Good News for PPF Account Holders Finance Minister Nirmala Sitharaman said on Thursday that there will be no fee for adding or changing the nominee for Public Provident Fund (PPF) accounts as the government has made the necessary changes through a notification.
“Recently, it has been reported that financial institutions are charging fees for adding/modifying details of nominee in PPF accounts,” the finance minister wrote on the social media platform ‘X’.
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‘Nominee’ has legal right over the amount of the original account holder. He said that necessary changes have been made in the Government Savings Promotion General Rules 2018 through the gazette notification dated April 2, 2025 to remove any fee on change in information related to ‘nominee’ for PPF accounts. In the gazette notification, the fee of Rs 50 for cancellation or change of nomination for government-run small savings schemes has been abolished.
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
He said, “The recently passed Banking Amendment Bill 2025 allows a maximum of four people to be made ‘nominees’ for payment of depositors’ money, goods kept in safe custody and safety lockers.” Another change in the bill relates to redefining the term “substantial tax” of a person in the bank. There is a provision to increase this limit from the current Rs 5 lakh to Rs 2 crore.
The current rate was fixed about six decades ago. The law also talks about increasing the tenure of directors (except chairman and whole-time director) in cooperative banks from eight years to 10 years, so that it can be harmonized with the Constitution (97th Amendment) Act 2011.
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