Big Financial Changes from July 1: PAN-Aadhaar, ITR Deadline, Bank & Credit Card Charges You Must Know

July 1, 2025 — As the new financial quarter kicks off, multiple key financial rule changes are coming into effect across India starting July 1, 2025. These updates will directly impact income tax filers, credit card users, bank customers, and small savings scheme investors. To help you stay prepared and plan your finances better, here’s a comprehensive breakdown of all the major changes.

📌 Interest Rates on Small Savings Schemes May Change

From today, the government may revise interest rates on popular small savings schemes such as:

• Public Provident Fund (PPF)

• Senior Citizen Savings Scheme (SCSS)

• National Savings Certificate (NSC)

• Sukanya Samriddhi Yojana (SSY)

The rates are revised quarterly by the Ministry of Finance, and today marks the start of the July–September quarter. The official notification could be released soon.

🆔 Aadhaar Mandatory for New PAN Card Applications

The Central Board of Direct Taxes (CBDT) has made Aadhaar verification mandatory for applying for a new PAN card starting July 1, 2025.

• Earlier: Only an ID proof and birth certificate were sufficient

• Now: Linking and verifying Aadhaar is compulsory
  This move promotes tax compliance and curbs identity fraud in the financial system.

📅 ITR Filing Deadline Extended to September 15

In a significant relief for taxpayers, CBDT has extended the Income Tax Return (ITR) filing deadline for FY 2024–25 from July 31 to September 15, 2025.

• Extra 46 days for salaried individuals

• Avoid last-minute rush by filing early

• Ideal time to organize financial documents and avoid penalties

✈️ SBI Credit Card Insurance & EMI Rules Changed

Starting July 15, SBI Card has discontinued Air Accident Insurance benefits on select premium cards:

• ₹1 crore cover removed from SBI Elite, Miles ELITE, and Miles PRIME

• ₹50 lakh cover discontinued on Prime and PULSE cards
  Additionally, the Minimum Amount Due (MAD) calculation will now include:

• EMI installments

• GST

• Other service charges

Cardholders must read revised terms to avoid repayment miscalculations.

💳 HDFC Credit Card Charges on Select Transactions

HDFC Bank has introduced a 1% charge on several categories of credit card transactions from July 1, 2025.
Fee applies if the amount crosses specified limits:

Also, no reward points will be granted on these categories. Users must review their spending behavior accordingly.

🏧 ICICI Bank Revises ATM Transaction Limits & Fees

ICICI Bank has changed its ATM withdrawal policy, effective July 1:

• ICICI Bank ATMs:

  • 5 free financial transactions per month

  • Post-limit: ₹23 per transaction

• Other Bank ATMs:

  • Metro cities: 3 free transactions/month

  • Non-metro cities: 5 free transactions/month

  • Beyond that: Charges apply as per RBI guidelines

Plan your cash withdrawals to avoid additional fees.

⚠️ What Should You Do Now?

• Link Aadhaar before applying for a PAN card

• File ITR early to avoid portal overload

• Review credit card statements and new fees

• Check new small savings scheme interest rates

• Monitor ATM usage to avoid penalties

These changes may seem small in isolation, but combined, they can impact your monthly expenses and financial planning. Being proactive will help you avoid hidden costs and manage your money wisely.

Author Profile

Kuldeep Singh Chundawat

My name is Kuldeep Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.

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