Key Financial Rule Changes in November 2025: From Bank Nominations to SBI Card Fee Revisions

As November 2025 begins, several new financial rules and reforms are set to take effect in India. These updates will impact millions of citizens — including bank customers, credit cardholders, and pensioners.

From multiple bank nominations to revised SBI Card charges, and an extended pension switch deadline, the Ministry of Finance and leading banks are implementing measures aimed at improving convenience, transparency, and accountability in the financial system.

1. Multiple Nominations for Bank Accounts and Lockers

Starting November 1, 2025, the Ministry of Finance will implement provisions under Sections 10 to 13 of the Banking Laws (Amendment) Act, 2025.

Under the new framework, bank account holders can nominate up to four individuals for their:

• Deposit accounts,
• Safe custody items, and
• Lockers.

Account holders may also specify the order of succession or distribution percentages.
This change will simplify inheritance claims and reduce legal disputes related to bank deposits after the account holder’s death.

This marks a major shift toward flexibility and family-friendly financial planning.

2. SBI Card Fee Revision

The State Bank of India Card (SBI Card) has announced new charges effective November 1, 2025.

Key updates include:

• A 1% transaction fee on education-related payments made through third-party apps such as CRED, Cheq, and MobiKwik.
• Direct payments made to educational institutions via official websites or POS machines will not attract any fee.
• A 1% charge will also apply to wallet load transactions exceeding ₹1,000, under specific merchant categories.

These updates are intended to streamline digital payment channels and ensure transparency in transaction-related costs.3. PNB Reduces Locker Rent Charges

Punjab National Bank (PNB) has announced a reduction in locker rent charges across all locker sizes and regional categories.

The new rates, as per a notice dated October 16, 2025, will take effect 30 days after publication on the bank’s official website.
This move comes as part of efforts to make locker facilities more affordable and customer-friendly.

4. Life Certificate (Jeevan Pramaan) Submission

Government pensioners must submit their annual life certificate (Jeevan Pramaan) between November 1 and November 30, 2025, to continue receiving their pensions without interruption.

• Pensioners aged 80 years and above were allowed early submission starting October 1, 2025.
• The certificate serves as proof that the pensioner is alive and remains eligible for payments.

Failure to submit the certificate on time can result in the temporary suspension of pension credits.

5. Extended Deadline for Switching from NPS to UPS

The deadline to switch from the National Pension System (NPS) to the Unified Pension Scheme (UPS) has been extended to November 30, 2025.

This extension applies to:

• Current central government employees,
• Retired personnel, and
• Legally wedded spouses of deceased retirees covered under NPS.

The government’s move aims to give eligible individuals additional time to make an informed decision about migrating to the new pension scheme.

Summary: What It Means for You

Change	Effective Date	Key Impact
Multiple Bank Nominations	Nov 1, 2025	Up to 4 nominees per account; smoother inheritance process
SBI Card Fee Revision	Nov 1, 2025	New charges on wallet loads and education payments
PNB Locker Rent	Nov 15–16, 2025 (approx.)	Reduced charges across locker sizes
Life Certificate Submission	Nov 1–30, 2025	Mandatory for all pensioners
NPS to UPS Deadline	Nov 30, 2025	Final chance to switch pension schemes