New Financial Rules from November 2025 are set to come into effect, directly impacting your bank accounts, credit cards, and pension benefits. These regulatory updates include revised SBI Card charges, multiple bank nomination options, new pension submission deadlines, and changes to locker fees. All these measures aim to improve transparency and enhance consumer convenience.
Financial Rules 2025
Banks to Allow Multiple Nominations
Starting November 1, 2025, banks will introduce new nomination rules under the Banking Laws (Amendment) Act, 2025. Customers will now be able to nominate up to four individuals for their deposit accounts, lockers, and valuables held in custody. Account holders can either assign all nominees collectively or specify a succession order. The move is expected to simplify inheritance procedures and reduce disputes over claims, a common issue after the death of an account holder. Financial experts have hailed this reform as a progressive step, reflecting modern family and financial dynamics.
SBI Card Revises Fee Structure
SBI Card users will also see changes in their transaction fees beginning November 1. A 1% charge will apply to education-related payments made via third-party platforms such as CRED, Cheq, or MobiKwik. However, payments made directly to educational institutions through official websites or POS terminals will remain exempt. Additionally, a 1% fee will be levied on wallet loads exceeding Rs 1,000 for select merchant categories. According to SBI Card, the revision aligns fees with the evolving digital payments ecosystem and covers rising processing costs.
PNB Reduces Locker Fees
Punjab National Bank (PNB) has announced a reduction in locker rental charges across all regions and categories. The updated rates, effective 30 days after the announcement, aim to make secure storage options more affordable for customers.
Deadlines for Pensioners and Govt Employees
For pensioners, November marks the period to submit the annual Jeevan Pramaan or life certificate between November 1 and November 30, 2025, to ensure uninterrupted pension credits. Those aged 80 and above may already begin submissions from October 1.
Additionally, the deadline for central government employees to switch from the National Pension System (NPS) to the new Unified Pension Scheme (UPS) has been extended to November 30, 2025.
These financial rules and reforms collectively make November a crucial month for financial updates, urging customers to promptly review and act on their banking and pension requirements.
