5 Big Financial Changes from November 2025, Impact on Bank Nominations, SBI Cards, PNB Lockers & Pensions

If you’re a bank customer, credit card user, or government pensioner, this news is extremely important for you. With the beginning of November 2025, several important financial rules in the country are going to change, affecting your pocket and banking. These changes include the introduction of multiple nominations for bank accounts, changes to SBI credit card fees, a reduction in PNB locker rent, and the deadline for filing life certificates for pensioners. These new rules aim to provide greater transparency and convenience to customers. Learn the full details of these five major changes.

Multiple Nominations for Bank Accounts and Lockers

Bank customers are set to receive significant relief from November 1, 2025. The Ministry of Finance has announced the implementation of the provisions of Sections 10 to 13 of the Banking Laws (Amendment) Act, 2025. The new nomination rules will apply to deposit accounts, safety lockers, and safe custody items.

Customers will now be able to nominate up to four nominees for their account. They can nominate all nominees at once, or schedule the order of receipt of funds based on their needs. This feature will significantly help prevent disputes and delays in claims.

Significant Changes in SBI Credit Card Fees

SBI Card has announced changes to its fee structure for digital payments, effective November 1, 2025. A 1% fee will be charged on education-related payments made through third-party apps such as CRED, Cheq, and MobiKwik. However, there will be no additional fee for payments made directly on the school, college, or university’s website or at their POS machine. Wallet load transactions exceeding ₹1,000 will also be charged a 1% fee.

Substantial Reduction in PNB Locker Rents

Punjab National Bank (PNB) has announced a reduction in its locker rents in a notice issued on October 16, 2025. The new rates will be effective 30 days after they are published on the bank’s website. This reduction will apply to lockers of all sizes and regions, providing direct financial benefits to customers.

Two Deadlines for Pensioners

The month of November is the deadline for government pensioners to complete their work. All central and state government pensioners are required to submit their annual life certificates between November 1 and November 30, 2025, to avoid any interruption in their pension. Pensioners aged 80 and above have already been allowed to submit certificates from October 1.

National Pension System

The central government has extended the deadline for switching from the National Pension System (NPS) to the Unified Pension Scheme (UPS) to November 30, 2025. This relief is available to current government employees, retired employees, and spouses of deceased pensioners.