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As the new month is about to begin, several key financial rule changes are set to come into effect in November 2025. These changes will impact bank customers, credit cardholders, and central government employees. Income Tax GuideIncome Tax Slabs FY 2025-26Income Tax Calculator 2025New Income Tax Bill 2025From allowing multiple nominations for bank accounts and lockers to revised SBI Card fees, and an extended deadline for switching from National Pension System (NPS) to Unified Pension Scheme (UPS), these updates are aimed at streamlining financial operations and providing extra time to NPS account holders.Together, these changes also signal a busy month for financial institutions and consumers, as several updates could impact people’s everyday transactions, pension decisions, and digital payment habits.Multiple nominations for bank accounts Starting November 1, 2025, banks will roll out the new nomination rules for deposit accounts, safety lockers, and items kept in safe custody. The Ministry of Finance has confirmed that the provisions under Sections 10 to 13 of the Banking Laws (Amendment) Act, 2025, will take effect from that date.Under the revised framework, account holders will be able to appoint up to four nominees for their bank deposits. They can choose to nominate all four simultaneously or specify the order of succession — making it easier for legal heirs to claim funds in case of an unforeseen event. The move is aimed at simplifying the nomination process and reducing disputes or delays during settlements.Banking law change from November 1, 2025: Multiple nominations for deposit accounts, locker-related and other reforms that may impact you SBI CardSBI Card has announced a revision in its fee structure and other charges, which will come into effect from November 1, 2025. The new charges will apply to select transactions such as education-related payments and wallet loads, as outlined in a SBI Card statement.SBI Card said that a 1% of the transaction amount will now be applicable on education payments made through third-party apps like CRED, Cheq, and MobiKwik.However, SBI Card has clarified that payments made directly to schools, colleges, or universities either through its official websites or on-site POS machines will not attract this fee.Also, SBI Card says that a 1% of the transaction amount will be charged on every wallet load transaction exceeding Rs 1,000. This applies to transactions identified under select merchant codes. PNB locker chargesPunjab National Bank (PNB) has reduced locker rent charges for different locker categories, as per a notice issued from the bank on October 16, 2025. The revised rates will come into effect 30 days after being published on the bank’s website. As per the new rate structure, locker rents have been reduced across all regions and locker sizes.Life certificate (Jeevan Pramaan) submissionAll central and state government pensioners are required to submit their annual life certificate (Jeevan Pramaan) November 1, 2025 to November 30, 2025 to ensure uninterrupted credit of their monthly pension. This annual process serves as proof that the pensioner is alive and continues to be eligible for pension payments. Those aged 80 years and above have already been allowed to submit their certificates from October 1.UPS deadlineThe deadline to switch from National Pension System (NPS) to Unified Pension Scheme (UPS) for central government employees has been extended to November 30, 2025. This deadline applies to eligible existing employees, past retirees, and the legally wedded spouses of deceased retirees who are covered under NPS.
