With November on the horizon, several important financial regulation changes are set to be implemented, impacting credit cards, bank accounts, and pension benefits. These updates include multiple nominations for bank deposits, updated SBI Card fees, and new deadlines for pensioners, making it essential for consumers to stay informed.
Starting November 1, 2025, banks will enforce new nomination rules as per the Banking Laws (Amendment) Act, 2025. Account holders will be able to nominate up to four people for their deposit accounts, safety deposit boxes, or valuables in secure custody. They can either appoint all nominees simultaneously or set a succession order.
This initiative seeks to simplify the inheritance procedure and reduce conflicts or holdups in claims, a frequent problem families encounter following the death of an account holder. Financial advisors have praised this advancement, describing it as a progressive reform that tackles the increasing intricacies of contemporary families and financial setups.
Starting November 1, SBI Card users will experience modifications in their fee structure for specific transactions. A 1% fee will be imposed on education-related payments processed through third-party platforms like CRED, Cheq, or MobiKwik. Nonetheless, payments made directly to educational institutions such as schools, colleges, or universities- either through their official websites or on-site POS terminals will not incur this charge.
Additionally, a 1% fee will be imposed on wallet loads surpassing ₹1,000, particularly for specific merchant categories. SBI Card has mentioned that these adjustments aim to align fees with the changing digital payments environment while managing associated processing costs.
PNB reduces locker fees
Punjab National Bank (PNB) has introduced a beneficial change for its clients by lowering locker rental charges for all categories and regions. The updated fees, set to be implemented 30 days post-announcement, are intended to enhance the accessibility of locker services for retail customers, addressing the increasing need for secure deposit solutions.
Deadline for pensioners' life certificate
For retirees from both central and state governments, November is the designated month for submitting the Jeevan Pramaan, which takes place from November 1 to November 30, 2025. Submitting this life certificate, either digitally or physically, ensures the uninterrupted payment of pensions. Pensioners who are 80 years old and above have been permitted to submit theirs starting from October 1.
NPS to UPS deadline extended
Central government employees wanting to transition from the National Pension System (NPS) to the new Unified Pension Scheme (UPS) now have until November 30, 2025, to do so. This extension also applies to retirees and the legally married spouses of deceased employees. With these various updates, November is set to be a hectic month for both financial institutions and their clients, necessitating prompt action and a thorough review of your financial checklist.
