With these updates rolling out simultaneously, November promises to be a busy month for both financial institutions and consumers, impacting transactions, pensions, and digital payment habits across the country. Let’s explore these changes so you can stay ahead and avoid any last-minute hassles.

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Banks to allow multiple nominations for accounts and lockers from November 1, 2025

Starting November 1, 2025, banks will implement new nomination rules for deposit accounts, safety lockers, and items in safe custody, as confirmed by the Ministry of Finance . These provisions, outlined under Sections 10 to 13 of the Banking Laws (Amendment) Act, 2025, will come into effect on this date.

Under the updated framework, account holders can appoint up to four nominees for their bank deposits. They may either nominate all four at once or specify the order of succession, making it easier for legal heirs to claim funds in case of unforeseen events. The change is designed to simplify the nomination process and minimise disputes or delays during settlements.

All central and state government pensioners must submit their annual life certificate (Jeevan Pramaan) between November 1 and November 30, 2025, to ensure the uninterrupted credit of their monthly pension. This process serves as official proof that the pensioner is alive and remains eligible for pension payments.

Pensioners aged 80 years and above were allowed to submit their life certificates starting October 1, 2025.

Govt extends UPS choice deadline to Nov 30

The government has extended the deadline to choose the Unified Pension Scheme (UPS) to November 30, 2025, for eligible existing employees, past retirees, and legally wedded spouses of deceased retirees. Earlier, the deadline was September 30. The Ministry of Finance said that recent UPS changes include options to switch plans, benefits on resignation or retirement, and tax exemptions.

SBI Card users alert: 1% additional charge from November 1

According to the SBI Card website, effective November 1, 2025, a 1% transaction fee will apply to education payments made through third-party apps. Payments made directly to schools or colleges via their official websites or POS machines will remain fee-free. A 1% fee will be applicable on wallet load transactions exceeding Rs 1,000. This means that whenever a user adds more than Rs 1,000 to their digital wallet, 1% of the loaded amount will be deducted as a fee.

The Unique Identification Authority of India (UIDAI) has made it easier and cheaper to update Aadhaar details for children. Biometric update fees for children’s Aadhaar cards will be waived for one year, starting October 1, 2025.

For adults, the charges remain as follows: