New Financial Rules to Transform Banking and Pension Systems, Effective November 2025
As we are all aware, we are just about to enter the new month of November. It is crucial to know that the Government of India is planning to bring new changes to financial rules from this upcoming month. These rules will influence bank customers, credit cardholders, and central government employees.
The government is thinking of allowing multiple nominations for bank accounts and lockers to update fees for SBI cards and to extend the time limit to switch from the National Pension System (NPS) to the Unified Pension Scheme (UPS). These amendments in financial rules are aimed towards streamlining financial operations and awarding some extra time to NPS account holders.
These new banking rules are a supersession of the existing Banking Companies (Nomination) Rules, 1985 and the Co-operative Banks (Nomination) Rules, 1985. With the implementation of these new rules, it is highly anticipated that to will affect individuals’ everyday transactions, pension decisions, and digital payment habits.
Permitting Multiple Nominations for Bank Accounts
The government is likely to bring in new nomination rules for deposit bank accounts, safety lockers, and items kept in safe custody, effective from November 01, 2025. It is being confirmed by the Ministry of Finance via an official notification that these new banking rules will be in effect from this date under Sections 10 to 13 of the Banking Laws (Amendment) Act, 2025.
According to the new proposed banking rules, from November 1, the account holders will be able to appoint up to four nominees for their bank deposits. The nomination can be made either successively or all simultaneously. This will enable the nominee to withdraw money from the account holder’s bank account in case he/she dies. This process of nomination can be performed in two ways: one, by filling out a nomination form and second, by applying online (e-nomination), if the bank provides such a digital facility.
SBI Card
State Bank of India (SBI) has announced revisions in its SBI Card fee structure and other charges, which are also scheduled to take effect from November 1, 2025. As mentioned in the SBI Card statement, the fee structure will apply to chosen transactions such as education-related payments and wallet loads.
According to SBI cards, education-related payments performed through third-party applications like CRED, Cheq, and MobiKwik will now attract 1% of the transaction amount. However, the card has specified that no fee will apply if the payment is made directly to the schools, colleges, or universities, either through their official websites or on-site POS machines. Additionally, 1% of the transaction amount will be applied to every wallet load transaction exceeding Rs 1,000.
Revisions in Locker Charges by PNB
According to a notice dated October 16, 2025, the Punjab National Bank (PNB) has made revisions in its locker rent charges. These charges vary per locker category. These revised charges are scheduled to take effect 30 days after being officially announced on the website of PNB. According to the new rate structure, the locker rents have been reduced in all regions and locker sizes.
Life Certificate (Jeevan Pramaan) Submission
The government has asked all the Central and State government pensioners to submit their annual life certificate (Jeevan Pramaan) from November 1, 2025, to November 30, 2025. It is recommended not to miss this time limit if you want to ensure uninterrupted credit of the monthly pension. Those who are 80 years old or above have been told to submit their annual life certificate (Jeevan Pramaan) from October 1, 2025.
UPS Due Date
The Government has extended the due date for switching from the National Pension System (NPS) to the Unified Pension Scheme (UPS) for central government employees till November 30, 2025. Existing employees, past retirees, and the legally wedded spouses of deceased retirees covered under NPS can enjoy the benefit of this extension.
