7 Big Financial Update: From November 1, Major Changes In Bank & Finance Rules!

The calendar has flipped to November and with it comes a lineup of important new financial rules that are about to touch your everyday money life.

Whether it’s simpler tax brackets, better ways to nominate family for your bank accounts, or even changes to your credit card fees, knowing these updates now is key to keeping your finances running smoothly this month.

Simplified GST Slabs: A New Tax Era

Get ready to say goodbye to the complicated four-tier tax system because this November, the way we pay indirect taxes is getting a fresh start. The government is finally waving off the older structure (which had rates of 5%, 12%, 18% and 28%) and replacing it with a much simpler two-slab approach.

The Big Deal: Those confusing 12% and 28% tax slabs are being removed for most goods and services. The idea is to have just two main rates for the majority of your purchases.

What Gets a Hike: Don't expect everything to get cheaper, though. If you indulge in luxury items or so-called "sin goods" like tobacco, be prepared to pay a lot more. These products are being hit with a hefty new rate of 40%.

New Bank Nomination Rules: Securing Your Family's Future

The rules for nominating beneficiaries for your bank accounts and lockers have been completely overhauled, offering greater flexibility and protection for your family. This change comes into effect on November 1.

Up to Four Nominees: You can now nominate up to four individuals for a single bank account, locker, or safe custody item.

Specify Entitlement: For bank accounts, you can specify the share or percentage of the entitlement for each nominee.

Successive Nominees: A crucial addition is the option for successive nominees. This means you can list them in order, where the next person only becomes eligible if the nominee listed before them is deceased. This makes succession planning easier for physical assets like locker items.

Bank's Responsibility: Banks are now required to explicitly inform every customer about the nomination facility and offer the option to utilise it.

Updated Aadhaar Card Fees: Know the Cost of Updates

The charges for updating your Aadhaar card details have been revised by the Unique Identification Authority of India (UIDAI).

Free for Children: The Rs 125 fee for biometric updates (fingerprints, iris scan) for children is waived for one year.

Charges for Adults:

Biometric Updates (fingerprints, iris, photo) will cost Rs 125.

Demographic Updates (name, date of birth, address, mobile number) will cost Rs 75.

Online Update Relief: You can now update certain demographic details—like your name, address, or date of birth—online without needing to submit supporting documents, making the process much quicker.

Credit Card Users: New Fees for SBI Cardholders

If you are an SBI Card user, be aware of two new charges that begin on November 1, impacting common digital transactions.

Fee on Education Payments: A 1% fee will be levied on education-related payments made through third-party apps like MobiKwik and CRED. Pro Tip: This fee can be avoided by making payments directly through the school/college's official website or Point-of-Sale (POS) terminal.

Wallet Load Charge: Loading more than Rs 1,000 into a digital wallet using your SBI Card will also attract a 1% fee on the transaction amount.

Key Deadlines for Pensioners and Employees

The month of November is critical for government retirees and certain central government employees regarding their pension status.

Life Certificate Submission (Jeevan Pramaan): All retired central and state government employees must submit their annual 'Life Certificate' by November-end. Failing to do so could unfortunately lead to a delay or disruption in receiving your monthly pension. This can be submitted at your bank branch or via the Jeevan Pramaan portal.

NPS to UPS Switch Extended: 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. This extension gives employees ample time to decide on the best pension scheme for their retirement planning.

Also Read: e-Aadhaar App Launch: Instantly Update DOB, Address & Mobile Number

PNB Locker Rent Charges to Change

If you have a safety locker with Punjab National Bank (PNB), here’s some good financial news: your locker rent is going down! PNB is reducing its annual locker fees across the country, with the exact discount depending on your locker size and branch location. The bank plans to post these cheaper, revised rates on their website in November and you can expect the new prices to kick in 30 days after that announcement.

Future FASTag Update (2025)

While not an immediate change for November 1, a significant FASTag update is on the horizon. From November 15, 2025, a revised penalty structure for vehicles without a working FASTag will take effect:

Cash Payment: Drivers paying in cash at the toll will be charged twice (2x) the standard toll fee.

Digital Payment: Drivers using UPI or other approved digital methods will be charged 1.25 times (1.25x) the standard toll fee.

Immediate Action: You should ensure your FASTag completes the Know Your Vehicle (KYV) verification to avoid potential deactivation, though a grace period is currently in place.