These changes aim to simplify the banking and pension systems, streamline digital payments, and provide greater transparency and convenience to customers. November is shaping up to be a busy month for both ordinary customers and financial institutions.
Several important financial regulations are set to change, affecting bank customers, credit card users, and government employees, starting in November 2025. These changes include the introduction of multiple nominations for bank accounts, changes to SBI card fees, a reduction in PNB locker charges, and new dates for pension rules.
Bank account and locker rules
From November 1, 2025, banks will implement new nomination rules for deposit accounts, safety lockers, and safe custody items. The Finance Ministry stated that the provisions of Sections 10 to 13 of the Banking Laws (Amendment) Act, 2025, will become effective from this date. Customers will now be able to nominate up to four nominees for their accounts. They can choose to nominate all of them at once, or they can also specify the order in which the nominees will receive the funds, if necessary. This will help prevent disputes and delays in claims.
Change in SBI card fees
SBI Card has announced changes to its fee structure, effective November 1, 2025. Education-related payments will now incur a 1% fee if made through third-party apps like CRED, Cheq, and MobiKwik. However, if payments are made directly on the school, college, or university’s website or at their POS machine, there will be no additional charge. Additionally, wallet load transactions exceeding ₹1,000 will also incur a 1% fee.
Reduction in PNB locker charges
Punjab National Bank (PNB) announced in a notice dated October 16, 2025, that it has reduced its locker rent charges. The new rates will be effective 30 days after they are published on the bank’s website. This reduction will apply to lockers of all sizes and areas.
Last date for submission of life certificate
All central and state government pensioners must submit their annual life certificates between November 1 and November 30, 2025, to avoid interruption in their pensions. Pensioners aged 80 and above have already been allowed to submit certificates starting October 1.
New date for switching to Unified Pension Scheme
The central government has extended the deadline for switching from the National Pension System (NPS) to the Unified Pension Scheme (UPS) until November 30, 2025. This relief is available to current government employees, retired employees, and spouses of deceased pensioners. These changes are aimed at simplifying the banking and pension systems, streamlining digital payments, and providing greater transparency and convenience to customers. November is expected to be a busy month for both ordinary customers and financial institutions.
