No Change in Small Savings Scheme Rates
In its quarterly review, the Finance Ministry has decided to keep the interest rates on small savings schemes unchanged for the July to September 2026 quarter. This marks the ninth consecutive quarter without a change. This means the Public Provident
Fund (PPF) will continue to earn 7.1%, the Senior Citizen Savings Scheme (SCSS) will offer 8.2%, and the Sukanya Samriddhi Yojana will also remain at 8.2%. Other schemes like the National Savings Certificate (NSC) and Kisan Vikas Patra (KVP) will also retain their current rates of 7.7% and 7.5%, respectively. For conservative investors who rely on these schemes for predictable returns, this announcement provides stability.
New Rules for Credit Card Users
Several banks are rolling out new rules for credit card holders from July 1. HDFC Bank customers will now need to spend at least Rs 60,000 in a calendar quarter to be eligible for complimentary domestic airport lounge access in the next quarter. For instance, to get lounge access between July and September, you must have spent the required amount between April and June 2026. Similarly, SBI Card is revising its reward points program for certain co-branded PhonePe credit cards, which will introduce new limits on earning rewards and expand the list of transactions that don't qualify.
Commercial LPG Gets Cheaper, Domestic Unchanged
There's some relief for businesses as the price of 19-kg commercial LPG cylinders has been reduced for the first time in 2026. Prices have been cut by up to Rs 183.50 in cities like Delhi, bringing the cost down to Rs 2,930 from Rs 3,113.50. This move is expected to lower operational costs for restaurants and hotels. However, there is no change in the price of 14.2-kg domestic LPG cylinders used in households. Rates for domestic gas will remain the same, with a cylinder in Delhi costing Rs 942.
Passport Application Fees Increased
Getting a new passport will become more expensive from July 1. The Ministry of External Affairs has hiked the service fees for both normal and Tatkaal applications. A standard 36-page passport booklet under the normal processing category will now cost Rs 2,500, up from Rs 1,500. The fee for a 60-page booklet is increasing to Rs 3,500 from Rs 2,000. Tatkaal services will also see a significant price jump, with a 36-page booklet costing Rs 5,000.
Stronger Protection Against Mis-selling
In a consumer-friendly move, the Reserve Bank of India (RBI) is implementing a new framework from July 1 to protect customers from the mis-selling of financial products by banks. Under these new regulations, if a customer is sold a financial product through misleading or incorrect advice, they will be entitled to a full refund and compensation for any resulting losses. This provides an important layer of security for individuals when purchasing products like insurance or mutual funds through their bank.
Approaching Income Tax Return Deadline
While not a new rule from July 1, the month marks the final stretch for a crucial financial deadline. The last day to file Income Tax Returns (ITR) for the Financial Year 2025-26 (Assessment Year 2026-27) for most individual taxpayers (filing ITR-1 and ITR-2) is July 31, 2026. Failing to file by this date can lead to a penalty of up to Rs 5,000 for those with an annual income over Rs 5 lakh.
