From November, several important financial rules will change in India, including updates related to bank account and locker nominations, mutual funds, Aadhaar updates, and share market settlements. The goal is to simplify procedures and strengthen financial security.
Key Highlights
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New rule for adding nominees in bank accounts and lockers
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Education-related payments via SBI credit cards to attract extra fees
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Aadhaar details can now be updated online without visiting centers
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Mutual fund transparency rules revised by SEBI
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Social media content removal rights limited to top officials
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T+1 share settlement system becomes fully active
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OTP verification mandatory for big digital transactions
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E-KYC time limit fixed for all bank accounts
Details
Starting next month, customers will notice several important financial changes. The most significant among them is the new rule for adding nominees to bank accounts and lockers. Customers will get two options — they can either nominate one person or opt for a joint nomination. Banks will now insist on a mandatory nominee for lockers to avoid disputes in the future.
In the education sector, the State Bank of India (SBI) will now charge an extra 1% fee for payments made via credit cards toward school or college fees. This change aims to streamline fee collection through secure digital channels.
The UIDAI has simplified the Aadhaar update process. Users can now modify personal details such as name, address, date of birth, and mobile number online without visiting Aadhaar centers. However, biometric updates will still require a physical visit.
Impact on Public or What It Means
These reforms collectively aim to make financial operations more transparent and secure. The new nominee rule ensures smoother asset transfers, the Aadhaar changes reduce time and paperwork, and the mutual fund and share market updates improve accountability and investor trust.
Table: Key Financial Changes Effective from November
| Rule Change | Affected Area | Key Impact |
|---|---|---|
| Nominee rule update | Bank Accounts & Lockers | Mandatory nomination for safety |
| Aadhaar update online | UIDAI | No need to visit Aadhaar center |
| Mutual fund transparency | SEBI | Disclosure of large transactions |
| Share settlement T+1 | Stock Market | Faster money and share transfers |
| OTP verification | Digital Payments | Safer large transactions |
FAQ
Q: What is the new rule for bank account nominees?
A: Customers must add a nominee for both bank accounts and lockers; missing this may restrict access.
Q: Can Aadhaar details be updated from home?
A: Yes, basic details like name and address can now be updated online without visiting a center.
Q: What is the T+1 settlement rule in the share market?
A: Money and shares will now be transferred the next working day after the trade.
Q: What changes for digital transactions?
A: Large digital payments will require OTP and biometric verification for security.
Q: What happens if I miss the e-KYC deadline?
A: Accounts without e-KYC by the deadline may face restrictions or suspension.
