“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’.

‘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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To reopen an inactive account, the account holder will have to pay a penalty. Let us know what is the minimum amount of money that should be there in both these accounts?

PPF

The PPF account holder will have to deposit a minimum balance of Rs 500 in a year. This means that a minimum investment of Rs 500 will have to be made in a financial year. If there is not enough balance in the account then the account may be closed.

At the same time, more than Rs 1.5 lakh cannot be invested in a year. This year, the last date to maintain minimum balance in PPF account is 31 March 2024.

If an amount of Rs 500 is not deposited in the account by March 31, the account will be frozen. In such a case, penalty will have to be paid for opening the account again. The account holder will have to pay a penalty of Rs 50 per year.

Understand it this way, if the account is inactive for 2 years, then for re-activation, a fine of Rs 100 will have to be paid along with the investment amount.

Due to lack of minimum balance, the account holder will not get many other benefits along with the account being inactive. This means that the PPF account holder will not get any loan on an inactive account and he cannot withdraw money from the account.

Sukanya Samriddhi Yojana

The minimum balance in Sukanya Samriddhi Yojana is Rs 250. This means that to keep the account active one has to invest Rs 250 in a financial year. If you do not invest in this scheme then the account will be closed.

To activate the account again, the account holder will have to pay a penalty of Rs 50 per year. Let us tell you that in Sukanya Samriddhi Yojana, the government gives interest at the rate of 8.2 percent.

Sukanya Samriddhi Account can be opened after the girl is born and before she turns 10 years of age. A maximum of Rs 1.5 lakh can be deposited in this account in a year. You can open Sukanya Samriddhi account in your nearest bank or post office.

 https://www.youtube.com/watch?v=X7eIR-Q1qBo&t=148s

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Every establishment having 20 or more employees is covered under it and certain organizations which employ less than 20 persons are also covered subject to certain constraints and exemptions. People also get many benefits of PF account.

PF scheme

The employee and the employer contribute 12% of the basic salary and dearness allowance of each employee to the EPF. After the employer retires, he gets a lump sum amount which includes both his and the employer’s contribution apart from the interest on both. Currently the interest rate on EPF deposits is 8.15% per annum. At the same time, people should also be aware of the benefits of PF, lest some wrong steps are taken regarding PF without knowing the benefits, which may be regretted later.

PF

Employees’ Provident Fund Organization (EPFO) is a non-constitutional body that encourages employees to save money for retirement. This organization is governed through the Ministry of Labor and Employment, Government of India. The schemes offered through the organization cover Indian workers and international workers (from countries with whom EPFO ​​has signed bilateral agreements).

Benefits of the scheme

EPF scheme helps in saving money in the long run. There is no need to make lumpsum investment in this scheme. It is deducted on a monthly basis from the salary of the employee and this helps in saving a huge amount in the long run. It can help an employee financially during emergencies. It helps in saving money at the time of retirement and helps a person to maintain a good lifestyle.

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The government has not made any change in the interest rates of this small savings scheme for a long time. By the end of June 2023, the government can change the interest rates of this scheme. It is worth noting that the government reviews the interest rates of this savings scheme every three months. In such a situation, a change is possible by the end of this month.

No changes made since April 2020

It is noteworthy that the last change in the interest rates of the Public Provident Fund Scheme was made by the Central Government in the year 2020. On 1 April 2022, the government had reduced the interest rates from 7.9 percent to 7.1 percent. Since then no change has been made in this scheme.

It is worth noting that in March 2023, the Central Government had increased the rate of interest of many small savings schemes, but the rates of PPF have remained the same at 7.1 percent. But this time the PPF account holders are hopeful that by the end of June 2023, the government may consider increasing the interest rates.

Why there is no change in the interest rates of PPF for a long time-

According to the report published in the Financial Express, behind not increasing the interest rates of PPF, government employees have said that the reason behind not increasing the rates of this scheme is that after the tax return, the total amount invested under this scheme is 10.32%. Percent interest rate and benefits are available. In such a situation, this scheme is already getting more returns than other schemes. For this reason, the government has not increased its rates for a long time.

You get the benefit of tax exemption on investing in PPF

Public Provident Fund Scheme is an excellent tax saving scheme in which you get a deduction of Rs 1.5 lakh under Section 80C of Income Tax. Along with this, no tax will have to be paid on the interest received on the amount deposited under this scheme.

