Several key updates begin in July 2025—covering everything from PAN‑Aadhaar linkage to credit card terms and ATM fees. Here’s everything laid out clearly:
Aadhaar Essential for PAN Applications
- Effective July 1, new PAN applications require Aadhaar verification, removing alternate ID options.
- Existing PANs must be linked to Aadhaar by December 31, 2025, or risk deactivation.
ITR Filing Deadline Extended
- The deadline for filing ITR for FY 2024–25 is now September 15, 2025 (up from July 31) to accommodate new systems and forms.
Tatkal Booking Overhaul
- From July 1 , bookings will require Aadhaar + OTP-based 2FA, with agents blocked from the first 30 minutes of Tatkal window.
- Schedule: AC bookings open 10–10:30 AM, Non-AC 11–11:30 AM.
Credit Card Rule Changes
- SBI
Removes complimentary air accident insurance from premium cards (Elite, Prime, Pulse, Miles variants) starting July 15–August 11.
Minimum Amount Due (MAD) will now include GST, EMI, fees, and 2% of remaining balance—raising monthly payments.
- HDFC Bank
Introduces 1% fee (capped monthly) on spends over thresholds in categories like wallet loads, rent, gaming, fuel, and utilities.
- Kotak Mahindra Bank
Begins phasing out the Myntra Kotak card in favor of the Kotak League Credit Card.
- RBI Guidelines
Issuers now must collect OTP consent before issuing a card, cancel unactivated cards within 30 days, clearly disclose fees, require user consent for credit limit increases, and simplify card closure processes—all under strengthened consumer protection rules.
ATM, IMPS & Branch Fee Hikes
- ICICI Bank : ₹125 per international ATM withdrawal, ₹150 after 3 free monthly branch transactions, plus revised IMPS fees.
- Axis Bank : Similar changes in ATM and branch transaction charges start July 1.
UPI & GST Updates
- UPI : Improved chargeback process and beneficiary name display begin in late July; non-financial transactions limited during peak hours starting July 31.
- GST : GSTR‑3B edits disabled post-filing but can be late-filed up to 3 years.
Other Updates
- NSE introduces electricity futures (from July 14).
- Small Savings Rates expected to be revised for July–Sept quarter.
What You Should Do
- Tax and PAN : Link Aadhaar to PAN and file ITR today if possible.
- Tatkal users : Register Aadhaar in IRCTC and block agent auto-booking.
- Credit card users : Check your card’s new rules (SBI, HDFC, Kotak). Calculate if you’re paying more.
- ATM and branch users : Minimize branch visits and international cash withdrawals.
- UPI users : Expect slightly slower balance checks and non-financial transactions during peak times.
July kicks off a wave of meaningful policy changes—many improve security (Aadhaar+PAN, Tatkal, UPI), while others aim to reduce freebies (credit card perks, ATM fees). It’s a wake-up call to review your banking habits, card usage, and travel plans. Best to act early and avoid rate shocks or surprises.