From banking rules to Aadhaar... Learn about 5 major changes coming from November 1st, which will directly impact your wallet.

New Rules From December 1st: With the beginning of November, many important changes are set to take place in the public sphere. These changes will directly impact your wallet—whether it's banking, taxation, or government documents. Let's take a closer look at these key changes coming into effect from November 1st.

1. New Fee System for SBI Cardholders

Starting November 1st, SBI credit card users will incur additional charges on certain transactions. Education-related payments (such as school/college fees) made through third-party apps like CRED or MobiKwik will incur a 1% additional charge. Additionally, if you load more than ₹1,000 into a digital wallet (such as Paytm or PhonePe) using an SBI card, you will incur a 1% fee.

2. Major Changes in Aadhaar Card Update Charges

UIDAI has provided relief regarding Aadhaar card updates for 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 cost ₹75. Fingerprint or eye scan (biometric update) will cost ₹125. Additionally, you can now update some basic details—such as name, date of birth, or address—without uploading any documents.

3. New GST Slabs Will Be Implemented

The government is implementing major changes to 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. Luxury and harmful goods will now attract GST of up to 40%. The government aims to simplify and make the GST structure transparent.

4. New Bank Nomination Rules

Effective November 1, the rules governing nominations for bank accounts have been changed. A maximum of four nominees can now be made for a single account, locker, or safe custody. The process of adding or changing a nominee has been simplified and made online. This will facilitate family access to funds in emergencies.

5. The deadline for shifting from NPS to UPS has been extended

Good news for central government employees: Those wishing to shift from the National Pension System (NPS) to the Unified Pension Scheme (UPS) have been given time until November 30. This additional time will provide employees with the opportunity to review their options and plan.