New Month, New Rules: PAN-Aadhaar Verification, Revised Banking Charges & More from July 1
Starting July 2025, several important financial changes will come into effect, directly impacting taxpayers and customers of major banks like SBI, HDFC, and ICICI. Here’s what you need to know:
Mandatory Aadhaar Verification for New PAN Cards
The Central Board of Direct Taxes (CBDT) has made Aadhaar verification compulsory for issuing new Permanent Account Number (PAN) cards. This move aims to improve tax compliance and strengthen digital integration.
ITR Filing Deadline Extended
In a welcome relief for taxpayers, CBDT has extended the deadline for filing Income Tax Returns (ITR) for the assessment year 2025–26. The new deadline is September 15, 2025, instead of July 31, giving salaried individuals an additional 46 days to file their returns. However, experts advise filing early to avoid last-minute complications.
New Charges by SBI, HDFC, and ICICI Bank
- SBI Credit Card Changes (Effective July 15, 2025):
SBI will discontinue complimentary air accident insurance on cards like SBI Card ELITE, Miles ELITE, and Miles PRIME, which previously offered coverage up to ₹1 crore. The ₹50 lakh cover on SBI Card PRIME and PULSE will also be withdrawn. Additionally, SBI will revise the calculation of the Minimum Amount Due (MAD) on credit cards to include GST, EMIs, and fees. - HDFC Bank Credit Card Charges (Effective July 1, 2025):
New charges include a 1% fee (capped at ₹4,999 per transaction) on:- Rental payments
- Online skill-based gaming spends above ₹10,000 per month (on the total monthly spend)
- Utility bill payments exceeding ₹50,000 per month (excluding insurance transactions)
- Wallet loading transactions over ₹10,000 per month
- ICICI Bank ATM Charges (Effective July 1, 2025):
The first five financial transactions per month at ICICI Bank ATMs will remain free. Beyond that, each additional financial transaction will be charged ₹23. Non-financial transactions at ICICI ATMs will continue to be free.
These updates reflect ongoing efforts to streamline financial operations and align banking services with changing consumer habits. Taxpayers and bank customers are advised to review these changes carefully to avoid unexpected charges and ensure timely compliance.
