With the beginning of November, many important changes are going to happen for the general public. These changes will directly impact your wallet—be it banking, taxes or government documents. Let’s take a closer look at these key changes that will come into effect from November 1.
1. New fee system for SBI cardholders
From November 1, SBI credit card users will have to pay additional charges on certain transactions. Education related payments (like school/college fees) made through third-party apps like CRED or MobiKwik will attract an additional charge of 1%. Additionally, if you deposit more than ₹1,000 into a digital wallet (like Paytm or PhonePe) using an SBI card, a 1% charge will also be levied.
2. Big change in Aadhar card update fee
UIDAI has given relief regarding Aadhaar card update of children. Biometric updates for children will now be completely free (for the next one year). For adults, updating name, address, date of birth or mobile number will attract a fee of ₹75. There will be a fee of ₹125 for fingerprint or eye scan (biometric update). Additionally, you can now update some basic details—like name, date of birth, or address—without uploading any documents.
3. New GST slabs will be applicable
The government is implementing major changes in the GST structure from November 1. The old four slabs (5%, 12%, 18% and 28%) have been simplified into two slabs. The 12% and 28% slabs have been removed. GST rate up to 40% will now be applicable on luxury and harmful items. The government aims to make the GST structure simple and transparent.
4. New Bank Nomination Rules
The rules for nomination for bank accounts have been changed from November 1. Now up to four nominees can be created for one account, locker or secured asset. The process of adding or changing a nominee has been simplified and made online. This will make it easier for families to access funds in case of emergency.
5. Deadline for transfer from NPS to UPS has been extended
Good news for central government employees: Those wishing to transfer from National Pension System (NPS) to Unified Pension Scheme (UPS) have been given time till November 30. This additional time will give employees the opportunity to review their options and make a plan.