Key financial changes coming in July: From Aadhaar-PAN rule to new bank charges

New Delhi, June 27 From July, several important financial changes will come into effect, directly impacting individual taxpayers and bank customers.

These include a new Aadhaar verification rule for PAN applications, an extended deadline for income tax return filing, and revised charges on credit cards and banking services by leading banks like SBI, HDFC Bank, and ICICI Bank.

Starting July 1, individuals applying for a new PAN card will have to undergo mandatory Aadhaar verification.

This new rule, introduced by the Central Board of Direct Taxes (CBDT), is aimed at boosting tax compliance and digitisation. Until now, a valid ID and birth certificate were enough to get a PAN card.

In a major relief to taxpayers, the CBDT has also extended the deadline to file income tax returns for the assessment year 2025-26.

The new deadline is September 15, giving salaried individuals 46 extra days beyond the original July 31 cut-off.

However, tax experts advise starting the process early to avoid last-minute technical issues on the income tax portal.

Meanwhile, SBI Card has announced that it will withdraw its complimentary air accident insurance on select premium credit cards starting July 15.

Cards such as SBI Card ELITE, Miles ELITE, and Miles PRIME will no longer offer the Rs 1 crore cover.

The Rs 50 lakh insurance benefit on SBI Card PRIME and PULSE will also be discontinued.

SBI Card is also changing the way it calculates the Minimum Amount Due (MAD) on credit cards.

From July 15, the MAD will now include total GST, EMI amount, all fees and finance charges, 2 per cent of the outstanding balance, and any overlimit amount.

This is a shift from the earlier method, which took either 5 per cent of certain charges or 100 per cent of finance charges -- whichever was higher -- along with other fees.

HDFC Bank will also implement new charges from July 1 on specific credit card transactions.

A 1 per cent fee will apply to rental payments, gaming spends above Rs 10,000 per month, and utility bill payments exceeding Rs 50,000.

Wallet reloads above Rs 10,000 will also attract a 1 per cent fee. Each of these charges will be capped at Rs 4,999 per transaction.

On a positive note, customers will now earn reward points for insurance payments, up to a limit of 10,000 points per month.

ICICI Bank has announced a wide range of changes to its service charges, effective from July 1.

ATM usage charges have been revised: customers will continue to get five free transactions per month at ICICI Bank ATMs, after which Rs 23 per transaction will be charged.

At non-ICICI Bank ATMs, users in metro cities will get three free transactions per month, while those in non-metros will get five.

Beyond this, a Rs 23 charge per financial transaction and Rs 8.50 for non-financial ones will apply.

International ATM usage will cost more. ICICI Bank will charge Rs 125 per withdrawal, a 3.5 per cent currency conversion fee, and Rs 25 for non-financial transactions.

IMPS (Immediate Payment Service) transfer fees will now vary from Rs 2.5 to Rs 15, depending on the amount transferred.

The bank has also revised its cash transaction rules. Only three free cash transactions will be allowed at branches or cash recycler machines (CRMs) each month.

After that, a fee of Rs 150 per transaction will be charged. Depositing more than Rs 1 lakh in a month will attract a fee of Rs 150 or Rs 3.50 per Rs 1,000 -- whichever is higher.

For third-party cash deposits or withdrawals, the limit remains Rs 25,000 per transaction.

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