Overview
- Sections 10–13 of the Banking Laws (Amendment) Act take effect on November 1, updating rules for deposits, lockers and custody of valuables.
- Bank customers may nominate up to four people for accounts and deposits from November 1, while lockers allow only successive nominations.
- SBI Card will levy a 1% fee on education payments made via CRED, Cheq or MobiKwik, with direct payments to institutions remaining exempt.
- A 1% charge will also apply to certain wallet top-ups above Rs 1,000 from November 1, reflecting the issuer’s revised processing policy.
- The government extended the Unified Pension Scheme opt-in cutoff to November 30 and reminded pensioners to file life certificates between November 1 and 30; PNB’s reduced locker rents take effect 30 days after its October 16 announcement.