You will not have to pay any tax on the maturity amount of PPF. It is worth noting that under this scheme, up to 9.5 percent interest rate is available at a time. The lock in period of this scheme is 15 years. If you do not want to invest in EPF and NPS schemes, then you can get strong returns on your retirement by investing in PPF.

The government increased the interest rate on these government schemes

In the last quarter of the financial year 2022-23, the Senior Citizens Savings Scheme, Sukanya Samriddhi Yojana, Kisan Vikas Patra, Post Office FD Scheme (Post Office Fixed Deposits) ), Monthly Income Scheme and Post Office RD Scheme (Post Office Recurring Deposit) interest rates were increased.

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This requirement is also for the investors of Public Provident Fund (PPF). In such a situation, PPF investors must link their account with Aadhaar (Link Aadhaar With PPF) before June 30. Otherwise, their account may be locked and transactions with the account may be stopped.

The Public Provident Fund (PPF) investment scheme is included in the most popular list of government savings schemes. Investors can deposit a maximum of Rs 1.5 lakh annually in a PPF scheme with an investment limit of 15 years. Interest at the rate of 7.1 per cent is applicable on this amount. In this way, Rs 1.5 is deposited every year for 15 years, which the investor gets in the form of a thick corpus on completion of the tenure.

It is mandatory to link PPF account with Aadhaar

The Ministry of Finance has made it mandatory for all small savings schemes and post office scheme investors to link Aadhaar (PPF Link With Aadhaar). According to the ministry, if the PPF investor has opened the account before March 31, 2023 and has not submitted his Aadhaar number to the accounts office, he should submit the Aadhaar within a period of six months with effect from April 1, 2023.

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The period of six months will end on 30 September 2023. However, PPF investors should do this before June 30, as the government has set a deadline of June 30 to link all bank accounts and PAN with Aadhaar. Therefore, before September 30, if there is a transaction from PPF account to bank account, then the investor should not face any problem.

Disadvantages if PPF account is not linked to Aadhaar (PPF Aadhaar Linking)

According to the instructions of the Ministry of Finance, if the Aadhaar number is not submitted to the post office where the PPF account is opened and the PPF account is not linked, then the account will be frozen. In such a situation, the investor may have to face many problems like-

1. The amount of interest payable will not be credited to the PPF account holder’s account.
2. Investor will not be able to deposit money in his PPF accounts.
3. The maturity amount will not be transferred to the bank account specified by the investor.

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The Finance Ministry had also issued a circular in this regard on March 31, 2023. In such a situation, account holders can know how to link Aadhaar and its process here. Apart from this, in case of not linking Aadhaar, they may have to face a lot of trouble.

Public Provident Fund (PPF) investment scheme is one of the most popular government schemes for giving high interest. A maximum of Rs 1.5 lakh can be deposited annually in this scheme with an investment limit of 15 years. Interest rate at the rate of 7.1 per cent is applicable on this amount. In this way, Rs 1.5 is deposited every year for 15 years, on which the annual interest rate is Rs 10,650.

It is mandatory to link PPF account holders with Aadhaar

The Finance Ministry has made it mandatory for all types of small savings schemes and post office scheme investors to link Aadhaar. According to the ministry, if the PPF investor has opened the account before March 31, 2023 and has not submitted his Aadhaar number to the accounts office, he shall submit the Aadhaar within a period of six months with effect from April 1, 2023. The period of six months will end on 30 September 2023. Investors can also submit PAN along with Aadhaar.

What if PPF account is not linked with Aadhaar?

According to the instructions of the Ministry of Finance, if the Aadhaar number is not submitted to the post office where the PPF account is opened and the PPF account is not linked, then the account will be frozen. In such a situation, the investor may have to face many problems like-

• The amount of interest payable will not be credited to the PPF account holder’s account.
• Investor will not be able to deposit money in his PPF accounts.
• The maturity amount will not be transferred to the bank account specified by the investor.

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If the contribution is deposited in the PPF account after April 5 for this financial year, then the account holders will be able to earn less interest than the PPF balance. Explain that investing in PPF account before April 5 will help you earn more tax free interest.

As per the rules of the PPF scheme, the interest on the deposit amount is calculated on the basis of the lowest balance in the PPF account at the end of the month on the fifth day of the month. Therefore, if a person is making a lump sum investment, then he should ensure that the PPF contribution is deposited in the PPF account by April 5.

