Financial Rule Changes 2025: October is two days away from ending. November will then begin. Some rules are set to change in November, significantly impacting the general public’s pockets. These changes, effective November 1st, include the introduction of multiple nominations for bank accounts, changes to SBI card fees, and a reduction in PNB locker charges. Several pension-related rules will also change. Let’s explore these in detail.
Banking Nomination Rule Changes
The Banking Laws Act, 2025, will come into effect from November 1st, allowing customers to add up to four people to their accounts. This feature will apply to deposit accounts, safety lockers, and safe custody services. Customers can assign equal shares to all nominees and can also decide who will be the primary beneficiary in any given situation.
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SBI Cards to Change
SBI Cards, the country’s largest credit card issuer, has made significant changes to its charge structure. Effective November 1, 2025, customers paying school or college fees through third-party apps like CRED, Cheq, or MobiKwik will incur a 1% fee. However, if the payment is made directly through the institution’s website or point-of-sale (POS) machine, there will be no additional charge. Furthermore, wallet loading transactions exceeding ₹1,000 will also now incur a 1% fee.
PNB Locker Charges Reduction
PNB has announced a significant reduction in locker rent, providing significant relief to its customers. According to a notice issued on October 16, 2025, the new rates will be effective 30 days after they are published on the bank’s website.
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Submit Life Certificate
All central and state government pensioners are required to submit their life certificates in November every year. In 2025, this process will run from November 1 to November 30. Pensioners aged 80 years or older can submit the certificate starting October 1. Failure to submit the life certificate may result in the pension being withheld.
New Deadline for Switching to UPS
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 opportunity is available to current government employees, retired employees, and deceased pensioners.