As November 2025 approaches, several important financial regulations and policy updates are set to take effect, impacting bank customers, credit card holders, and government employees.These changes range from revised nomination rules for bank accounts and lockers to updates in SBI Card fees and deadlines for pension-related submissions, as reported by ET. The measures aim to streamline financial processes, enhance customer convenience, and provide additional time for compliance.
Multiple bank account nominations
From November 1, 2025, new nomination rules under the Banking Laws (Amendment) Act, 2025 will come into effect. The Ministry of Finance has confirmed that Sections 10 to 13 of the Act—pertaining to deposits, safety lockers, and safe custody items—will be implemented from this date.Under the revised framework, account holders can nominate up to four individuals for their bank deposits. Customers may choose to designate all nominees at once or set a succession order, making it easier for legal heirs to claim funds in unforeseen circumstances. This change is expected to simplify inheritance procedures and reduce disputes over ownership.
SBI card fee revisions
SBI Card will roll out its updated fee structure starting November 1, 2025, introducing changes to specific transaction categories such as education-related payments and wallet loads.According to the company, a 1 per cent fee of the transaction amount will now apply to education payments made through third-party platforms like CRED, Cheq, and MobiKwik. However, direct payments made to educational institutions through official channels will remain exempt from charges.Additionally, wallet reloads above Rs 1,000 made under certain merchant codes will attract a 1 per cent fee, aligning with the company’s updated processing policy.
PNB reduces locker rent charges
Punjab National Bank (PNB) has announced a reduction in locker rent charges across multiple categories to offer greater convenience to customers. The revised rates will take effect 30 days after the bank’s October 16, 2025 announcement, making locker access more affordable for account holders across its network.
Pension and NPS transition deadlines
Central and state government pensioners must submit their annual life certificate (Jeevan Pramaan) between November 1 and November 30, 2025, to ensure uninterrupted pension disbursement. Pensioners aged 80 years and above have been permitted to submit their certificates starting October 1, 2025, providing them with an extended window for compliance.Separately, the government has extended the deadline for transitioning from the National Pension System (NPS) to the Unified Pension Scheme (UPS) till November 30, 2025. The extension applies to serving central government employees, retirees, and eligible family members of deceased NPS subscribers, giving them additional time to opt for the new framework.With these regulatory and institutional changes taking effect, individuals are advised to review their banking and pension documentation carefully and update nominations, payment preferences, or account details where necessary to ensure smooth transactions and continued access to benefits.
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