1 July 2025 New Rules: Several important banking and tax-related changes will come into effect from July 1, 2025.
These new rules will directly impact regular account holders, credit card users, and taxpayers.
The changes include a new deadline for filing Income Tax Returns (ITR), mandatory Aadhaar for getting a PAN card, updates to SBI and HDFC credit card policies, and new charges on ATM and cash transactions by ICICI Bank.
Here’s a detailed look at what’s changing and how it may affect your finances.
Aadhaar Becomes Mandatory for New PAN Cards
From July 1, 2025, anyone applying for a new PAN card must provide their Aadhaar number and get it verified.
Until now, PAN cards could be issued using an identity card or birth certificate, but now Aadhaar is required to encourage digital verification and better tax tracking.
ITR Filing Deadline Extended to September 15
There is good news for taxpayers filing ITR for FY 2024–25. The deadline has been extended from July 31 to September 15, 2025.
However, it’s still recommended to file your return early to avoid website slowdowns or last-minute errors.
SBI Credit Cards: Air Accident Insurance Discontinued
From July 15, 2025, SBI Card is ending air accident insurance on some of its premium credit cards.
₹1 crore cover on SBI Card ELITE, Miles ELITE, and Miles PRIME will no longer be available.
₹50 lakh cover on SBI PRIME and PULSE will also be removed.
This could be a major change for those who travel frequently using these cards.
New SBI Credit Card Minimum Payment (MAD) Formula
SBI Card is also changing how the Minimum Amount Due (MAD) is calculated, starting July 15.
New MAD formula includes:
GST + EMI
100% of fees and charges
100% of finance charges
2% of the outstanding (retail + cash)
Any over-limit amount
Earlier, MAD was 5% of total dues. Now, although the percentage is 2%, it includes many added charges, which may increase your monthly bill.
Paying only MAD keeps interest running, so it’s best to pay the full amount.
HDFC Bank Credit Card – New Charges from July 1
HDFC Bank will apply a 1% charge on certain types of spending via credit cards:
1% charge on rent payments (up to ₹4,999)
1% on skill-gaming spends above ₹10,000/month
1% on utility bills (except insurance) above ₹50,000/month
1% on wallet reloads above ₹10,000/month
You will now earn reward points on insurance premiums, but the maximum is limited to 10,000 points/month.
ICICI Bank – Changes in Charges from July 1
ATM Transactions:
First 5 financial transactions per month at ICICI ATMs: Free
After that: ₹23 per transaction
Non-ICICI ATMs (Metro): 3 free, then ₹23 each
Non-ICICI ATMs (Non-Metro): 5 free
International ATM withdrawal: ₹125 + 3.5% currency conversion fee
IMPS Transfer Charges:
Charges will range from ₹2.5 to ₹15, depending on the transfer amount.
Cash Transactions (at Branch or CRM):
First 3 cash transactions per month: Free
After that: ₹150 per transaction
Third-party transaction limit: ₹25,000 per transaction.
