New Delhi, India — The start of November brings significant changes to the Indian financial landscape, directly impacting millions of bank customers and credit card users. Effective today, November 1, key provisions of the Banking Laws (Amendment) Act, 2025, on nominations have been implemented, offering greater flexibility and convenience. Simultaneously, SBI Card has rolled out new transaction fees for specific digital payments.
Nomination Rules Revolutionized: Up to Four Nominees Allowed
The new rules, enforced by the Ministry of Finance, fundamentally alter the nomination process for bank deposits, lockers, and safe custody items. The core objective is to simplify the claim settlement process for heirs and reduce the potential for legal disputes.
Key Changes for Bank Customers:
- Multiple Nominees: Customers can now nominate up to four individuals for a single deposit account, locker, or safe custody item. Previously, most banks limited this to one nominee.
- Simultaneous vs. Successive Nomination:
- Deposit Accounts: Customers can choose either Simultaneous Nomination (where up to four nominees receive a specified share, totaling 100%) or Successive Nomination (where the next nominee in the list becomes eligible only upon the death of the one placed higher).
- Lockers/Safe Custody: Only Successive Nomination is permitted for these facilities.
- Mandatory Declaration: While nomination itself remains optional, banks are now mandatorily required to inform customers about the facility. If a customer chooses not to nominate anyone, the bank must obtain a written declaration confirming this decision. No customer can be denied an account solely for declining nomination.
- Increased Transparency: Banks are directed to record the nomination status and the name of the nominee(s) directly on documents like passbooks and term deposit receipts.
This move provides account holders with unprecedented control over the succession of their financial assets, offering greater peace of mind and simplifying the inheritance process for their loved ones.
SBI Card Users Face New Fees on Wallet Loads and Education Payments
SBI Card, one of the country’s largest credit card issuers, has introduced a revision in its fee structure, particularly targeting high-volume digital transactions.
New Charges Effective November 1:
| Transaction Type | Fee Applicable | Condition |
| Education Payments | 1% of the transaction amount | Applicable only when payment is made through third-party apps (like CRED, Cheq, MobiKwik, etc.). |
| Wallet Load/Top-ups | 1% of the transaction amount | Applicable on every wallet load transaction exceeding ₹1,000. |
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Crucial Exception: SBI Card has clarified that no fee will be charged on education payments if they are made directly to the school, college, or university through their official website or at an on-campus POS terminal.
These changes aim to manage the operational costs associated with certain types of digital payments, but customers who frequently use third-party apps for large transactions, such as paying school fees or topping up wallets, will now incur an additional charge.
What Should Consumers Do?
Consumers are strongly advised to review their existing banking and credit card arrangements.
- For Banking: Visit your bank branch or use online channels to review and update your nomination details under the new flexible framework. If you previously named only one nominee, consider adding multiple nominees with clear shares for smoother settlement.
- For SBI Card: To avoid the new 1% fee, cardholders should pay education fees directly on the institution’s official platforms and try to limit digital wallet top-ups to ₹1,000 or less per transaction.
