1 july 2025 new rules: From 1 July 2025, many important changes related to banking and tax are going to be implemented which will directly affect the common account holders, credit card users and taxpayers. This includes extending the date of income tax return (ITR), making Aadhaar compulsory for PAN card, changing the rules of SBI and HDFC Credit Card and new charge on ICICI Bank’s ATM and cash transactions.
Aadhaar is necessary for making a new PAN card
Now if someone wants to make a new PAN card, then it will be mandatory for it to give Aadhaar number and get it verified. This rule will come into effect from 1 July 2025. Till now, PAN was also made with identity cards and birth certificates, but now the imperative of Aadhaar has been brought to promote digital verification and tax compliance.
ITR filling date increased from 31 July to 15 September
There is a relief news for those who want to file an income tax return (ITR) of FY 2024-25. Now he has been given time till 15 September 2025 instead of 31 July. However, it is being advised not to wait for the last date. Portal congestion and technical disturbances can be avoided by filing returns on time.
Air accident insurance closed on SBI cards
Air Accident Insurance on some premium credit cards of SBI card is closing from 15 July 2025. SBI card elite, Miles Elite, and Miles Prime will no longer get insurance of Rs 1 crore. Insurance of ₹ 50 lakh on SBI Prime and Pulse is also being abolished. If you use these cards for travel, this can be a big change for you.
New formula of minimum payment (Mad) on SBI card
The SBI card has changed the method of calculation of the minimum payment of credit card bill.
New Formula (from July 15)
100% fees and charges
100% finance charge
2% of the outstanding amount (retail expense + cash advance)
Any overlimit amount
Earlier there was a rule of 5%, now it is 2%, but the full payment of the remaining charges will be added to the Mad. This may increase your monthly bill slightly. Just repaying the Madd will continue the interest. It is better to pay the entire amount.
New transaction charge on HDFC Credit Card
From July 1, HDFC Bank has decided to add an additional 1% charge on some expenses on its credit card.
These will be new charge
1% on rent payment (limit up to ₹ 4,999)
1% at skill-game spending of Rs 10,000 monthly month
Utility bill of more than Rs 50,000 monthly (except insurance) 1%
1% on wallet load of more than Rs 10,000 monthly
Reward points will now be available on insurance premiums, but the maximum limit will be 10,000 points per month.
Change in service charge of ICICI Bank
ATM transaction
5 financial transactions will be free every month before ICICI ATM. This will be followed by Rs 23 per transaction.
Non-ICICI ATM (Metro City): 3 free transactions, then charges 23 rupees
Non-ICICI ATM (Non-Metro): 5 Free Transaction
₹ 125 and 3.5% currency conversion will be charged for extracting cash from international ATM.
IMPS Transfer Charge
The charge of 2.5 to 15 rupees will be applicable according to the transaction amount.
Cash transaction (on branch or crm):
3 free transactions every month
After this Rs 150 per transaction
Third party transaction limit: Rs 25,000 per transaction
CNG-PNG is about to be cheaper! Great relief can come in 2-3 days, know where the price will decrease
