In Brief
Now 4 nominees in a bank account
Two ways to add nominees
What about lockers?
Some important changes in the economic and administrative sectors are being implemented from November 1st. These changes will affect your banking transactions, GST payments, Aadhaar card updates, and pension processes. Some of these changes may be beneficial, while others might increase additional expenses.
Now 4 Nominees in Bank Account
According to the new bank rules, from November 1st, account holders can add up to four nominees for an account. There will also be a facility to allocate a specific percentage share to each nominee. Additionally, a new 'Successive Nominee' feature will be implemented, where the next nominee will automatically become active if the first nominee passes away.
The Reserve Bank of India (RBI) has instructed all banks to provide clear information about this facility. Adding a nominee while opening an account will not be mandatory, but its benefits will be explained.
This amendment will be implemented under the Banking Laws (Amendment) Act, 2025. By June 2025, an amount of ₹67,003 crore was lying in unclaimed deposits due to the absence of a nominee or failure to update nominee details. Such issues arise because many accounts do not have a clear nominee. However, having more than one nominee will reduce disputes, simplify the bank's paperwork, and make it easier for the family to access funds after the account holder's demise.
Two Ways to Add a Nominee
You can add a nominee in two ways -
(1) Simultaneously ('Simultaneous Nomination') by adding everyone at once and determining each person's share. For example, a partner can be given 50%, and two children can be given 25% each.
(2) Or you can add a successive nominee - if the first nominee passes away before claiming, the next nominee will have the right to claim the deposit. This is a simple backup system that avoids the need for frequent updates.
What about the locker?
The situation is different for lockers. Banks cannot offer 'simultaneous nomination' (more than one nominee at the same time) for lockers, as it is not possible to divide the contents of the locker. However, there is permission to keep successive nominees. If the first nominee cannot claim, the next nominee can claim the deposit.
Major change in GST structure
A major change in the Goods and Services Tax (GST) system will take place from November 1. A simple two-tier structure and a special rate will be implemented, canceling the current four-tier structure. The 12 percent and 28 percent tax rates will be abolished, while a 40 percent tax will now apply to luxury or extravagant items. The 40 percent will be a special slab.
SBI Card to Charge Fees on Education-Related Payments
SBI cardholders will have to pay an additional 1% fee from November if education-related payments are made through third-party apps like Mobikwik or Cred. Similarly, a 1% fee will also be charged if more than ₹1,000 is loaded into a digital wallet using an SBI card.
Change in Aadhaar Update Fee
The Unique Identification Authority of India (UIDAI) has waived the ₹125 fee required for mandatory biometric updates for children for one year. The ₹75 fee for updating name, address, or mobile number for adults remains unchanged, while ₹125 will be charged for biometric changes. The update process can now be done online, and there will be no need to upload documents for verification.
What changes for pensioners?
Central and state government pensioners must submit their 'Life Certificate' by the end of November, otherwise pension payments may be stopped. Pensioners planning to switch from NPS to UPS scheme must also complete this process within this month.
Change in Locker Rental Rates of Punjab National Bank
Punjab National Bank (PNB) is going to reduce its locker rental rates. The new rates will be determined based on the size and category of the locker. These rates will be published on the bank's website in November and will come into effect 30 days after the official notification is released.