As November begins, several important changes are coming into effect that will directly impact common citizens.
These updates cover areas such as banking, taxation, and government services. Let’s take a look at the key changes effective from November 1.
Banking and Financial Updates
New Fee Structure for SBI Cardholders
From November 1, SBI credit card users will face additional charges on certain transactions.
Education-related payments (like school or college fees) made through third-party apps such as CRED or MobiKwik will attract a 1% extra charge.
If you load more than ₹1,000 into a digital wallet (like Paytm or PhonePe) using an SBI credit card, a 1% fee will also apply.
New Rules for Bank Nomination
Bank account nomination rules have been updated from November 1.
You can now add up to four nominees for one account, locker, or safe custody.
The process of adding or changing nominees has been made easier and can now be done online, simplifying access to funds for families in emergencies.
Government and Taxation Updates
Changes in Aadhaar Card Update Charges
The UIDAI has announced new guidelines for Aadhaar updates:
Children’s biometric updates will be free for the next one year.
For adults, updating name, address, date of birth, or mobile number will cost ₹75, while biometric updates (fingerprint or iris scan) will cost ₹125.
Basic details like name, date of birth, or address can now be updated without uploading any supporting documents.
New GST Slabs Introduced
The GST structure has been simplified from November 1.
The earlier four slabs (5%, 12%, 18%, and 28%) have been reduced to two slabs.
The 12% and 28% slabs have been removed.
Luxury and harmful goods will now attract a GST rate of up to 40%.
This move aims to make the tax system simpler and more transparent.
Extended Deadline for NPS to UPS Transition
Central government employees who wish to switch from the National Pension System (NPS) to the Unified Pension Scheme (UPS) have been given more time.
The deadline has been extended to November 30, giving employees additional time to evaluate their options and make a well-informed decision.
