From November 1: New Rules on Banking, Aadhaar, GST & Pension You Should Be Aware Of

Introduction 

With the beginning of November, several significant financial and administrative changes are coming into effect. These changes will impact your banking activities, GST payments, Aadhaar card updates, and pension procedures. While certain reforms will streamline processes,whereas others may incur extra expenses if not adhered to promptly.

Some of the reforms are as follows :

Banks Introduce Multiple Nominee Facility 

The new banking regulation will allow account holders to ass up to four nominees for a single account from November. Customers can also assign specific percentage shares to each nominee, and a new successive nominee feature will also be introduced, allowing the next nominated person to automatically take over if a nominee passes away. 

The RBI has instructed banks to clearly inform about this facility. While adding the nominee is recommended, it is not mandatory when opening an account. In the event of a nominee’s death, their assigned shares will be automatically cancelled.

Key GST Reforms

The Goods and Services Tax (GST) system will undergo a major change from November 1. 

The current four-slab structure will be replaced by a simple two-slab system along with a special rate. The 12% and 28 % GST slabs will be eliminated, while luxury and sin goods will now be taxed at a higher rate of 40%.

SBI card charges on education payments

Starting in November, SBI Card holders will be charged an extra 1% on education payments through apps like MobiKwik and CRED. Similarly, any wallet reload above Rs 1,000 using an SBI card will also carry a 1% fee.

Aadhaar Update Fees Revised

The Unique Identification Authority of India (UIDAI) has waived the Rs 125 charge for mandatory biometric updates for children for one year, starting October. For adults, updating details like name, address, or mobile number will continue to cost Rs 75, while biometric updates remain at Rs 125. Updates can now be completed online without the need to upload verification documents.

Reminder for Pensioners

Central and state government pensioners must submit their life certificates by the end of November to avoid any disruption in pension payments. Those switching from NPS to UPS schemes should also complete the process within the same timeframe.

PNB Locker Charges to Be Revised

Punjab National Bank (PNB) will reduce its locker rental fees. The updated rates, varying by locker size and category, will be announced on the bank’s website in November and will take effect 30 days after the official notification.

Conclusion

The onset of November brings a wave of regulatory and financial updates aimed at simplifying procedures and strengthening compliance across multiple sectors. While initiatives like multiple bank nominees, reduced PNB locker charges, and Aadhaar fee waivers bring welcome relief, others—such as new GST rates and revised card charges—demand closer attention to detail. Pensioners and taxpayers should act promptly to meet the necessary deadlines and avoid inconvenience. Staying up to date with these changes will ensure smoother financial management and better alignment with the evolving regulatory framework.