Here are 6 key financial changes that will impact you in July

From income tax filing to full budget for FY25, July is set to have a major impact on citizens' wallets. Here are the key financial changes that will impact your money.

Full Budget FY25

The newly elected NDA government is all set to present the full Union budget for FY25 in the third week of July. As per Mint, experts expect Finance Minister Nirmala Sitharaman to increase the basic exemption limit under both tax regimes and more deductions on medical expenses.

As per Mint, Investors want relaxed taxation rules on debt mutual funds and have demanded a separate tax deduction bucket for life insurance premiums.

Income Tax returns

July 31 is the last date to file your income-tax returns for assessment year 2024-25. To avoid last-minute rush, consequent mistakes and glitches or heavy traffic, initiate the process sooner rather than waiting for the last minute.

Nomination for Joint Mutual Funds

SEBI had issued a circular that it will not freeze the mutual funds portfolios and demat accounts that has not named a nominee. SEBI had, in December last, extended the deadline until June 30, for mutual fund investors to complete/update their nominations. However, investors need not worry their funds getting frozen in July now.

Paytm wallet closure

On July 20, 2024, Paytm Payments Bank will close wallets with NIL balances and no transactions for over a year.

Please note that all wallets which do not have any transactions for the last 1 year or more and have nil balance, shall be closed w.e.f. July 20th, 2024. Communication will be sent to all impacted users and users will be given 30 days' notice period, before closing their wallet", the bank's website states

Credit card rule change

Several credit cards will be facing rule changes. From July 1, 2024, SBI Card will discontinue the accrual of reward points on government-related transactions for several credit cards. ICICI Bank will implement changes to various credit card service charges including an increase in the card replacement fee from Rs 100 to Rs 200.

The migration of Citi credit cards to Axis Bank will be completed by July 15. Axis Bank has already launched some new card variants to migrate Citi credit card users to Axis Bank with almost the same benefits.

Credit card lounge access policy

Punjab National Bank (PNB) has announced changes to the lounge access program for all Rupay Platinum Debit Card variations. The changes include, one domestic airport or railway lounge access per quarter, two international airport lounge accesses per year.

YES Bank credit cardholders will be able to unlock complimentary domestic lounge access by spending Rs 35,000 or more in a calendar quarter.

Also watch: Banks to remain closed for 12 days in July due to holidays and weekends