From Bank Lockers To Credit Cards – THESE Banking Rules Will Change From November 1

From new banking and nomination rules to credit card charges and Aadhaar updates, these reforms aim to make financial systems smoother and more secure for everyone.

Nearly every adult in India has a bank account, and now, new rules under the amended Banking Act are set to take effect. The goal: to improve customer service, simplify claim settlements, and prevent delays for families after an account holder’s death.

Until now, only one nominee was allowed per account. From November 1, customers can add up to four nominees for a single bank account. You can even distribute the balance — for example, 40% to one person, 30% to another, and so on.

Good news for locker holders! You can now appoint up to four nominees for your bank lockers or safe custody items like gold, jewellery, or documents.  

The government has made the nomination process faster and more transparent. Customers can easily update or change nominees online or at their branch. This move aims to end long-standing issues that delayed fund transfers to legal heirs.

SBI is introducing new charges for its credit card users:

- 3.75% tax on unsecured credit cards

- 1% charge on education payments made through third-party apps like CRED or MobiKwik

- No extra fee for payments made directly on school/college websites

Loading your digital wallet? Be cautious! From November, a 1 per cent fee will apply if you load more than Rs 1,000 into your wallet. This update aims to streamline digital transactions and discourage frequent small top-ups through credit.

These reforms will strengthen financial transparency and protect customers’ rights. With simpler banking rules, easier nominations, and clearer card charges, November 2025 marks a significant step toward a more customer-friendly financial system in India.

(Images credit: Freepik)