Big Financial Reset from November 1: New GST Slabs, Aadhaar Fees, and SBI Credit Card Charges to Impact Your Wallet

New Delhi, October 31, 2025: As the new month begins, several crucial financial and regulatory changes will take effect from November 1, 2025, directly affecting consumers, taxpayers, and central government employees. The changes range from new SBI Credit Card charges and revised Aadhaar fees to a simplified GST structure, easier bank nomination rules, and an extended pension scheme deadline.

From November 1, SBI Credit Card users will face a 1% additional charge on wallet loads above ₹1,000 through apps like Paytm and PhonePe, as well as on education-related payments made via platforms such as CRED and MobiKwik. The move aims to streamline high-value digital transactions and align them with standard card usage policies.

The Unique Identification Authority of India (UIDAI) has also revised fees for Aadhaar updates. While biometric updates for children remain free for one year, adults will pay ₹75 for demographic updates (name, address, or date of birth) and ₹125 for biometric updates. A new no-document update option will allow certain minor corrections without document uploads.

In a landmark change, India’s Goods and Services Tax (GST) structure will be simplified. The current four slabs—5%, 12%, 18%, and 28%—will reduce to two slabs, with a new 40% GST rate imposed on luxury and sin goods. This restructuring is expected to make compliance smoother and reduce classification disputes.

Banking rules are also getting more flexible. From November 1, account holders can add up to four nominees for savings accounts, lockers, or safe custody services and make changes online, replacing the earlier cumbersome paperwork.

Meanwhile, central government employees have received an extension till November 30, 2025, to switch from the National Pension System (NPS) to the Unified Pension Scheme (UPS), giving them more time to assess their retirement plans and benefits.

These policy updates collectively signal a major financial transition at the start of November, affecting how citizens manage transactions, identification updates, taxation, and long-term savings.