Starting November 1, 2025, several key banking regulations have been updated by the Reserve Bank of India (RBI) and related authorities. These changes aim to simplify processes, enhance customer convenience, and ensure better financial security. Here’s a concise summary for your awareness and compliance:
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🏦 Key Banking Updates You Should Know
– Multiple Nominees Allowed per Account
Customers can now nominate up to four individuals for a single bank account, locker, or safe custody item. You can also assign percentage shares to each nominee and set successive nominees in case one passes away.
– Simplified Nomination Process
The process to add or update nominees has been made easier to reduce legal disputes and ensure faster fund access for families during emergencies.
– New Charges on Digital Transactions
A 1% fee will now apply to:
– Education-related payments made via third-party apps
– Wallet top-ups above ₹1,000
Customers are advised to check with their banks for updated credit card and UPI fee structures.
– Bank Holiday Alert – November 5, 2025
Banks will remain closed in several states on account of Guru Nanak Jayanti and Kartik Purnima. Digital banking services will remain operational, but in-person transactions should be planned accordingly.
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📌 Action Points for Customers
– Review and update your nominee details immediately.
– Check your bank’s updated fee structure for digital payments.
– Plan cash or branch visits before November 5 if you’re in a holiday-affected state.
