Copyright timesnownews
Beginning November 1, 2025, major updates under the Banking Laws (Amendment) Act, 2025 will take effect, reshaping how customers manage their deposits and lockers. The Ministry of Finance confirmed that Sections 10 to 13, which cover deposits, lockers, and custody of valuables will be implemented from this date. The revised law now allows individuals to nominate up to four people for their bank accounts and deposits. Customers can name all nominees at once or list them in a succession order, streamlining the process for legal heirs to access funds. This move is expected to reduce inheritance-related disputes and make financial succession much smoother for families. SBI Card Revises Fees On Select Transactions Starting the same day, SBI Card will introduce a new fee structure that affects specific types of transactions. The company announced that a 1 per cent charge will apply to education-related payments made through third-party platforms such as CRED, Cheq, and MobiKwik. However, payments made directly to educational institutions through their official channels will remain exempt from this fee. Additionally, wallet top-ups exceeding Rs 1,000 under certain merchant categories will also attract a 1% fee, in line with SBI Card’s updated processing policy. These revisions aim to standardize digital payment costs and ensure transparency across platforms. PNB Lowers Locker Rent; Pensioners Get More Time In a move to provide relief to customers, Punjab National Bank (PNB) has reduced locker rent charges across several categories. The updated rates will become effective 30 days after the October 16, 2025 announcement, offering more affordable locker access to account holders nationwide. Pension And NPS Update Meanwhile, pensioners and NPS subscribers have new deadlines to remember. All central and state government retirees must submit their life certificate (Jeevan Pramaan) between November 1 and November 30, 2025, to keep their pensions flowing without interruption. Pensioners aged 80 and above can submit their certificates starting October 1, 2025, giving them extra time for compliance. In addition, the government has extended the deadline for switching from the National Pension System (NPS) to the Unified Pension Scheme (UPS) until November 30, 2025. This applies to serving government staff, retirees, and eligible family members of deceased NPS subscribers, ensuring ample time to make a considered transition.
