7 Major Financial Changes Effective November 1: Aadhaar, Bank Nominees, GST, and More

As November 2025 begins, several financial regulations are coming into force that could directly influence the way Indians manage their day-to-day money matters. From revised Aadhaar update charges and simplified bank nomination rules to a new GST structure and card payment fees, these updates are designed to streamline systems and improve transparency — but they also mean consumers need to stay alert to avoid unexpected costs.

1. Aadhaar Update Fees Revised

The Unique Identification Authority of India (UIDAI) has introduced a major relief for parents by waiving the ₹125 biometric update fee for children’s Aadhaar cards. This benefit will remain in effect for one year. For adults, the fee for demographic changes such as name, address, date of birth, or mobile number stands at ₹75, while biometric updates will cost ₹125.

Additionally, individuals can now modify their Aadhaar details — including name, date of birth, and address — online without having to submit supporting documents, simplifying the process for millions of users.

2. New Bank Nomination Policy

Beginning November 1, banks will allow customers to nominate up to four individuals for a single account, locker, or safe custody article. This change aims to prevent ownership conflicts and ensure easier access to funds for family members during emergencies. Updating or changing nominees has also been made simpler through revised forms and digital submission options.

3. Simplified GST Structure

In a significant reform, the Goods and Services Tax (GST) Council has replaced the previous four-slab system (5%, 12%, 18%, 28%) with a simplified two-slab structure. A new 40% rate will apply to luxury and sin goods, while the 12% and 28% categories have been scrapped. This move is expected to ease compliance for small businesses and make tax calculations more transparent.

4. NPS to UPS Switch Deadline Extended

Central government employees wishing to transition from the National Pension System (NPS) to the Unified Pension Scheme (UPS) now have until November 30 to make the switch. The extension gives employees more flexibility to evaluate the new system before making a decision.

5. Life Certificate for Pensioners

All retired employees from central and state governments must submit their annual Life Certificate by November 30. The verification can be done physically at designated bank branches or online via the Jeevan Pramaan portal. Missing the submission deadline could lead to suspension of pension disbursement.

6. Revised Locker Charges at PNB

Punjab National Bank (PNB) is set to revise its locker rent structure across the country. The new rates will vary based on the size and category of the locker. Although the final rates are expected to be announced in November, implementation will follow 30 days after notification.

7. New Fees for SBI Cardholders

From November 1, SBI Card users will be charged a 1% fee for education-related payments made through third-party apps such as MobiKwik and CRED. Additionally, loading more than ₹1,000 into digital wallets using an SBI Card will incur a 1% transaction fee.