Let us understand from the example that how much interest will be earned on the PPF account if the lump sum amount is deposited before 5th April. Suppose a person opens a PPF account and invests Rs 1.5 lakh in it on 4th April. The amount is deposited before 5th April. The minimum account balance amount of Rs 1.5 lakh between the fifth day and the end of the month will be used for interest calculation. That is, he will get the interest rate on the amount of 1.5 lakhs.

The interest on PPF account is reviewed every quarter. Here in the example, the annual interest rate has been considered as 7.1 percent. Therefore, the person investing will get an interest of Rs 10,650 on a deposit of Rs 1.5 lakh. On the other hand, if the amount is deposited in the PPF account after April 5, then the person will not get the interest for the first month. For the financial year 2023-24 the person will earn interest only for 11 months. It will be Rs 9,762.50 or Rs 9,763 for a deposit of Rs 1.5 lakh.

The PPF scheme comes with a lock-in period of 15 years. Therefore, PPF investment of Rs 1.5 lakh made between April 1 and April 5 in every financial year will fetch an interest of Rs 18,18,209 and a maturity amount of Rs 40,68,209.

If a person makes a PPF investment of Rs 12,500 before the 5th of every month, then the person will get the maturity amount of Rs 39,44,599. A person will earn an additional interest of Rs 1,23,610 by making a lump sum investment in a PPF account between April 1 and April 5 of a financial year.

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But before this, the Finance Minister is being informed about their demands on behalf of different sectors. Along with this, the Union Finance Minister is being demanded to give relief in the upcoming budget.

Modi government’s last budget

Sources also claim that the government is thinking of giving relief to both farmers and employed people in this budget. Actually, this will be the last budget of the Modi government before the 2024 Lok Sabha elections. In the Union Budget, the limit of savings under section 80C is expected to be increased from Rs 1.5 lakh to Rs 2.5 lakh. In the Pre-Budget Memorandum 2023 from ICAI, the common man has been asked to save more.

Demand for relief for a long time There is a demand from the common man to give relief under 80C for a long time. ICAI has also demanded to increase the investment limit in Public Provident Fund (PPF). At present this limit is 1.5 lakh, which is being demanded to be increased to 3 lakh. ICAI’s argument behind the demand for increasing the PPF limit is that it is a safe investment option for businessmen and job professionals.

Due to the accumulation of PF of the employed, there is not much scope for investment under it. In such a situation, he has limited options for tax saving. For the last several years, there is a demand to increase the limit of Rs 1.5 lakh under 80C. Apart from this, ICAI has also requested the Finance Ministry to increase the limit of expenditure under 80DDB.

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Public Provident Fund (PPF) encourages people to invest for a long time. By investing money through this scheme, a good return can also be achieved on it. PPF like all other small savings schemes including Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Yojana and National Savings Certificate (NSC) was introduced by the government to encourage small savings and provide returns on them.

Since the PPF scheme comes under the Exempt-Exempt-Exempt (EEE) category of the tax policy, the principal amount, maturity amount as well as the interest earned are exempt from tax.

PPF Limit At the same time, a good news has also come to the fore for PPF account holders. In fact, in the suggestions sought before the budget 2023, the institutions have demanded to increase the limit of PPF and it has been demanded to increase it to three lakhs.

Explain that in the pre-budget memorandum submitted to the government, ICAI has demanded to increase the investment limit in PPF to Rs 3 lakh annually. PPF Investment Let us tell you that at present, investment can be made in PPF from a minimum investment of Rs 500 to lakhs of rupees. Actually, the maximum investment limit in PPF is currently Rs 1.5 lakh annually. In such a situation, now there has been a demand to increase this limit further.

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PPF is one of the best savings instruments in India with low risk and better interest rate. People working in the informal sector or unorganized sector as well as unemployed, self-employed people can invest in PPF.

can invest so much

Similarly, taxpayers can claim tax deduction of up to Rs 1,50,000 annually by investing in PPF. At least Rs 500 has to be invested in this in a year. At the same time, investment of more than Rs 1,50,000 cannot be done in it. The returns offered by PPF accounts are fixed and backed by Sovereign Guarantee. Currently the interest rate is 7.1 percent.

recover like this

However, one of the most common problems that PPF account holders often face is expiring accounts. There are many situations where customers have come to know that their PPF account has expired. However, it can be easily restarted through an application form.

Under these circumstances the account may expire.

If a PPF account holder fails to contribute the minimum amount in the financial year, which is from 1st April to 31st March, the account is closed. Along with this the account holder loses the option of withdrawal facility. Also, in such circumstances, the account holder cannot take a loan against his PPF money.

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