November Brings New Financial Rules: Key Changes That Impact Your Daily Expenses and Savings

The beginning of November has brought several major financial changes that will directly affect your savings, banking, and digital transactions. From the ability to add multiple nominees in bank accounts to free Aadhaar updates for children, revised GST slabs, and new pension rules — these changes aim to make financial systems more transparent, secure, and convenient for everyone.

Here’s a complete breakdown of the new rules that took effect this month and how they might impact your financial life.

1. Multiple Nominees Allowed in Bank Accounts

Starting November 1, account holders can now add up to four nominees in their bank accounts, lockers, and other financial holdings. Each nominee can be assigned a specific share of the total benefits, ensuring smoother and dispute-free inheritance.
This rule, introduced under the Banking Law (Revision) Act 2025, is expected to simplify financial succession and minimize legal complications in case of the account holder’s demise.

2. Free Aadhaar Update for Children

The UIDAI (Unique Identification Authority of India) has announced that biometric Aadhaar updates for children will be free for one year.
For adults, the update charges remain nominal — ₹75 for demographic changes like name, address, or date of birth, and ₹125 for biometric updates. Most Aadhaar modifications can now be completed online, saving time and improving accessibility for citizens.

3. Simplified GST Structure

To make taxation more straightforward and business-friendly, the government has introduced a simplified GST structure.
The earlier 12% and 28% slabs will be removed, and the system will now operate primarily with two standard rates, apart from a maximum 40% slab for luxury and sin goods.
This change is aimed at enhancing transparency and reducing confusion among small and medium enterprises (SMEs), traders, and consumers.

4. Pension Rules and Life Certificate Deadline

Government pensioners — both at the central and state level — are now required to submit their life certificates on time to continue receiving pension benefits.
Additionally, the deadline for switching between the National Pension System (NPS) and the Unified Pension Scheme (UPS) has been extended until November 2025.
These reforms aim to ensure timely pension disbursal and better management of retirement funds.

5. SBI Credit Card Fee Revision and Digital Payment Updates

From November, SBI credit cardholders will now incur a 1% additional fee on education-related payments and digital wallet recharges.
At the same time, the government is promoting digital toll payments via UPI and other approved platforms. However, toll charges are likely to see a marginal increase to accommodate system upgrades and transaction handling costs.

6. PNB Locker Rent Reduction

In a welcome move, the Punjab National Bank (PNB) has announced a reduction in locker rent across its branches.
The revised rates will come into effect 30 days after the official notification, offering financial relief to customers who maintain safety lockers for valuables and important documents.

7. FASTag Rules Tightened for Vehicle Owners

Under the updated FASTag policy, vehicle owners who have not completed Know Your Vehicle (KYV) verification risk deactivation of their FASTags.
To streamline compliance, banks and payment operators have been instructed to send regular reminders to customers.
This move is designed to improve toll payment efficiency and curb misuse of inactive or unverified FASTags.

Impact on Consumers

These new regulations are designed to strengthen consumer protection, enhance security, and streamline financial operations.
With more transparency in banking, easier Aadhaar updates, simplified taxation, and digital-first payment initiatives, November’s financial reforms are expected to improve both convenience and compliance for Indian citizens.

However, financial experts suggest that consumers stay informed and review their accounts, digital payment settings, and pension documentation to avoid disruptions. Adapting early to these changes can help individuals manage their finances better and ensure a smoother experience with financial institutions.

Final Takeaway

November 2025 marks a significant shift in India’s financial landscape. Whether it’s the flexibility to nominate multiple beneficiaries, the benefit of free Aadhaar updates, or more structured GST rates — these updates have been designed with consumers in mind.
By understanding and adjusting to these new rules, individuals can not only safeguard their money but also make smarter, more efficient financial decisions in the months ahead.