Financial Update: If you use a credit card, have invested in small savings schemes, or file an income tax return (ITR), then this news is very important for you. From July 1, 2025, many rules are going to change simultaneously in the country, which will have a direct impact on your pocket. It is very important for you to know these changes so that you can shape your financial planning accordingly.

Interest rates of small savings schemes

A new quarter is starting from July 1, so the interest rates of small savings schemes may also change. Every quarter, the central government fixes the interest rates of these small savings schemes. Interest rates can either increase, decrease, or remain stable. Today is the last day of the April-June quarter, so the notification of these schemes can be issued today itself.

Aadhaar verification mandatory for new PAN card

The Central Board of Direct Taxes (CBDT) has made the Aadhaar number and its verification mandatory for a new PAN card from July 1, 2025. Till now only an Identity Card and Birth Certificate were sufficient for a PAN card. The purpose of this change is to promote digitization and tax compliance. This will ensure that the information of PAN card holders is more accurate and verified, which will also curb financial fraud.

ITR filing date extended

CBDT has extended the last date for filing Income Tax Returns (ITR) for the financial year 2025-26 from July 31 to September 15, 2025. Salaried people will get 46 additional days, which is a big relief for them. However, it is advisable to file returns as soon as possible to avoid crowding on the portal. Use this period to properly organize all your information and avoid any errors.

Air Accident Insurance Discontinued on SBI Card

From July 15, 2025, the air accident insurance facility of up to ₹ 1 crore will be discontinued on some premium cards of SBI Card, such as SBI Card Elite, Miles ELITE, and Miles PRIME. The facility of ₹ 50 lakh on Prime and PULSE cards will also be discontinued. Along with this, SBI has also discontinued the facility of ₹ 1 crore on some premium cards of SBI Card. The method of calculating the card’s Minimum Amount Due (MAD) has also changed, which will come into effect from July 15. This change is important for cardholders who relied on these insurance facilities and who will now have to understand the calculation of their minimum amount due.

Change in fee rates on HDFC Bank credit card transactions

HDFC Bank has announced new fee rates on certain transactions for its credit card holders, which will be effective from July 1, 2025. As per this change, the following transactions will attract a 1% fee, with a maximum limit of ₹4,999 per transaction:

Rental Payments:- Any transaction related to rent will attract a 1% fee.

Online Gaming Expenses:- Skill-based gaming expenses above ₹10,000 per month will attract a 1% charge on the total amount.

Utility Bill Payments:- Utility expenses above ₹50,000 (excluding insurance premium) will attract a 1% charge.

Wallet Loading:- Wallet recharges above ₹10,000 will also attract a 1% charge.

The maximum limit of all these charges will be ₹4,999 per transaction. This is important for those who frequently use their HDFC credit cards for these services.

Changes in ICICI Bank service charges

ICICI ICICI Bank has decided to change the charges on many of its banking services from July 1, 2025. Now the first five financial transactions every month from ICICI Bank ATMs will be free, after which a fee of ₹23 will be charged on every transaction. At ATMs of other banks, three transactions will be free in metro cities and five transactions will be free in non-metro cities.