Major Financial Changes Taking Effect from November 1: Could Affect Your Daily Financial Matters

Key financial changes are going to apply from November 1, including the bank nominations, GST slabs, Aadhaar, pension requirements, card charges etc. According to a notification from the Union Ministry of Finance, amendments to the Banking Law Act, financial changes will come into effect from November 1st.

1) New Bank Nomination Rule: The bank is going to allow up to 4 people to nominate one bank account, locker or safe custody item. This rule is in regard to avoiding any ownership disputes and easily accessing the funds during urgency. Customers can even specify the share/percentage here. If a customer chooses not to nominate anyone, then the bank will open an account without imposing any restrictions, as per the RBI rule.

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2) Aadhaar Changes by UIDAI: UIDAI has waived 125 INR fee for Aadhaar card biometric updates for children. It will be free for one year and for adults, changes in name, date of birth, address, or mobile number will cost 75 INR. Biometric updates, including fingerprints or iris scans, will cost 125 INR.

3) Card Charges: As per the media reports, there are new fees for SBI cardholders, SBI card users to now pay a 1% fee on education-related payments made through third-party apps such as MobiKwik and CRED. ​In addition to this, if you load more than 1,000 Rupees into your digital wallet, then you will be charged a 1% fee.

4) Locker Charges: Depending on locker size and the category, Punjab National Bank (PNB) is going to revise the locker rates for its customers.

5) Life Certificate for Pensioners: Retired central and state government employees who are receiving pensions are required to submit their Life Certificate for the respective year at the nearest bank branch by the end of November. Failure to do this will cause delays in pensions. You can also do it from Jeevan Pramaan Portal.

6) NPS to UPS Deadline Extension: For those employees who want to switch from National Pension System (NPS) to Unified Pension Scheme (UPS), the deadline is up to November end.

7) GST Slabs: The government to introduce a new two-slab GST system replacing four-slab with a special rate on certain items. According to the Finance Ministry, the 12% and 28% slabs will be removed and a 40% rate will apply to luxury and sin goods.