From Aadhaar to Banks: 7 Major Changes Effective from November 1: Here’s How They’ll Impact You
New Delhi (The Uttam Hindu): Starting November 1, several major changes will come into effect that will directly impact the daily lives and finances of citizens. These updates relate to Aadhaar cards, banking rules, pensions, LPG cylinder prices, credit cards, GST structure, and government employees’ pension schemes.
Aadhaar Card Update Becomes Free for Children:
The Unique Identification Authority of India (UIDAI) has waived the ₹125 fee for updating biometric details in children’s Aadhaar cards. This means that for one year, Aadhaar updates for children will be completely free. For adults, the charges remain ₹75 for updating name, date of birth, address, or mobile number, and ₹125 for updating biometric data such as fingerprints or iris scans.
Bank Nominee Rules Simplified:
From November 1, bank account holders can now add up to four nominees for one account, locker, or safe custody item. This rule aims to make fund access easier during emergencies and reduce ownership disputes. The process of adding or changing a nominee has also been made much simpler.
LPG Cylinder Prices to Be Revised:
Oil companies revise LPG cylinder prices on the first of every month. On November 1, new rates for domestic and commercial LPG cylinders will be announced. Consumers are eager to see whether prices will go down this festive season or if kitchen expenses will rise further.
New Two-Slab GST System Introduced:
The government will implement a new two-slab GST structure from November 1, replacing the existing 5%, 12%, 18%, and 28% slabs. Certain specific goods will have special tax rates, while luxury and “sin goods” will attract a 40% tax. The aim is to make the taxation system simpler and more transparent.
SBI Credit Card Transactions to Attract New Fees:
SBI Card users will face new charges starting November 1. A 1% fee will be applied on education-related payments made via third-party apps and on loading more than ₹1,000 into digital wallets using SBI cards. This change is expected to slightly increase online transaction costs for users.
Deadline for Pensioners to Submit Life Certificate:
All retired central and state government employees must submit their annual life certificate by November 30. The submission can be done by visiting a bank branch or online through the Jeevan Pramaan portal. Failure to submit the certificate on time may result in delayed or halted pension payments.
Option to Switch from NPS to UPS Extended:
Government employees who wish to switch from the National Pension Scheme (NPS) to the Unified Pension Scheme (UPS) have time until November 30. The extended deadline allows employees to reassess their pension plans and choose the option best suited to them.