Starting July 1, 2025, Multiple Financial Rules Are Changing: Here’s How They Impact Your Money and Planning

A new financial quarter begins on July 1, 2025, and with it comes a host of major updates that could directly affect your pocket. Whether you're a taxpayer, credit card user, investor in small savings schemes, or someone who banks regularly, it’s important to stay informed. These changes include everything from Aadhaar-PAN linkage, ITR filing deadline extensions, banking fees, to credit card transaction charges.

Here's a complete breakdown of the top financial changes effective July 1, 2025, so you can plan your finances more efficiently and avoid any surprise expenses.

As a new quarter begins, the Ministry of Finance is set to revise the interest rates on small savings schemes like PPF, NSC, Senior Citizens Saving Scheme (SCSS), and Sukanya Samriddhi Yojana. The April-June 2025 rates end today (June 30), and the new rates for the July-September quarter are expected to be announced shortly.

• What It Means for You:
  If you’ve invested or plan to invest in small savings schemes, keep an eye on the revised interest rates today. Higher interest can boost your returns; if they fall, locking in funds earlier might have helped.

From July 1, 2025, it is mandatory to link Aadhaar and verify it while applying for a new PAN card, as per CBDT’s latest directive.

• What’s New:
  Until now, a government ID and birth certificate were enough to obtain a PAN card. Aadhaar verification is now essential for enhancing transparency and preventing identity-based fraud.

• Impact:
  Expect smoother integration across tax-related services and reduced chances of duplication or misuse of PAN identities.

In a big relief to salaried taxpayers, the deadline for filing Income Tax Returns (ITR) for FY 2025-26 has been extended from July 31 to September 15, 2025.

• What You Should Do:
  Use this extra 46 days to gather documents, claim deductions, and verify income. However, avoid last-minute filing to bypass portal congestion and possible errors.

From July 15, 2025, SBI Card is withdrawing the ₹1 crore air accident insurance benefit on premium cards like SBI Card ELITE, Miles ELITE, and PRIME.

• Other Withdrawals Include:

  • ₹50 lakh benefit on PRIME and PULSE cards.

  • ₹1 crore benefit on select other SBI cards.

• Additionally, SBI is modifying the formula to calculate Minimum Amount Due (MAD), impacting how cardholders plan their repayments.

• Advice:
  If you relied on these benefits for travel insurance coverage, consider buying standalone travel insurance for continued protection.

Starting July 1, 2025, HDFC Bank is introducing a 1% fee on several types of transactions made via its credit cards. A maximum fee cap of ₹4,999 per transaction applies.

• Rent Payments: 1% charge on rent-related transactions.

• Online Gaming: Skill-based games above ₹10,000/month will attract a 1% fee.

• Utility Bills: Utility payments exceeding ₹50,000 (except insurance) will incur a 1% fee.

• Wallet Loading: Wallet top-ups over ₹10,000 will be charged 1%.

• Tip:
  Plan high-value transactions across different cards or payment platforms to minimize charges.

ICICI Bank is changing its ATM withdrawal policy from July 1, 2025:

• ICICI Bank ATMs:

  • First 5 financial transactions/month are free.

  • Post-limit transactions will be charged at ₹23 per transaction.

• Other Bank ATMs:

  • In metro cities: 3 free transactions, then charges apply.

  • In non-metro cities: 5 free transactions per month.

• Why It Matters:
  Frequent ATM users may want to consolidate withdrawals to avoid multiple transaction fees.

As July 1, 2025, brings these financial rule changes, it’s essential to review your credit card usage, ATM withdrawals, tax planning, and investments. Staying updated will help you avoid unexpected costs and plan better for your financial goals.