Upcoming Financial Regulations Effective July 1, 2025: What You Need to Know

Starting July 1, 2025, significant financial regulations will be implemented, including mandatory Aadhaar verification for new PAN cards and an extended deadline for ITR filing. Major banks like SBI and HDFC will also revise their credit card policies and banking charges. Understanding these changes is crucial for effective financial planning and compliance. Stay informed to navigate these upcoming regulations smoothly.

By Narendra Chaudhary Jun 30, 2025, 12:12 IST

Introduction to New Financial Regulations

Starting July 1, 2025, a series of new financial regulations will come into effect, significantly impacting your finances. Being informed about these changes in advance can help you avoid potential pitfalls and prepare accordingly. Key updates will range from mandatory Aadhaar linking to revised credit card policies.

Mandatory Aadhaar Verification for New PAN Cards

The Central Board of Direct Taxes (CBDT) has announced that from July 1, obtaining a new PAN card will require Aadhaar verification. This initiative aims to enhance tax compliance and promote digitalization. Previously, applicants needed a valid ID and birth certificate, but after this date, a PAN card cannot be issued without an Aadhaar card.

Extended Deadline for ITR Filing

The CBDT has extended the deadline for filing Income Tax Returns (ITR) to September 15, 2025, which was originally set for July 31, 2025. This extension provides taxpayers with additional time to file their returns without haste, thereby reducing the likelihood of errors and incorrect submissions.

Changes in Credit Card and Banking Charges by Major Banks

From July 15, 2025, SBI will revise its minimum payment calculation for credit card bills to include the full GST, EMI amounts, charges, finance fees, and 2% of any unpaid balance. Payments will be prioritized in a specific order: GST, EMI, fees, finance charges, balance transfers, retail transactions, and cash withdrawals. Additionally, SBI will discontinue complimentary air accident insurance, affecting both existing and new cardholders.

Starting July 1, 2025, HDFC Bank will impose a 1% fee on online gaming and wallet load transactions exceeding ₹10,000 per month, capped at ₹4,999, with no reward points earned on these transactions. Utility bill payments over ₹50,000 (consumer card) or ₹75,000 (business card) will also incur a 1% fee, while charges for rent, fuel, and education payments through third-party platforms will remain at 1%, with a limit of ₹4,999 per transaction. Reward points for insurance will be capped at 10,000 for Infinia/Infinia Metal cards, 5,000 for Diners Black/Business Black Metal cards, and 2,000 for most other cards, with no limit for the Marriott Bonvoy card; all fees will be subject to GST.

Axis Bank has announced an increase in ATM usage charges, raising the fee for transactions beyond the free limit from ₹21 to ₹23 per transaction, effective July 1, 2025. This change will affect both Axis and non-Axis ATM users. Other lenders have already increased ATM fees since May due to rising operational costs and the need for improved services.