PAN-Aadhaar rule and new bank charges take effect from today

Multiple financial changes in July 2025 will affect millions of people in India. The Central Board of Direct Taxes (CBDT) will soon mandate Aadhaar for all new PAN applications and will also prolong the deadline for ITR submissions. Concurrently, several prominent banks such as SBI, HDFC, and ICICI will revise their fees related to cards, ATMs, and additional services.

The CBDT has implemented a policy effective today, where Aadhaar will be used to authenticate individuals applying for a new PAN card. In the past, a legitimate photo ID and a birth certificate were consistently sufficient. The CBDT states that it is a move towards enhancing the tax system and digital verification.

The CBDT has provided relief to taxpayers by extending the income tax return filing deadline for Assessment Year 2025-26 to September 15, up from the previous deadline of July 31. Tax experts continue to recommend filing early because of system overload and potential errors at the last minute.

ICICI Bank will modify its fees for ATM transactions, IMPS services, and cash handling limits. Once a specified limit of free monthly transactions is reached, clients will have to incur additional charges for utilizing ATMs or performing cash deposits and withdrawals at bank branches.

Starting today, SBI Card will eliminate the free air accident insurance provided on certain premium credit cards such as ELITE and PRIME. SBI will modify its calculation of the Minimum Amount Due (MAD) to factor in EMIs, GST, and fees, potentially leading to increased monthly payments for cardholders.