Starting 1st July 2025, several key financial regulations are set to change, directly impacting bank customers and taxpayers. These updates include new PAN-Aadhaar linking rules, extended ITR filing deadlines, revised credit card charges, and changes in savings account fees. Here’s a detailed breakdown of what you need to know:

1. Aadhaar Verification Mandatory for New PAN Cards

The Central Board of Direct Taxes (CBDT) has made Aadhaar verification compulsory for new PAN card applications from 1st July 2025. Previously, identity proofs like voter ID or birth certificates were sufficient. This move aims to reduce tax fraud and improve digital compliance.

✅ Fact Check: The government has been pushing for stronger PAN-Aadhaar linkage to curb tax evasion.

2. Extended Deadline for ITR Filing (FY 2025-26)

The last date to file Income Tax Returns (ITR) for FY 2025-26 has been extended from 31st July to 15th September 2025. While salaried individuals get 46 extra days, experts advise filing early to avoid last-minute portal congestion.

3. SBI Card Removes Air Accident Insurance on Select Cards

From 15th July 2025, SBI Card will discontinue air accident insurance coverage (up to ₹1 crore) on premium cards like Elite, Miles Elite, and Miles Prime. The ₹50 lakh coverage on Prime and Pulse cards will also be removed.

Additionally, SBI has revised its Minimum Amount Due (MAD) calculation:

  • New Formula: GST + EMI + 100% fees/charges + 100% interest + 2% (spends + cash advances) + overlimit amount.

  • Old Formula: GST + EMI + 100% fees/charges + (5% of interest/spends/cash advance or 100% interest, whichever is higher) + overlimit amount.

4. HDFC Bank Imposes New Credit Card Transaction Charges

From 1st July 2025, HDFC Bank will levy a 1% fee (capped at ₹4,999 per transaction) on:

  • Rent payments (via credit card)

  • Online gaming spends (above ₹10,000/month)

  • Utility bills (above ₹50,000/month, excluding insurance)

  • Wallet reloads (above ₹10,000)

5. ICICI Bank Revises Service Charges

ICICI Bank has updated its fee structure, effective 1st July 2025:

  • ATM Transactions:

    • First 5 free transactions/month (ICICI ATMs).

    • ₹23 per transaction beyond free limit.

    • Other bank ATMs: 3 free (metro) / 5 free (non-metro) transactions, then ₹23 (financial) or ₹8.50 (non-financial).

  • International ATM Withdrawals: ₹125 + 3.5% forex fee + ₹25 extra.

  • IMPS Charges: ₹2.5 to ₹15 (based on amount).

  • Cash Deposits:

    • First 3 free/month, then ₹150 per transaction.

    • Deposits over ₹1 lakh/month: ₹150 or ₹3.5 per ₹1,000 (whichever is higher).

    • Third-party cash transactions capped at ₹25,000 per transaction.

Final Thoughts

These changes highlight the growing push for digital transactions and stricter tax compliance. Bank customers and taxpayers should review their financial plans to avoid unnecessary charges and last-minute hassles.

🔍 Fact Checked: All updates are based on official notifications from CBDT, SBI Card, HDFC Bank, and ICICI Bank.

📌 Pro Tip: Plan your ITR filing early, check credit card benefits, and monitor ATM usage to save on extra fees.

Would you like a simplified version for easier understanding? Let us know in the comments!