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Key changes from November 1, 2025: Starting November 1, several banking and financial changes will come into effect, directly or indirectly impacting consumers. These include new rules on multiple nominations for bank deposits, the UPS deadline, revised SBI Card charges, and the fresh deadline for pensioners. Let’s have a look at these upcoming changes New Bank Rule From November 1: You Can Now Add Up To 4 Nominees Starting next month, bank account holders and locker users will experience significant relief as new rules come into effect, allowing for up to four nominees instead of just one. Under the new regulations, account holders can designate up to four nominees for their bank accounts, who can be either simultaneous or successive. This change aims to streamline the process for account holders and their nominees when making claims. For bank lockers, however, only successive nominations will be permitted. This means that if the first nominee is unavailable, the second nominee will take precedence, ensuring a smooth and clear claim process. SBI To Charge 1% Fee On Education-Related Payments Starting November 1, SBI Card will revise its fee structure for select transactions. A 1% fee will now be charged on education-related payments made through third-party platforms such as CRED, Cheq, or MobiKwik. However, payments made directly to educational institutions—through their official websites or on-site POS machines—will not attract any fee. In addition, a 1% charge will apply on wallet top-ups above Rs 1,000, applicable to certain merchant categories. UPS Deadline Till Nov 30 The Finance Ministry had announced an extension of the deadline for central government employees to opt for the Unified Pension Scheme (UPS) till November 30, 2025. The move comes after a relatively low response from employees covered under the National Pension System (NPS). In an official communication to the Pension Fund Regulatory and Development Authority (PFRDA) Chairman, the Department of Financial Services, under the Finance Ministry, said the cut-off date for opting into the UPS has been extended by two months from the earlier deadline of September 30. The ministry explained that several recent positive changes under the UPS, such as the introduction of a switch option, benefits related to resignation and compulsory retirement, and tax exemptions, prompted requests from various stakeholders for more time to make a decision. Life Certificate For Pensioners For central and state government pensioners, November is the month to submit their annual life certificate (Jeevan Pramaan), which can be done anytime between November 1 and November 30, 2025. Submitting this certificate—either digitally or in person—ensures the uninterrupted credit of pensions. Notably, pensioners aged 80 and above were allowed to submit their certificates earlier, starting October 1.
