Starting July 1, 2025, several new rules will come into effect across India, impacting key sectors like banking, railways, and taxation. These changes are part of broader regulatory efforts aimed at improving transparency, digital compliance, and public safety. Here's an overview of what to expect.
Banking Sector Updates
Banks will now impose stricter limits on free ATM transactions:
In metro cities, only three free ATM withdrawals will be allowed per month.
In urban areas, the cap is five free transactions per month.
Beyond these limits, users will incur a charge of ₹23 plus GST per transaction.
Additionally, children above 10 years of age will be allowed to open their own savings accounts. These accounts will come with benefits like debit cards, chequebooks, and net banking access. Once they turn 18, account holders must update KYC and provide signature verification.
Importantly, June 30 is the last date for all account holders to update KYC. From July 1, accounts with incomplete KYC will be frozen or deactivated.
Railway Rules to Note
Indian Railways has implemented stringent rules to enhance efficiency:
Traveling on a waiting list ticket will result in a ₹400 fine.
Carrying overweight luggage will attract a penalty of six times the fare.
Starting July 15, Aadhaar-based OTP verification will be mandatory for all Tatkal bookings.
GST and Tax Compliance
Taxpayers who file incorrect or incomplete GST returns may face hefty fines beginning this July. The government will closely scrutinize document compliance and accurate filings, making it critical for traders and businesses to maintain transparency in their submissions.
From banking and railways to GST, these new rules are expected to affect millions of Indians—from daily commuters to small business owners. Staying informed and compliant will be key to avoiding penalties and maintaining seamless services.