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From November 1, 2025, several basic financial norms will be revised in India, which will impact various sectors like banking, Aadhaar, GST tax payment, pension schemes etc. Understanding these reforms will help prevent problems and financial mistakes.

1. More Nominees in Your Bank Account

You can now include up to four nominees in your various bank accounts, locker, and safe deposit items. This change allows easier access to your family money if applicable. There is also a ‘successor nominee’ feature that allows the next nominee to manage the account if the first nominee is deceased.

2. Introduction of Charges on SBI Credit Card Payments

Beginning in November, SBI Card users making payments for children’s education via payment methods like MobiKwik or CRED will incur a 1% fee. SBI Card users expecting to add more than ₹1,000 to their e-wallets will also incur a 1% fee.

3. Easy Aadhaar Updates Online

You now have the capability to easily update your Aadhaar details such as your name, address details, date of birth, or mobile number online and without documenting every change. There will be a fee of ₹75 for these updates, even as fingerprint/bio-metric updates will still require a visit in person to your Aadhaar center, at a cost of ₹125. Starting in November, there will be no fee for updating children’s bio-metric information for one year.

4. Life Certificates for Pensioners

Retired government employees have until November 30 to submit a life certificate for their pensions to continue without interruption.

5. New Deadline for Switching to the New Pension Scheme

If you wanted to switch from the National Pension Scheme (NPS) to the New Pension Scheme (NPS), you now have until November 30.

6. Simplified GST Tax Slabs

With respect to GST, there will be two tax slabs changing as a result of simplification: one at 5% and another at 18%; luxury items, such as expensive cars and cigarettes, will be taxed at 40%.

7. Punjab National Bank Lowers Locker Rent

The Punjab National Bank will reduce the rent on their lockers. Reference to the new rates will be forthcoming, but the timing of any changes will be described in the notice before 30 days’ notice.

These changes to financial rules effective November 1, 2025, are intended to ease banking rules, Aadhaar change rules, GST payments, and pension rules.  Please keep them in mind and update your details and/or accounts accordingly to avoid any delay or extra charges.

The information provided is based on official government circulars and media reports available at the time of writing. Readers are advised to verify specific details with relevant authorities or official notifications before making financial decisions.

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