Changes from November 1: New month calls for new changes and starting November 1, 2025, significant changes will take effect across banking, Aadhaar, pensions, and GST. These updates are set to impact everyday banking services, access to government benefits, and the way taxes are filed. Hence, it is important for citizens and businesses to stay aware and adapt to the new changes.
What are the 7 big changes?
Banking Rule
The first major change set to take place is that banks will allow customers to nominate up to four people for a single account, locker, or safe custody item. This update will make it easier for families to access funds during emergencies. Moreover, the process for adding or updating nominees has been simplified. This will help prevent potential legal complications in the future. According to the Union Ministry of Finance notifications, amendments to the Banking Laws Act will come into effect from November 1, 2025.
New GST Slab
Starting November 1, a new two-slab GST system, including a special rate for select items will be implemented. The previous four-slab system of 5%, 12%, 18%, and 28% will be replaced, with the 12% and 28% slabs removed. A 40% rate will now apply to luxury and sin goods.
New Fees For Cardholders
Some changes are coming to credit card and payment fees. A 1% charge will now apply to education-related payments made via third-party apps, as well as wallet top-ups exceeding Rs 1,000. Cardholders are advised to check with their banks for the updated fee structures. According to NDTV report, SBI Card users will face a 1% fee on education-related payments made through third-party app from November 1.
Locker charges at PNB
Reportedly, the Punjab National Bank (PNB) is set to revise its locker rent charges nationwide. In this regard, the bank has already communicated to its customers and the new charges are expected to be announced in November and will come into effect 30 days after the official notification, ET reported.
Aadhaar Update
The Unique Identification Authority of India (UIDAI) has waived the Rs 125 fee for mandatory biometric updates (MBU) of Aadhaar for children. The waiver implemented in October, will remain in effect for one year. For adults, fees are Rs 75 for updating details such as name, date of birth, address, or mobile number, and Rs 125 for biometric changes like fingerprints and iris scans. Additionally, Aadhaar holders can now update their name, date of birth, address, or mobile number online without the need to upload supporting documents.
Pensioners
Retirees should submit their annual Life Certificate between November 1 and November 30 to ensure timely pension payments.
NPS to UPS switch deadline
The deadline to switch from the National Pension System (NPS) to the Unified Pension Scheme (UPS) has been extended to November 30, 2025.
