From today, July 1, 2025, Indian taxpayers and customers of leading banks like SBI, HDFC, and ICICI will face a set of financial rule changes, ranging from Aadhaar being made mandatory for PAN card applications to revised fee structures on credit and debit cards.
🔹 Aadhaar Now Mandatory for New PAN Applications
The Central Board of Direct Taxes (CBDT) has enforced the use of Aadhaar as a mandatory ID proof for new PAN card applications starting today. Previously, alternate ID documents were sufficient. The move aims to streamline digital verification and reduce identity fraud.
🔹 ITR Filing Deadline Extended
Providing relief to individual taxpayers, the government has extended the Income Tax Return (ITR) filing deadline for Assessment Year 2025–26 to September 15, instead of the earlier deadline of July 31. Experts still urge early filing to avoid system overloads and potential penalties.
🔹 SBI Card: Free Air Insurance Withdrawn
SBI has scrapped the complimentary air accident insurance that was earlier available with its premium credit cards like ELITE and PRIME. Additionally, the method of calculating Minimum Amount Due (MAD) now includes EMIs, GST, and fees, potentially increasing monthly dues for users.
🔹 HDFC’s New Charges on Card Transactions
HDFC Bank will now levy:
- 1% fee on wallet reloads and rent payments above ₹10,000
- 1% fee on utility bill payments over ₹50,000
- ₹4,999 in transaction charges on gaming spends beyond ₹10,000. Insurance payments, however, will fetch up to 10,000 reward points monthly.
🔹 ICICI Bank Updates: ATM & IMPS Charges Revised
ICICI customers should brace for new ATM usage policies and revised charges for IMPS transactions and branch cash deposits after exhausting their free limits.
💡 What You Should Do
- Ensure your Aadhaar is linked if applying for a PAN card
- Mark the new ITR deadline on your calendar
- Monitor your credit card spending to avoid surprise charges
- Review SMS or email alerts from your bank for personalised updates
