Bank and pension rules will change from November 2025, know the complete details: Effective November 1, 2025, several changes are being implemented in the banking and financial sector regulations, which will impact bank customers, government employees, and financial service users. Almost everyone in India is connected to these services in some way or another. These changes primarily include multiple nomination requirements for bank accounts, SBI card fees, and pensioner-related changes.
Life Certificate Dates for Pensioners -
All central and state government pensioners must submit their life certificates between November 1 and November 30, 2025, to avoid disruptions in their pension. The government has extended the deadline for submitting life certificates for pensioners over 80 years of age from October 1.
The government has directed all banks to provide special assistance to pensioners who are hospitalized with serious illnesses and are unable to visit branches. Banks will work with them to help prepare their life certificates.
Changed rules for bank accounts and lockers -
Starting today, you can nominate up to four people for your account. You can also decide how much each of these four people will receive. For example, you can nominate four people for your bank deposits and decide that each will receive a 25% share. Previously, you could only nominate one or two nominees.
Starting today, you can avail of the locker facility under sequential nomination for bank lockers. You can decide who will have first access to your locker. The government believes this will reduce disputes and delays in claims.
Pension Scheme Change Date -
Keeping its employees in mind, the central government has changed the last date for switching from the National Pension System (NPS) to the Unified Pension Scheme (UPS). Employees can now switch to the pension scheme till November 30, 2025.
Key highlights include:
- Multiple Nominations: Bank account holders can nominate up to four nominees for their accounts, fixed deposits, lockers, and safe custody items. They can specify the share percentage for each nominee and set the order of succession. This makes claim settlement easier and faster for legal heirs in case of unexpected events.
- Standardized Nomination Process: All banks will be required to follow a uniform, time-bound process for claim settlement, reducing branch delays and disputes.
- Pensioners and Senior Citizens: These changes simplify the claim process and align bank nominations with pension records, benefiting central government employees, defense personnel, and their families.
- Banking Law Changes: These changes are part of the Banking Laws (Amendment) Act 2025, which includes the RBI Act 1934, the Banking Regulation Act 1949, and other updates. A total of 19 key changes have been made to improve governance, audit standards, and customer service.
- SBI Card Fee Changes: Effective November 1, SBI card users will see revised fees, including a 1% charge on education payments through third-party apps and wallet load transactions exceeding ₹1,000.
- Submission of Life Certificates: Senior citizens can now use doorstep banking services to submit annual life certificates (Jeevan Pramaan Patra) to pension authorities.
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