1 July 2025 New Rules: Many important changes related to banking and tax are going to be implemented from July 1, 2025, which will directly affect common account holders, credit card users and taxpayers.
This includes extending the date of Income Tax Return (ITR), making Aadhaar mandatory for PAN card, changing the rules of SBI and HDFC credit cards and new charges on ATM and cash transactions of ICICI Bank. Let us know what is changing from July 1 and what effect it will have on your money.
Aadhaar is necessary for making a new PAN card
Now if anyone wants to get a new PAN card, it will be mandatory for him to provide Aadhaar number and get it verified. This rule will come into effect from July 1, 2025. Till now PAN was made with identity card and birth certificate, but now Aadhaar has been made mandatory to promote digital verification and tax compliance.
The date for filing ITR has been extended from July 31 to September 15
There is a relief news for those who want to file Income Tax Return (ITR) for the financial year 2024-25. Now they have been given time till 15 September 2025 instead of 31 July. However, it is advised not to wait for the last date. By filing the return on time, portal congestion and technical glitches can be avoided.
Air accident insurance on SBI cards discontinued
Air accident insurance available on some premium credit cards of SBI Card is being discontinued from July 15, 2025. The insurance of Rs 1 crore available on SBI Card ELITE, Miles ELITE, and Miles PRIME will no longer be available. The insurance of Rs 50 lakh available on SBI PRIME and PULSE is also being discontinued. If you use these cards for travel, then this can be a big change for you.
New formula for minimum payment (MAD) on SBI card
SBI Card has changed the method of calculating the Minimum Amount Due (MAD) of credit card bills.
New formula (from July 15)
GST + EMI
100% fees and charges
100% finance charge
2% of outstanding amount (retail spend + cash advance)
Any overlimit amount
Earlier the rule was 5%, now it has become 2%, but the entire payment of the remaining charges will be added to the MAD. This may increase your monthly bill a little. Paying only the MAD will continue the interest. It is better to pay the full amount.
New transaction charges on HDFC credit card
From July 1, HDFC Bank has decided to add an additional 1% charge on certain spends on its credit cards.
The new charges will be
1% on rent payment (capped at ₹4,999)
1% on skill-gaming spends above Rs 10,000 per month
1% on utility bills (excluding insurance) above Rs 50,000 per month
1% on wallet load above Rs 10,000 per month
Reward points will now be available on insurance premium, but the maximum limit will be 10,000 points per month.
Change in service charge of ICICI Bank
ATM Transactions
The first 5 financial transactions from ICICI ATM will be free every month. After this, Rs 23 will be charged per transaction.
Non-ICICI ATM (Metro City): 3 free transactions, then a charge of Rs 23
Non-ICICI ATM (Non-Metro): 5 free transactions
Cash withdrawals from international ATMs will attract ₹125 plus 3.5% currency conversion charge.
IMPS Transfer Charges
A charge of Rs 2.5 to Rs 15 will be applicable depending on the transaction amount.
Cash Transactions (At Branch or CRM):
3 free transactions every month
After this, Rs 150 per transaction
Third party transaction limit: Rs 25,000 per transaction
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