Major Financial Rule Changes From July 1: Aadhaar, PAN, ITR Deadline, Bank Fees And More
Come July 1, a host of financial and regulatory changes will roll out across sectors—directly affecting taxpayers, bank customers, credit card holders, and railway passengers. From revised norms for Aadhaar verification in PAN applications and Tatkal ticket bookings to updates in ATM fees and credit card benefits, the changes are wide-ranging and significant. Individuals are advised to stay informed and plan ahead to avoid disruptions.
Aadhaar Now Essential for PAN and Tatkal Bookings
In a move aimed at strengthening digital compliance, the Central Board of Direct Taxes (CBDT) has introduced a mandatory Aadhaar verification requirement for anyone applying for a new PAN card from July 1. Previously, applicants could rely on other forms of identification such as a valid ID and birth certificate, but the new rule now makes Aadhaar authentication compulsory.
Similarly, railway passengers booking Tatkal tickets will also see a major procedural change. The Ministry of Railways has confirmed that from July 1, Aadhaar-based authentication will be required for all Tatkal bookings made via the IRCTC website or mobile app. The change is intended to improve transparency and curb misuse of the Tatkal quota by ticketing agents.
Further tightening controls, the Railway Ministry will implement an Aadhaar-based OTP (One-Time Password) verification system for all Tatkal bookings from July 15, whether made online, at PRS counters or through authorised agents. Additionally, railway agents will no longer be allowed to book Tatkal tickets during the first 30 minutes after bookings open.
ITR Filing Deadline Extended; Credit Card Rules Changed
In a welcome move for taxpayers, the CBDT has extended the deadline for filing income tax returns (ITRs) for assessment year 2025-26. The original deadline of July 31 has now been pushed to September 15, providing salaried individuals with 46 extra days to complete their tax filing. However, experts caution that delaying the process could still result in portal slowdowns closer to the new deadline. Early filing is strongly advised to avoid last-minute technical glitches.
Meanwhile, several leading banks are introducing changes to their credit card terms and service charges.
SBI Card will discontinue its complimentary air accident insurance coverage on several premium credit cards from July 15, reported IANS. The cards impacted include SBI Card ELITE, Miles ELITE, and Miles PRIME, which currently offer Rs 1 crore in cover. The Rs 50 lakh insurance benefit on SBI Card PRIME and PULSE will also be removed.
Along with these changes, SBI Card is revising how it calculates the Minimum Amount Due (MAD) on outstanding bills. From July 15, the MAD will now include the total GST amount, any applicable EMIs, full fees and finance charges, 2 per cent of the remaining outstanding balance, and any amount exceeding the card limit. This replaces the earlier system which considered either 5 per cent of specified charges or 100 per cent of finance charges—whichever was higher—plus other dues.
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HDFC, ICICI Bank Revise Service Fees and ATM Charges
HDFC Bank is also altering its fee structure, effective July 1. A 1 per cent fee will now apply on select credit card transactions, including rent payments, gaming spends exceeding Rs 10,000 per month, and utility bills above Rs 50,000. Wallet top-ups beyond Rs 10,000 will attract a similar fee. However, customers can now earn reward points for insurance payments, capped at 10,000 points per month.
ICICI Bank has announced sweeping changes to its service fees and ATM usage charges. Customers will continue to get five free ATM transactions at ICICI Bank ATMs each month. After that, a fee of Rs 23 per transaction will apply. For non-ICICI Bank ATMs, users in metro cities will receive three free transactions per month, while those in non-metros will get five. Beyond these limits, Rs 23 will be charged per financial transaction and Rs 8.50 for non-financial ones.
International ATM withdrawals will become costlier, with the bank levying Rs 125 per withdrawal, a 3.5 per cent currency conversion fee, and Rs 25 for balance checks or other non-financial uses.
The Immediate Payment Service (IMPS) fee structure is also being revised. Charges will now range from Rs 2.50 to Rs 15 based on the transaction amount.
ICICI Bank is further tightening its rules on cash deposits. Only three free cash transactions will be permitted each month at branches or cash recycler machines. Additional deposits will incur a Rs 150 fee per transaction. Monthly deposits above Rs 1 lakh will attract a fee of Rs 150 or Rs 3.50 per Rs 1,000—whichever is higher. For third-party transactions, the Rs 25,000 per transaction limit remains unchanged.
As these wide-ranging changes come into force starting July, individuals are advised to review their financial practices—be it tax filing, ticket booking, or credit card use—to ensure compliance and avoid unnecessary costs.
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