Now, you won’t be charged for updating or modifying details of the nominee in your Public Provident Fund (PPF) account as “necessary changes” are being made to the Government Savings Promotion General Rules 2018.
“In the Government Savings Promotion General Rules, 2018, in Schedule II, under ‘Fee to be charged for services,’ the words and figures ‘(b) Cancellation or change of nomination – ₹50’ shall be deleted,” a Finance Ministry notification stated. This change has been made effective from April 2.
Finance Minister Nirmala Sitharaman, in a post on ‘X’, has said that she was informed recently about this fee being levied by financial institutions for “updating/modifying nominee details” in PPF accounts.
She said that “necessary changes are now made in the Government Savings Promotion General Rules 2018 via Gazette Notification 02/4/25 to remove any charges on the updation of nominees for PPF accounts.”
Recently was informed that a fee was being levied by financial institutions for updating/modifying nominee details in PPF accounts.
Necessary changes are now made in the Government Savings Promotion General Rules 2018 via Gazette Notification 02/4/25 to remove any charges on… pic.twitter.com/Hi33SbLN4E
— Nirmala Sitharaman (@nsitharaman) April 3, 2025
The details of the nominee for any PPF account are important because the funds lying in the account is transferred to the designated beneficiary in the event of the account holder’s demise.
The Banking Amendment Bill 2025, passed recently, allows nomination up to 4 persons for payment of depositors’ money, articles kept in safe custody and safety lockers, she added.
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