7 Major Financial Changes in July 2025: What Bank Customers, Travelers, and Cardholders Must Know

New Delhi: Several important changes are set to impact consumers across India this month, ranging from credit card fees to train ticket bookings and railway fares. Here’s a roundup of the major updates you need to know as of July 2025.

SBI Card Discontinues Complimentary Air Accident Insurance

SBI Card has announced significant changes for its credit cardholders, effective July 15, 2025. Among the biggest updates, the company will discontinue its complimentary air accident insurance coverage of ₹1 crore, currently offered on select premium credit cards.

Additionally, there will be changes in the calculation of minimum due payment and the payment settlement order, which may affect how cardholders manage their monthly bills. Cardholders are advised to review their terms carefully to avoid surprises on future statements.

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HDFC Bank Revises Credit Card Charges from July 1

HDFC Bank has revised several charges on its credit cards effective July 1, 2025, aiming for better transparency and alignment with customer spending patterns.

Key updates include:

• A 1% fee (capped at ₹4,999/month) on spending categories such as online skill-based gaming, wallet loading (e.g., PayTM, Mobikwik), and utility bill payments exceeding ₹50,000/month for consumer cards (₹75,000 for business cards).
• No reward points will be awarded on gaming spends.
• Insurance spends remain exempt but will now have monthly reward point caps:
  • 10,000 points for Infinia cards
  • 5,000 points for Diners Black
  • 2,000 points for most other cards
• Marriott Bonvoy cards remain exempt from these reward caps.

Customers should review their card terms to understand how these changes might impact their spending habits and rewards earnings.

Kotak Mahindra Bank to Discontinue Myntra Kotak Credit Card

Kotak Mahindra Bank has announced that it will discontinue the Myntra Kotak Credit Card effective July 10, 2025. All existing Myntra Kotak Credit Card holders will be migrated to the Kotak League Credit Card.

Customers are urged to review the benefits, fees, and rewards of the new card to understand how the transition might affect them.

Also Read: Aadhaar OTP Scam Alert: UIDAI-Like Messages Raise Security Concerns

Axis Bank Revises Tariffs for Account Holders

Starting July 1, 2025, Axis Bank has revised fees for savings and trust accounts. Notable changes include updated charges for ATM transactions that exceed the free transaction limits at both Axis and non-Axis ATMs.

This revision affects a wide range of account holders, including savings, NRI, Trust Accounts, and some Priority and Burgundy customers. Customers should check their new tariff sheets for detailed information.

Aadhaar Authentication Now Mandatory for Tatkal Train Bookings

From July 1, 2025, Tatkal train ticket bookings via IRCTC’s official website and app will require successful Aadhaar authentication. Passengers must link their Aadhaar number to their IRCTC user profile and complete verification.

Additionally, starting July 15, 2025, Aadhaar-based OTP authentication will become mandatory for online Tatkal ticket bookings. This move aims to enhance security and reduce misuse of the Tatkal quota.

ICICI Bank Updates Service Charges

ICICI Bank has revised service charges on multiple banking services, effective July 1, 2025. Changes will affect:

• Demand draft charges
• ATM transactions at non-ICICI Bank ATMs (metro and non-metro cities)
• Cash deposit and withdrawal services
• Debit card fees

Customers are encouraged to review the updated schedule of charges to avoid unexpected fees.

Indian Railways Announces Fare Hike from July 1

Indian Railways has announced a slight increase in passenger fares effective July 1, 2025.

• Non-AC class fares on Mail and Express trains will rise by 1 paise per kilometre.
• AC class fares will increase by 2 paise per kilometre.

For example, a 500-kilometre journey in second-class non-AC will now cost an additional ₹5. Railway officials stated that the fare hike is intended to offset rising operational costs and improve service quality across the network.