Major financial changes from July 1: PAN, ATM fees, credit card rules explained

Starting July 1, important financial rules regarding PAN cards, credit cards, small savings schemes, and ATM fees are changing. These updates will directly impact taxpayers, credit card users, and investors.

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Changes from July 1

From July 1st, several key financial rules are changing in India. These changes directly affect taxpayers, credit card users, and investors in small savings schemes. If you file income tax returns, hold a PAN card, use credit cards, or invest in schemes like PPF, Sukanya Samriddhi, or the Senior Citizens Savings Scheme, these updates are crucial for your financial planning. Staying informed about these changes will help you avoid penalties and unexpected expenses.

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New PAN Rules

The Central Board of Direct Taxes (CBDT) has mandated Aadhaar verification for obtaining new PAN cards from July 1. This move aims to strengthen tax compliance and reduce fraudulent activities. In another major relief for taxpayers, the deadline for filing income tax returns (ITR) for the financial year 2025-26 has been extended. Taxpayers now have until September 15, 2025, to file their returns.

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Revised interest rates for small savings schemes

With the April-June quarter ending, the central government is set to announce revised interest rates for small savings schemes like PPF, SCSS, and Sukanya Samriddhi Yojana. These rates are reviewed quarterly and can increase, decrease, or remain unchanged. Any change in these rates directly impacts millions of investors.

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SBI Card

SBI Card has announced a major change regarding its premium credit cards. From July 15, 2025, the air accident insurance cover of up to Rs 1 crore offered on premium cards like SBI Elite, Miles ELITE, and Miles PRIME will be withdrawn.

HDFC Bank will start charging a 1% fee on certain credit card transactions from July 1, 2025. This includes rent payments, wallet recharges above Rs 10,000, online gaming spends above Rs 10,000, and utility bill payments above Rs 50,000 (excluding insurance premiums).

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ICICI Bank

ICICI Bank has also revised its ATM cash withdrawal charges. Customers can withdraw cash free of charge five times a month from ICICI ATMs, after which a fee of Rs 23 per transaction applies.

For cash withdrawals from other banks' ATMs, users in metro cities get three free transactions, while those in non-metro areas get five. After these limits, the same Rs 23 fee per transaction applies.