Key Highlights
- Up to four nominees may be designated for a single bank account or locker, easing inheritance.
- From November 1, 2025 the State Bank of India Card will charge a 1 % fee on certain digital payments, with selective exemptions.
- Punjab National Bank will cut locker rents across all sizes, kicking in roughly mid‑November.
- All pension recipients must file a Jeevan Pramaan certificate by 30 Nov to keep payments flowing.
- NPS to UPS pension switch deadline is pushed to the end of November, giving more time for decision‑making.
Detailed Insights
Under the Banking Laws (Amendment) Act, 2025, Section 10‑13 grant account holders the right to name up to four individuals as heirs for deposits, safe‑custody items and lockers. The designation can be ranked or split in any proportion, so that upon the holder’s demise the transfer of funds is automatic and disputes are minimized.
The State Bank of India Card’s revision, effective 1 Nov 2025, introduces a 1 % surcharge on education‑related transactions processed through third‑party apps such as CRED, Cheq and MobiKwik. Direct online or POS payments to educational organisations do not attract this fee. A similar 1 % levy will apply to wallet‑top‑up moves that exceed ₹1,000 and are made with merchants belonging to certain categories.
Punjab National Bank will lower its locker‑rent rates for all locker categories. A notice dated 16 Oct 2025, when posted on the bank’s official website, triggers a 30‑day countdown to the effective date, which lands around 15‑16 Nov 2025.
Chief government pensioners must submit a Life Certificate (Jeevan Pramaan) between 1 Nov and 30 Nov to maintain uninterrupted payments. Those aged 80 and over may start the process from 1 Oct, allowing faster verification.
The deadline to migrate from the National Pension System (NPS) to the newly introduced Unified Pension Scheme (UPS) is now the last day of November. The extension covers current central‑government employees, retirees and the legally married spouses of deceased retirees who were covered under NPS.
Key Concepts
- Nomination: The act of designating one or more individuals to receive a bank account’s assets after the holder’s death.
- SBI Card Fee Revision: The updated surcharge regime that applies to specific digital and wallet transactions under the State Bank of India Card.
- Locker Rent Reduction: The lowered fee for holding lockers across all categories at Punjab National Bank.
- Jeevan Pramaan: An online, biometric‑verified certificate proving that a pensioner is alive, required for continued pension disbursement.
- NPS to UPS Switch: The process of moving a pension plan from the older National Pension System to the newer Unified Pension Scheme.