A series of regulatory updates across banking, Aadhaar, pension, credit cards and GST will go live from November 1. These changes affect individuals, account-holders, pensioners and small businesses alike. Below are the key updates and how they may impact you.
🔹 Bank Nomination Rules
Under the Banking Laws (Amendment) Act, 2025 (sections coming into effect November 1), bank account holders will be allowed to nominate up to four individuals for a single deposit account, locker or safe-custody article.
Two nomination options:
Simultaneous nomination: Up to 4 nominees share the entitlement (you can specify the percentage).
Successive nomination: One after another in order of priority — applicable to lockers and safe-custody items.
Banks will be required to inform customers of the nomination facility. If a customer opts not to nominate, accounts will still be opened without restriction.
Why it matters: This enhances clarity on asset transfer, especially after the death of account holders, reducing disputes and delays.
🔹 Aadhaar Update Rules
The Unique Identification Authority of India (UIDAI) will allow updates to Aadhaar details like name, address, date of birth, mobile number online without uploading supporting documents (effective November 1).
Biometric updates (fingerprint/iris) still require a physical visit to an Aadhaar centre.
Updated fee structure: ₹ 75 for non-biometric edits, ₹ 125 for biometric changes.
Why it matters: Easier self-service, less documentation hassle, but users should ensure their details (especially mobile number) are correct for future use.
🔹 Pension & Retirement Rules
Pensioners (central/state) must submit their annual Life Certificate between November 1 and 30 to continue uninterrupted pension credit.
Central government employees have until November 30 to switch from the National Pension System (NPS) to the Unified Pension Scheme (UPS).
Why it matters: Delays or omissions could lead to pension disruptions or missed opportunities to shift schemes.
🔹 Credit Card & Wallet Transaction Fees
From November 1: The SBI Card will charge a 1% fee on education-related payments made via third-party payment apps (such as MobiKwik, CRED) and on wallet top-ups exceeding ₹1,000.
Why it matters: If you use your credit card for education payments via third-party apps or frequently top-up wallets, your transaction cost will increase.
🔹 GST and Business Registration Changes
A revamped GST registration system begins November 1, aimed at streamlining small-business compliance.
Simplification of GST slabs: Some reports indicate changes in the rate structure, although specifics may follow via separate notifications.
Why it matters: Businesses, especially small enterprises, must align their registration, filing and compliance processes with the new system to avoid penalties.
Other Noteworthy Changes
Banks, safe-custody and locker rules will be standardised under nomination reforms.
Fee reductions for lockers in some banks (PNB) to take effect after notification.
What You Should Do
Review and update your bank nomination(s) by November 1 — ensure nominees are correct and share entitlements are clear.
Log in to your Aadhaar profile and, if applicable, update details online before costs or delays hamper you.
Pensioners: Ensure Life Certificate submission within November to avoid payment pauses.
If you have SBI Card and make significant education payments via third-party apps, be ready for the 1% fee.
Businesses: Ensure your GST registration and filing mechanisms align with the new registration system from November.
FAQs
Q1: Do these changes apply only from November 1?
Yes — most of the rules above become effective from November 1, 2025, unless stated otherwise.
Q2: Can I still have just one nominee for my bank account?
Yes, you can — but now you have the option to nominate up to four. The choice is yours.
Q3: Will my old Aadhaar updates still work?
Yes, but post-November you’ll see the streamlined process for online updates without document uploads (for non-biometric changes).
Q4: Is the 1% fee by SBI Card unavoidable?
If you use education payments via third-party payment apps or top-up wallets above ₹1,000 using the card, the fee will apply. You may seek alternative payment methods to avoid the fee.
Published on : 31st October
Published by : SMITA
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