New Financial Rules from November 1st: The month of October is coming to an end, and November is about to begin. Several banking rules are set to change in November, significantly impacting the common man’s pocketbook. Government employees and pensioners will also be deeply affected. For your information, the month of November includes changes related to nominations, SBI card charges, and pensions. Let’s explore these in detail.
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Bank account holders will receive significant relief
Bank account holders will receive significant relief. They will now be able to add four nominees to a single account. Previously, only one nominee was allowed, but the new rules will allow four nominees. This will make it easier to file a claim in case of an unforeseen event. Sequential nominations are permitted for bank lockers. If you don’t have a first nominee, you can add a second nominee.
SBI Cards to be Charged 1%
SBI Card, the country’s largest bank, has revised its charges. Starting November 1st, any education payment made through credit, check, or third-party platforms like MobiKwik will incur a 1% fee. No additional fees will apply if the payment is made directly through the school or college’s website or POS machine. Wallet top-ups exceeding ₹1,000 will also incur a 1% charge.
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UPS Deadline
The central government has extended the deadline for employees to enroll in UPS until November 30, 2025. Previously, the deadline was September 30th.
Life Certificate for Pensioners
Every year, central and state government pensioners must submit a life certificate between November 1st and November 30th. This certificate can be submitted online or at a bank or post office. Upon timely submission, pension payments will be made without any restrictions. Whereas this facility has been given to pensioners aged 80 years or above since October 1.