As we step into November 2025, Indian citizens need to be aware of significant changes in banking, taxation, identification, and pension systems. These reforms are designed to enhance convenience and transparency, though some may introduce new fees. Here’s everything you need to know to stay prepared.
Banking Sector: Enhanced Nominee Flexibility
Indian banks are introducing a more comprehensive nomination system that offers greater flexibility and security for account holders. Previously limited to single or dual nominees, the new system allows customers to designate up to four nominees per account with customizable allocation percentages.
The standout feature is the successive nomination mechanism. This means if your primary nominee is no longer available, the nomination automatically transfers to the next person in your designated sequence, eliminating bureaucratic delays during difficult times. While banks cannot force customers to add nominees, they are now required to inform all account holders about this enhanced option.
GST Reform: Simplified Tax Structure
The Goods and Services Tax framework is undergoing a major overhaul aimed at reducing complexity. The existing four-tier tax structure is being condensed into a streamlined two-slab system, eliminating the 12% and 28% brackets that often caused confusion among businesses and consumers alike.
However, luxury items and sin goods (tobacco, alcohol) will now face a steeper 40% tax rate, a significant jump from the previous 28% ceiling. This move is intended to discourage consumption of harmful products while generating additional revenue for public welfare programs.
SBI Card: New Transaction Fees
State Bank of India cardholders should note that education-related transactions through third-party payment platforms like MobiKwik, CRED, and similar apps will now attract a 1% convenience fee. This applies to tuition payments, examination fees, and other educational expenses processed through these intermediaries.
Additionally, loading more than ₹1,000 into digital wallets using your SBI Card will incur a 1% charge. Direct payments and wallet loads under ₹1,000 remain unaffected by these new fees.
Aadhaar Updates: More Affordable and Accessible
The Unique Identification Authority of India (UIDAI) has made updating your Aadhaar card more economical and user-friendly. Children’s biometric updates, which previously cost ₹125, are now completely free for one year from the date of enrollment.
For adults, demographic changes such as name corrections, address updates, or mobile number modifications will cost ₹75, while biometric updates (fingerprints, iris scans) remain at ₹125. The entire update process can now be completed online without physical document submission, saving both time and effort.
Pension Matters: Critical Deadlines
Central and state government pensioners must submit their annual life certificates by November 30, 2025, to ensure uninterrupted pension payments. Failure to meet this deadline could result in temporary suspension of benefits until the certificate is provided.
Government employees opting to switch from the National Pension System (NPS) to the Unified Pension Scheme (UPS) must finalize their transition within November. This one-time window is crucial for those seeking the benefits of the new pension framework.
PNB Locker Services: Revised Pricing
Punjab National Bank customers will see revised safe deposit locker charges based on locker size and branch category. The bank will publish the new rate card on its official website during November, with implementation scheduled 30 days after the notification date.
This advance notice period allows existing customers to review the changes and make informed decisions about continuing or modifying their locker services.
