Aadhaar update, Bank Account, GST Slabs: Major changes from November 1
November 1: Several major rules, primarily financial and related to personal documents in India, are set to change starting November 1, 2025. From changes in Aadhaar update charges and bank nominations to new GST slabs and card fees, here’s a simple look at what’s changing from November 1 and how it may impact your pocket.
1.Multiple Bank Account/Locker Nominations:
Banks will roll out new rules allowing customers to appoint up to four nominees for a single deposit account, locker, or safe custody item. Simplifies the claim process for legal heirs in case of an unforeseen event and aims to reduce settlement disputes.
2. Revised GST Slabs:
India will move to a simplified Goods and Services Tax (GST) structure, primarily featuring two main tax slabs: 5% and 18%. A 40% rate will be applied to luxury and sin goods. (The new simplified GST registration system is also being implemented). Aims to streamline the indirect tax system for businesses and may lead to changes in prices for various goods and services.
3. SBI Card Fee Revisions:
SBI Card will revise its fee structure on select transactions:
A 1% fee will be charged on education-related payments made through third-party apps (like CRED, Cheq, MobiKwik). Payments made directly to institutions remain exempt. A 1% fee will be levied on every digital wallet load transaction exceeding Rs 1,000. Increases the cost of using SBI credit cards for these specific digital transactions.
4. Simplified Aadhaar Update Process & New Fees:
The Unique Identification Authority of India (UIDAI) is simplifying online updates for details like name, address, date of birth, and mobile number, allowing them to be done without uploading supporting documents.
Rs 75 for non-biometric updates (like name, address, etc.) and Rs 125 for biometric updates (fingerprints, iris scans). Makes non-biometric updates quicker and more convenient, but introduces fixed charges for the service.
5. Life Certificate Submission for Pensioners:
All central and state government pensioners must submit their annual Life Certificate (Jeevan Pramaan) between November 1 and November 30, 2025. Mandatory annual submission to ensure uninterrupted monthly pension credit.
6. Extension of NPS to UPS Transition Deadline:
The deadline for eligible central government employees to switch from the National Pension System (NPS) to the Unified Pension Scheme (UPS) has been extended to November 30, 2025. Provides additional time for government employees and retirees to opt for the new pension framework.
7. PNB Locker Rent Reduction:
Punjab National Bank (PNB) has announced a reduction in locker rent charges across different locker categories. (The revised rates are effective 30 days after the October 16, 2025 announcement). Makes safety locker access more affordable for PNB customers.
Also Read: Bank Holiday: Bank remain close 11 days in November 2025
