Key Financial, Aadhaar, and GST Rule Changes Take Effect November 1

Several important regulatory changes are set to come into effect across India from November 1, impacting banking services, personal identification, and business compliance.

**New Nomination Rule For Bank Accounts:** Customers can now nominate up to four individuals for their bank accounts, Fixed Deposits (FDs), and safe custody articles. This move aims to provide greater flexibility and control over financial assets, simplify processes, and reduce potential disputes or settlement delays. Banks are mandated to streamline the nomination process as per the Banking Laws (Amendment) Act, 2025.

**Aadhaar Updates:** Individuals can update personal details like name, address, date of birth, and mobile number on their Aadhaar cards online without submitting supporting documents. However, for biometric updates such as fingerprints or iris scans, a visit to an Aadhaar centre is necessary from November 1. Online updates for personal details will cost Rs 75, while biometric changes will be charged at Rs 125.

**SBI Card Changes:** SBI Card has revised its fee structure. A 1% fee will be applied to education payment transactions made using SBI credit cards through third-party payment applications. Additionally, a 1% fee will be charged on wallet load transactions exceeding Rs 1,000.

**Deadline For Pensioners:** Central and state government pensioners must submit their annual life certificate by November 30 to ensure continuity of their pension payments.

**NPS To UPS Switch:** Central government employees have an extended deadline of November 30 to switch from the National Pension System (NPS) to the Unified Pension Scheme (UPS).

**New GST Registration System:** A new Goods and Services Tax (GST) registration system will be implemented to simplify the process for small businesses and public sector entities.

Impact: These rule changes directly affect the financial management practices of individuals, streamline administrative processes, and aim to ease compliance for businesses. The changes in banking and Aadhaar services offer more convenience but also introduce new fee structures, while the GST system update targets improved business operations. The overall impact on financial transactions and regulatory adherence is moderate to high.

Impact Rating: 7/10

Definitions: Nomination: The process of designating a person to receive assets or benefits upon the account holder's death. Fixed Deposits (FDs): A type of investment account offered by banks that provides a fixed rate of interest over a specific period. Aadhaar: A unique 12-digit identification number issued by the Unique Identification Authority of India (UIDAI) to residents. Biometric updates: Changes related to unique physical characteristics like fingerprints or iris scans used for identification. GST: Goods and Services Tax, an indirect tax levied on the supply of goods and services in India. National Pension System (NPS): A government-sponsored pension scheme for citizens. Unified Pension Scheme (UPS): A consolidated pension management system for central government employees. Life Certificate: A document required by pensioners to confirm they are alive and eligible to receive their pension.