Many important financial changes are being implemented in August, which will have a direct impact on your pocket and everyday transactions. These changes include ending free insurance cover on SBI credit card, deadline for KYC update in PNB, new rules related to UPI and new FASTag pass for private vehicles.
Know below which rules are going to change this month:
SBI Credit Card: Now you will not get free insurance up to Rs 1 crore
From August 11, 2025, SBI Card is going to stop the free air accident insurance benefit available on many of its co-branded credit cards. This will affect the users of premium cards like ELITE and PRIME and some platinum variants. Now the accidental insurance cover of Rs 1 crore and Rs 50 lakh available on these cards will not be available. These benefits were earlier given as additional benefits.
Punjab National Bank KYC update: 8 August is the last date
If you have an account in Punjab National Bank and KYC is not updated by 30 June 2025, then you must update KYC before 8 August. The bank has also sent alerts to customers through SMS and notifications. If KYC is not done within the stipulated time, then there may be problems in the account. This update has been made mandatory as per RBI guidelines.
Changes in UPI transaction rules
The National Payments Corporation of India (NPCI) has made some new changes in the rules related to UPI. Now the limit of facilities like balance inquiry has been fixed. Apart from this, the use of APIs related to autopay mandate and address validation will also be regulated. All these changes are being implemented with the aim of making UPI transactions better and safer.
New annual pass for FASTag
From August 15, 2025, the Ministry of Road Transport is launching a new FASTag Annual Pass. This pass will be available for Rs 3,000 and will be valid for one year or 200 toll transactions (whichever is completed first). This can be especially beneficial for private vehicle owners who travel frequently on highways.
Note that it is not necessary to take this annual pass. Those who do not want to take it can make normal payments with their FASTag under the existing system.
Conclusion:
The aim of all these changes is to make transactions safe, easy and effective, but if you do not pay attention to these updates, then you may face inconvenience in banking or travel in the future. So complete your preparations in time.