From Bank Account Holders to Government Employees, These 5 Rules Will Change from November 1

In Brief

• 5 rules to change for bank account holders from November 1

• Several nominations to be submitted for bank accounts and lockers

• Reduced locker rent for PNB

There is a possibility that the common man's pocket will be affected starting from November 1, 2025. This is because many important financial rules will be changed for the general public, bank customers, credit card holders, and government employees. These include submitting multiple nominations for bank accounts and lockers, new SBI card fees, reduced locker rent for PNB, the process of submitting life certificates, and extending the deadline for switching from NPS to UPS. These changes are not only aimed at making the banking system more transparent but also at providing additional facilities and time to customers related to pensions and digital transactions. Let's find out what changes are happening from November 1...

Now four nominees for bank accounts…

The Ministry of Finance has confirmed that the provisions of Sections 10 to 13 of the Banking Laws (Amendment) Act, 2025 will come into effect from November 1, 2025. Under this new rule, bank account holders can now appoint four nominees instead of just one. Account holders can nominate all four nominees at once or determine the order of succession. This will significantly reduce disputes and delays in recovering funds in the event of death or unforeseen circumstances.

SBI Card Fee Changes

SBI Card has announced changes to their fee structure, which will be effective from November 1, 2025. The new fee structure will apply to specific types of transactions, particularly those related to educational payments and wallet loading transactions. Now, a 1% fee will be charged on educational payments made through third-party apps like CRED, Cheq, and MobiKwik. However, a discount will be available if payments are made directly through the school, college, or university's website or their POS machines. Additionally, a 1% fee will be charged on wallet loading transactions over ₹1,000.

PNB reduces locker rental rates

Punjab National Bank (PNB) has announced a reduction in their locker rental rates. According to the notification issued by the bank (October 16, 2025), the new rates will be applicable from mid-November, 30 days after being published on the website. As per the revised rates, the rental for lockers of all sizes and in all areas has been reduced, providing relief to customers.

Submission of Life Certificate

All central and state government pensioners are required to submit their annual life certificate between November 1 and November 30, 2025. This certificate confirms that the pensioner is alive and can continue to receive pension payments. Pensioners aged 80 years or above have already been given the facility to submit the life certificate from October 1.

Deadline to Switch from NPS to UPS…

The central government has extended the deadline to switch from the National Pension System (NPS) to the Unified Pension Scheme (UPS) until November 30, 2025. This deadline applies to current employees, retired employees, and the legal spouses of deceased employees (who fall under NPS).