Bank Customers Alert: Important Bank rules change from November 1

Bank Customers Alert: The major banking rule changes coming into effect from November 1, 2025, primarily revolve around nomination facilities for bank customers, based on the provisions of the Banking Laws (Amendment) Act, 2025 in India. Bank Customers Alert: Important Bank rules change from November 1.

Banking Nomination Rule Changes:

You can name up to four nominees at the same time. You must specify the share or percentage of the deposit amount each nominee is entitled to, ensuring the total is 100%.

Example: 50% to spouse, 25% to first child, 25% to second child.

Successive Nomination (For Deposits, Lockers, and Safe Custody):

You can list up to four nominees in a specific order of priority. The next nominee in line becomes eligible only upon the death of the nominee placed higher in the sequence. This ensures clear succession and continuity in claim settlement.

Key Customer Convenience Points:

– The goal is to simplify the claim settlement process and reduce legal hassles for the heirs of the deceased account holder.

– If a nominee is a minor, the depositor can appoint an adult to receive the funds on the minor’s behalf.

– Banks must explicitly offer and explain the nomination facility.12 However, a customer can choose not to nominate, provided they give a written declaration of refusal (or the bank records the refusal). Account opening cannot be denied solely for not making a nomination.

– Banks are directed to record the nomination status (e.g., “Nomination Registered”) and the nominee’s name on passbooks, account statements, and term deposit receipts for clarity.

Other Related Financial Changes in November 2025 (India):

SBI Cards to Change:

SBI Card, the largest credit card issuer in the country, is implementing a revised fee structure for specific transactions, effective November 1, 2025. These changes mainly target third-party payment channels for education and digital wallet top-ups.

Key Takeaways for Cardholders:

-The new 1% fee applies specifically to education-related payments when routed through third-party payment aggregators. This move encourages customers to use the school or college’s direct payment portal to avoid the extra charge.

– A 1% fee is now applicable to the entire transaction amount of any single wallet load that is more than Rs 1,000. Loading a total of Rs 5,000 in one go, for example, will incur a Rs 50 fee. Loading Rs 1,000 or less remains free.

– These revisions, along with other banking rule changes coming into effect in November 2025, are part of a broader regulatory push to enhance governance and rationalize fee structures across the financial sector.

PNB Locker Charges Reduction:

Punjab National Bank (PNB) has announced a reduction in locker rent charges across different categories and regions.

The revised, reduced rates will be effective 30 days after the notice was published on the bank’s website. Given the October 16 notice, the new rates are expected to come into effect around November 15, 2025.

The locker rents have been reduced across all regions (Rural, Semi-Urban, Urban, and Metro) and for various locker sizes. Customers are typically allowed 12 free locker visits per financial year. A charge of Rs 100 is usually applicable for each visit beyond the free limit. Customers should check PNB’s official website or visit their branch for the complete and final schedule of revised charges.

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