As the date of November 1, 2025 is drawing near, a bunch of new money related laws and changes are going to be implemented that will have an impact on those who hold bank accounts, use credit cards, and receive pensions. To sum it up, we have here the main changes such as new nomination rules, revised SBI Card fees, and so on.
Multiple Nominations for Bank Accounts
From November 1 onwards, the banks will implement new changes to the rules of the Banking Laws (Amendment) Act, 2025, which will allow customers to nominate up to four individuals for their bank deposits, lockers, and valuables. The bank deposit holders will be able to appoint the nominees at the same time or specify the order of succession. The objective of this initiative is to facilitate the inheritance process and eliminate conflicts among the beneficiaries after the death of the account holder.
SBI Card Revises Fee Structure
From November 1, SBI Card users will experience changes in the fees for their transactions. Payments for education made via third-party platforms such as CRED, Cheq, or Mobikwik will be subject to a 1% fee. In contrast, direct payments made to educational institutions through their official portals or POS terminals will continue to be free of charge. Moreover, a 1% fee will be imposed on wallet loads exceeding ₹1,000 for certain merchant categories. According to the bank, this amendment is in line with the evolution of digital payment trends and the costs related to them.
PNB Lowers Locker Fees
Punjab National Bank has proclaimed that it has reduced the rental price for lockers in all classes and areas. The new prices that will come into effect 30 days after the announcement are intended to make the service of lockers more affordable and attractive to the public.
Deadlines for Pensioners and NPS-UPS Shift
Pensioners are required to present their annual Jeevan Pramaan (life certificate) during November 1–30 to avoid pension credits being stopped. At the same time, the government has prolonged the deadline for changing from the National Pension System (NPS) to the Unified Pension Scheme (UPS) till November 30, 2025.
These changes are turning November into a very important month for financial planning and compliance.
Disclaimer: The news articles published on Fluxx News are based on reports from reputable third-party sources and are not original reporting by Fluxx News. While we strive to ensure accuracy and integrity, we cannot guarantee the completeness or timeliness of the information provided.
