New Delhi – Starting July 1, several key financial and regulatory changes will take effect, impacting taxpayers, bank customers, and railway passengers across India. These updates involve Aadhaar-PAN linking, Tatkal train bookings, credit card fee revisions, and ATM transaction charges, especially for major banks like HDFC, SBI, and ICICI Bank.
1. Aadhaar Now Mandatory for New PAN Cards
Beginning July 1, the Central Board of Direct Taxes (CBDT) has made Aadhaar verification compulsory for new PAN card applications.
Existing PAN holders must link their Aadhaar by December 31, or risk deactivation.
Until now, documents like driving licenses or birth certificates sufficed for new PAN applications.
2. Aadhaar Needed for Tatkal Train Tickets
Booking Tatkal tickets will now require Aadhaar verification.
From July 15, two-factor authentication (including an OTP sent to your mobile) will be required for all railway bookings.
Additionally, train fares are set to see a marginal hike, with:
1 paisa/km increase for non-AC coaches
2 paise/km for AC classes
3. Extended Deadline for ITR FilingThe deadline for filing
Income Tax Returns (ITR) has been extended from July 31 to September 15, offering 46 extra days.
Taxpayers who are ready with their documents may still file earlier to avoid last-minute site slowdowns.
4. Credit Card Changes Across Banks
SBI Credit Card Updates
Air accident insurance will be discontinued for select premium cards (Elite, Miles Elite, Miles Prime).
A new calculation method for the minimum amount due (MAD) is expected.
HDFC Credit Card Charges
A 1% fee (capped at ₹4,999) applies to:
Rent payments
Online gaming if spending exceeds ₹10,000
Utility payments above ₹50,000/month (excluding insurance)
Digital wallet loads over ₹10,000 per transaction
ICICI Bank Credit & ATM Fee Changes
ATM usage:
The first 5 ICICI Bank ATM transactions are free. Thereafter, ₹23 per withdrawal.
Non-financial transactions remain free.
At non-ICICI ATMs:
Metro cities: 3 free transactions
Non-metros: 5 free transactions
Beyond that: ₹23 (withdrawal), ₹8.5 (non-financial)
International ATM usage:
₹125 per cash withdrawal
₹25 for balance inquiries
3.5% foreign exchange conversion fee
IMPS transfers will now cost ₹2.5 to ₹15, based on the transfer amount.
Cash deposits via CRMs (Cash Recycler Machines):
The first 3 deposits/month are free.
Then ₹150 per transaction
Depositing over ₹1 lakh/month in cash will attract:
₹150 or ₹3.50 per ₹1,000 (whichever is higher)
Third-party deposits remain capped at ₹25,000 per transaction.
These changes will affect daily financial activities for millions. Staying informed and adjusting your habits accordingly will help avoid extra charges or disruptions.