India's Financial and Administrative Changes: What You Need to Know

New Delhi:As November begins, several important financial and administrative changes are coming into effect. These updates will impact your banking activities, GST payments, Aadhaar card updates, and pension procedures. Some of these reforms will ease certain processes, while others may add extra costs if not followed on time. Bank Accounts to Allow Multiple Nominees From November 1, new banking regulations will permit account holders to add up to four nominees for a single account. Customers can also assign specific percentage shares to each nominee. Additionally, a new successive nominee feature will come into effect, ensuring that if one nominee passes away, the next designated person will automatically become active. The Reserve Bank of India (RBI) has directed banks to clearly inform customers about this facility. While adding a nominee is encouraged, it will not be mandatory for opening an account. If a nominee dies, their assigned share will automatically be canceled. Major GST Restructuring The Goods and Services Tax (GST) system will undergo a significant change from November 1. The current four-slab structure will be replaced by a simpler two-slab system along with a special rate. The 12 percent and 28 percent slabs will be removed, and luxury or sin goods will now attract a higher 40 percent tax rate. SBI Card Charges on Education Payments Starting November, SBI Card users will have to pay a 1 percent extra charge on education-related payments made through third-party apps like MobiKwik or CRED. Similarly, loading more than Rs 1,000 into a digital wallet using an SBI card will also incur a 1 percent charge. Aadhaar Update Fees Revised The Unique Identification Authority of India (UIDAI) has waived the Rs 125 fee for children’s mandatory biometric updates for one year, starting October. For adults, the fee to update details such as name, address, or mobile number remains Rs 75, while biometric changes will cost Rs 125. Updates can now be done online without uploading documents for verification. Reminder for Pensioners Central and state government pensioners must submit their life certificates by the end of November to ensure uninterrupted pension payments. Those planning to shift from NPS to UPS schemes must also complete the process within this month. PNB Locker Charges to be Revised Punjab National Bank (PNB) is set to reduce its locker rental charges. The new rates, based on locker size and category, will be published on the bank’s website in November and implemented 30 days after the official notification.