Bank nomination process to credit card fees: Finance rule changes in Nov
New Delhi, Oct 31, 2025
Financial institutions will update terms of various products and services for customer convenience
Several financial rules and terms will change in November, impacting bank customers, credit card users, pensioners, and small businesses. Here’s a rundown of what’s changing from November 1 and how it could affect your pocket.
New bank nomination rules from November 1
Banks will implement revised nomination rules for deposit accounts, lockers, and items kept in safe custody.
Under the amended Banking Laws (Amendment) Act, 2025, account holders can now appoint up to four nominees for a single account. They may also assign percentage shares or specify the order of succession, making it easier for legal heirs to claim funds and reducing disputes after the depositor’s death.
The Reserve Bank of India has asked banks to “proactively inform” customers about the new nomination process, which is expected to simplify settlements and speed up fund access for families.
SBI Card revises its fee structure
From November 1, SBI Card will implement revised charges on select transactions.
A 1 per cent fee will apply to education-related payments made through third-party apps such as CRED, Cheq, or MobiKwik.
The same 1 per cent charge will also apply on wallet loads exceeding Rs 1,000 under specific merchant codes.
However, education payments made directly to schools, colleges, or universities via official websites or point-of-sale (POS) terminals will remain exempt from this fee.
PNB cuts locker rents
Punjab National Bank (PNB) has reduced locker rental charges across various sizes and regions. The new rates, announced on October 16, will take effect 30 days after their publication on the bank’s website. The revision aims to make locker services more affordable for customers.
Life certificate submission window for pensioners
All central and state government pensioners must submit their annual Life Certificate (Jeevan Pramaan) between November 1 and November 30, 2025, to ensure uninterrupted pension payments.
Pensioners aged 80 and above were allowed to submit their certificates earlier, from October 1.
Deadline extended to switch pension schemes
Central government employees who wish to shift from the National Pension System (NPS) to the Unified Pension Scheme now have time until November 30, 2025. The extension also covers past retirees and the spouses of deceased employees under NPS.
Aadhaar update process made easier
The Unique Identification Authority of India has simplified the Aadhaar update process. Citizens can now update details such as name, address, date of birth, or mobile number online without uploading supporting documents.
Non-biometric updates will cost Rs 75.
Biometric updates (fingerprints or iris scans) will cost Rs 125 and must be done at a physical centre.
For children, mandatory biometric updates remain free for one year from October 2025.
[The Business Standard]
