Major Banking and Pension Rule Changes from November 1: New Nominee Limit, SBI Card Fee, and Pension Deadlines

Starting November 1, 2025, several important financial and banking regulations have officially come into effect, directly impacting millions of customers across India. These new rules, introduced by the Reserve Bank of India (RBI) and the Ministry of Finance, aim to make the country’s banking and pension systems more transparent, digital, and user-friendly. The changes cover key areas such as bank nominations, SBI credit card charges, the Unified Pension Scheme (UPS) deadline, and the submission of life certificates for pensioners.

1. Bank Account Holders Can Now Add Up to Four Nominees

A major relief has arrived for bank customers as they can now add up to four nominees to their savings or current accounts. Earlier, banks allowed only one nominee per account. This move gives customers greater flexibility in managing the future of their accounts and ensuring smooth claim settlements.

Under the new system, account holders can choose to nominate individuals either simultaneously (all at once) or successively (one after another). The simultaneous nomination system ensures that all chosen nominees have a shared claim, while the successive option allows each nominee to be considered in order—only if the previous nominee is unavailable.

However, there is one exception. For bank lockers, only the successive nomination system will apply. This ensures that locker ownership can transfer in a proper sequence if the first nominee cannot claim it.

This change is expected to make financial planning and inheritance management much simpler for customers and their families.

2. SBI Card Introduces a 1% Convenience Fee on Select Payments

State Bank of India (SBI) Card, one of the country’s largest credit card issuers, has updated its fee structure effective November 1, 2025.

Customers who make payments through third-party platforms such as CRED, Cheq, or MobiKwik for school or college fees will now be required to pay a 1% convenience charge. The new fee will not apply if the payment is made directly on the institution’s website or through its POS (Point-of-Sale) machine.

In addition, SBI Card has introduced a 1% fee on wallet top-ups exceeding ₹1,000 for certain selected categories. The new charge is part of the bank’s effort to manage transaction costs more efficiently.

Users are advised to review their payment methods and plan transactions carefully to avoid unexpected charges.

3. Extended Deadline for the Unified Pension Scheme (UPS)

The central government has provided much-needed relief to employees under the Unified Pension Scheme (UPS) by extending the enrollment deadline.

Previously set for September 30, 2025, the final date to opt into the scheme has now been extended to November 30, 2025. The extension comes after requests from employees and various departments for additional time to complete the necessary formalities.

The UPS aims to create a more unified, predictable, and stable pension system for government employees across departments, improving financial security post-retirement.

4. Life Certificate Submission for Pensioners Begins

Starting today, central and state government pensioners can begin submitting their Life Certificates (Jeevan Pramaan) to continue receiving their pension without interruption.

The deadline for submission is November 30, 2025, and pensioners can choose between two options:

• Submitting it digitally via the Jeevan Pramaan Portal, or

• Visiting their bank branch or local post office to submit the certificate in person.

Failure to submit the certificate by the due date may result in a temporary suspension of pension payments. The government has encouraged pensioners to complete the process early to avoid delays.

Why These Changes Matter

These updates reflect India’s push toward a more transparent and tech-driven financial ecosystem. The RBI and Finance Ministry are focusing on improving accessibility, minimizing fraud risks, and simplifying procedures for both customers and institutions.

Whether it’s easing nomination rules for families, making digital transactions more accountable, or ensuring smoother pension disbursements, these reforms represent a major step toward modernizing India’s financial services.