Outlook Business Desk
Starting November 2025, several financial rules will come into effect, impacting budgets and savings. As per the Finance Ministry, Banking Laws Act amendments apply from November 1, alongside changes in GST slabs, FASTag, Aadhaar updates, and card fees.
From November 1, the amended Banking Laws Act lets account holders name up to four nominees and specify their share of funds. Successive nominations are also allowed, simplifying inheritance and ensuring smoother transfer of money after a depositor’s death.
The Reserve Bank of India (RBI) directed banks to clearly offer nomination options during account opening. If customers decline to nominate anyone, banks must still open accounts without restrictions, ensuring more flexibility and transparency for depositors.
From November 1, 2025, FASTags without completed Know Your Vehicle (KYV) verification may be deactivated. The National Highways Authority of India (NHAI) has simplified the process and offered reminders with a grace period to prevent toll payment disruptions.
From November 1, India’s four-tier Goods and Services Tax (GST) system shifts to two slabs plus a special rate. The 12% and 28% slabs will be scrapped, while luxury and sin goods move to a new 40% slab.
From November 15, 2025, drivers without valid FASTags will face higher tolls, paying twice the fee for cash transactions and 1.25 times the fee for digital payments. The revised penalty aims to promote cashless toll collection.
The Unique Identification Authority of India (UIDAI) has also removed the ₹125 biometric update fee for children’s Aadhaar cards. Adults will pay ₹75 for demographic updates and ₹125 for biometric changes, which can now be completed online without supporting documents.
Government pensioners are also required to submit their annual Life Certificate by the end of November to ensure uninterrupted payments. Those planning to shift from the National Pension System (NPS) to the Unified Pension Scheme (UPS) must also do so by then.
On the other hand, Punjab National Bank will lower locker rents nationwide, effective 30 days post-notification. Meanwhile, from November 1, SBI Card users will face a 1% charge on education payments via third-party apps and wallet loads above ₹1,000.