Major Financial Rule Changes from July 1, 2025: How They Affect Your Wallet

Updated: 30-06-2025, 11.13 PM

Starting July 1, 2025, several key financial regulations are set to change in India, directly impacting the everyday lives of common citizens. From mandatory Aadhaar linkage for PAN cards to revised banking charges by major banks like SBI, HDFC, and ICICI, these updates are crucial to understand for anyone managing personal finances. Here’s a detailed breakdown of what changes from July 1 and how they could affect your budget.

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Aadhaar Now Mandatory for PAN Card Application

In a major move by the Central Board of Direct Taxes (CBDT), Aadhaar authentication will become mandatory for all new PAN card applications from July 1, 2025. Previously, applicants could use other valid ID proofs like a birth certificate or voter ID. The updated rule aims to enhance transparency and prevent fraudulent financial transactions by linking identity verification with the Aadhaar system.

ITR Filing Deadline Extended to September 15

In a relief for taxpayers, the Income Tax Return (ITR) filing deadline for FY 2024-25 has been extended from July 31 to September 15, 2025, as announced by the CBDT. This extension gives salaried individuals, business owners, and professionals more time to file returns without late penalties.

SBI Credit Card Rules See Major Overhaul

From July 15, 2025, SBI Card will revise how it calculates the Minimum Amount Due (MAD) on credit card bills. This will now include GST, EMI amounts, fees, finance charges, over-limit usage, and unpaid balances.

Additionally, SBI will discontinue complimentary air accident insurance coverage for cardholders. High-tier cards like Elite, Pulse, and Miles Elite will lose their ₹1 crore cover, while Prime and Miles Prime cards will lose their ₹50 lakh coverage.

HDFC Bank Introduces New Charges on Gaming, Wallets, and Utility Payments

HDFC Bank is introducing a 1% fee on monthly spends above ₹10,000 for online gaming and wallet top-ups. For utility bill payments, the fee kicks in when exceeding:

₹50,000 on consumer cards
₹75,000 on business cards

Additionally, a 1% charge will apply on:

Rent payments above ₹15,000
Fuel and education payments above ₹30,000
These fees apply only when made via third-party platforms and will be capped at ₹4,999 per transaction, with GST applicable on all charges.

For insurance purchases, reward point redemption limits have been tightened:

10,000 points for Infinia/Infinia Metal
5,000 points for Diners Black/Biz Black Metal
2,000 points for most other cards
Notably, Marriott Bonvoy HDFC cards are exempt from this limitation.

Axis Bank Hikes ATM Transaction Fees

From July 1, Axis Bank customers will pay more for ATM withdrawals. After the free transaction limit, cash withdrawals will now incur a ₹23 fee per transaction, up from ₹21. While some banks had already raised charges in May 2025, Axis Bank’s hike now aligns with industry trends, potentially impacting frequent cash users.

These financial updates are part of broader regulatory changes aimed at improving transparency, reducing misuse, and aligning with digital financial norms. While some of the changes may lead to increased costs for consumers, being aware and planning in advance can help mitigate their financial impact.

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.