The Finance Minister wrote on the social media platform ‘X’, recently it has been learnt that financial institutions are charging for adding/changing the details of ‘nominee’ in PPF accounts. The ‘nominee’ has a legal right over the amount of the original account holder. He said that necessary changes have been made in the Government Saving Promotion General Rule 2018 through the notification of 2 April 2025 to remove any charge on change in the information related to ‘nominee’ for PPF accounts.

In the notification, the charge of Rs 50 for cancelling or changing the nomination for the small savings scheme run by the government has been abolished. He said, “The recently passed Banking Amendment Bill 2025 allows a maximum of 4 people to be made ‘nominees’ for payment of depositors’ money, goods kept in safe custody and safety lockers.

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

How to update nominee details in PPF account?

You can change the nominee details in your PPF account by filling Form-10. It can be updated both online and offline. Some banks like SBI, HDFC and ICICI provide the facility to update details through internet banking.

Online method:

1. Log in to your bank’s internet banking portal.
2. Go to the PPF Account section.
3. Select Nominee Update or Modify Nomination.
4. Enter the new nominee details.
5. Authenticate using OTP or internet banking credentials.
6. Submit the request and save the acknowledgement.

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Through this, good returns can be obtained without any risk. If you also invest in PPF (PPF Scheme Latest Update), then you must know an important information related to it. The 5th date has special significance for the investor in PPF. If you deposit money keeping in mind the fifth of every month, then your profit can also increase. The Central Government has also informed the people about this.

5th date is special for PPF investors

If you invest in PPF on the fifth of every month, then you will also get the benefit of interest for that month. For example, if you deposit the money on April 20, then you will be given interest only for 11 months. On the other hand, if you invest on 5 Arpil, then you will get the benefit of interest for the entire 12 months. Which can be a profit of around Rs 10,650.

Features of PPF

• A maximum of Rs 5 lakh can be deposited in Public Provident Fund accounts in a year.
• Investing in this gives interest at the rate of 1 percent every month.
• The money deposited after the fifth date will get interest in the next month. And deposits made up to five will be counted in the same month’s interest.
• PPF account can be opened by a person only once.
• This information has already been given by the Central Government that if a person has opened more than one PPF account after December 12, 2019, then they will be closed. Along with this, there will be no interest on the deposit.
• PPF accounts also cannot be merged.

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Investors investing in Public Provident Fund ie PPF can get a big deal. There is a possibility that the interest rates of PPF can be increased for the second quarter of the financial year 2023-24 from July to September. The Finance Ministry is about to review the interest rates of small savings schemes. Which can be announced today.

There has been no increase in the interest rates of PPF since April 2020 till now. PPF is currently getting 7.1 percent interest annually. However, during this period, the central government has increased the interest rates of almost all small savings schemes for the last three quarters, including Sukanya Samriddhi Yojana.

For April to June, the interest rate of these savings schemes was increased by 10 to 70 basis points. In which the interest rate of NSC i.e. National Saving Certificate was increased from 7 percent to 7.70 percent. The interest rate of Sukanya Samriddhi Yojana was increased from 7.6 per cent to 8 per cent. At present, 7.5 percent interest is being received annually on Kisan Vikas Patra and its maturity period was reduced from 120 months to 115 months.

The interest rates of these savings schemes have been increased but the government has not increased the interest rates of PPF. While RBI has increased the repo rate by 2.50 in a year. After which the banks have increased the interest rates on FDs, then the government has increased its small savings schemes. In such a situation, the investors of PPF are also expecting the interest rates to be increased.

There is a formula for fixing the interest rates of PPF which was notified by the Finance Ministry in 2016. Under this, 25 basis points more interest is given on PPF than the 10-year bond yield. Currently the bond yield is 7.3 per cent. Based on this formula, the interest rates of PPF should be increased to 7.55 per cent.

Urban and rural common Indians invest in savings schemes like PPF as safe. These are the people who rely on investing in these schemes while staying away from the ups and downs of the stock market and also invest to save tax. To maintain the popularity of PPF, there is pressure on the government to increase the interest rates.

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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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