charges
2% of the outstanding amount (retail + cash)
Any overlimit amount
Earlier, MAD was calculated as 5% of the total bill. Now it’s 2%, but with all added charges, your monthly minimum payment might increase.
Also, paying only the MAD means interest will keep getting charged. It’s better to pay the full amount.
HDFC Credit Card – New Charges from July 1
From July 1, HDFC Bank will apply 1% extra charges on certain types of credit card transactions:
1% on rent payments (up to ₹4,999)
1% on skill gaming spends over ₹10,000/month
1% on utility bills (excluding insurance) above ₹50,000/month
1% on wallet loads over ₹10,000/month
Also, you will earn reward points on insurance premium payments, but the monthly limit is capped at 10,000 points.
ICICI Bank – New Charges from July 1
ATM Transactions:
First 5 monthly financial transactions at ICICI ATMs: Free
After that: ₹23 per transaction
At non-ICICI ATMs in metro cities: 3 free, then ₹23 each
At non-ICICI ATMs in non-metro areas: 5 free
International ATM withdrawals: ₹125 + 3.5% currency conversion fee
IMPS Transfer Charges:
Fees will range from ₹2.5 to ₹15, depending on the transfer amount.
Cash Transactions at Branch/CRM:
First 3 cash transactions per month: Free
After that: ₹150 per transaction
Third-party cash transaction limit: ₹25,000 per transaction
These updates are important for managing your finances smartly.
From using credit cards to filing taxes and withdrawing cash, these changes will directly impact everyday users. Be sure to check how they affect your personal or business accounts.
