From Aadhaar to FASTag, Major Financial Changes from November 1

As of November 1, a series of regulatory changes are coming in to affect the way you process transactions, bank accounts, FASTags, and GST. They are not minor changes; they are reforms that could influence and change the way you spend and use these applications. Ignoring them can cause you to lose money, delay services, or create unnecessary hassles. Being proactive about these changes is your way forward.

Aadhar changes:

Unique Identification Authority of India (UIDAI) has introduced new processes for updating the national ID card. From November 1, you can update your demographic details on the website without the submission of any supporting documents. As for adults, updates cost Rs 75, while biometric changes cost Rs 125. These fees are waived for children for a whole year. This update is modest; it promises less time waiting in queues and fewer documents.

Bank Nominations:

Under the Banking Laws (Amendment) Act, 2025, from November 1, you can nominate up to four people for bank deposits, locker and safe custody. Now you can specify the percentage you want to leave behind each nominee as well. Another route to this is successive nomination, where the assets will go to the second nomination if the first one passes away. This is a chance to get your nominations done if you haven't done so yet; it is also wise to revisit your bank details and update these sections in order to avoid future disputes.

SBI Card Fee:

If you are an SBI credit card user, from November 1, a 1 per cent fee will be charged on education-related transactions processed through third-party apps like CRED or MobiKwik. In addition, loading your wallet through a credit card will also incur a 1 per cent fee.

FASTag KYV verification:

The full revisions for FASTag are going to take a bit longer but you must ensure that your FASTag completes the mandatory "Know Your Vehicle" verification otherwise your services will be deactivated. Ignoring this will result in higher toll charges down the line.

Life Certificate:

The annual submission of the life certificate due date has been extended to the end of November. In order to receive government pensions, you must submit your life certificate or Jeevan Pramaan Patra before the due date.

These changes are not just on paper; they have financial implications that you may have to face if you don't take action on them.