From bank nominations to credit card fees: All about key financial changes taking effect from November 1

All about key financial changes taking effect from November 1

As November approaches, a number of significant changes to financial regulations will take effect, affecting your credit cards, bank accounts, and pension benefits. From multiple nominations for bank deposits to revised SBI Card charges and fresh deadlines for pensioners, the new month brings a flurry of updates that every consumer should be aware of.

Beginning on November 1, 2025, banks will implement new nomination regulations in accordance with the Banking Laws (Amendment) Act, 2025. Account holders will now have the ability to nominate as many as four individuals for their deposit accounts, safety deposit boxes, or valuables held in secure custody. They may choose to designate all nominees at once or establish a succession order.

This initiative aims to streamline the inheritance process and minimize disputes or delays during claims, a common issue families face after an account holder's death. Financial advisors have lauded this development, calling it a forward-thinking reform that addresses the growing complexity of modern families and financial arrangements.

From November 1, SBI Card customers will see changes in their fee structure for certain transactions. A 1% charge will now apply to education-related payments made through third-party platforms such as CRED, Cheq, or MobiKwik. However, payments made directly to schools, colleges, or universities—via official websites or on-site POS terminals—will remain free of this charge.

Furthermore, a 1% charge will be applied to wallet loads that exceed ₹1,000, specifically for certain merchant categories.

Central government employees who wish to shift from the National Pension System (NPS) to the new Unified Pension Scheme (UPS) now have until November 30, 2025, to make the switch. The extension also covers retirees and the legally wedded spouses of deceased employees.

With these diverse updates, November promises to be a busy month for both financial institutions and their customers — one that calls for timely action and careful review of your financial checklist.