Quick Summary
In a significant relief for millions of Public Provident Fund (PPF) account holders, the Union Government has announced that no charges will be levied by financial institutions for updating or modifying nominee details in PPF accounts. The move follows the latest amendment in the Government Savings Promotion General Rules, 2018, notified via Gazette Notification No. 02/4/25. The Ministry of Finance, through this amendment, has mandated all financial and banking institutions to provide nominee u
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FAQ :
No, from April 2, 2025, there will be no charges levied by financial institutions for updating or modifying nominee details in PPF accounts.
The amendments to the Government Savings Promotion General Rules, 2018, making nominee updates free, are effective from April 2, 2025.
Union Finance Minister Nirmala Sitharaman announced that necessary changes have been made to the Government Savings Promotion General Rules, 2018, to remove these charges.
Previously, banks were charging up to Rs 50 for updating nomination details in government savings schemes like the PPF.
Under the revised banking laws, up to four individuals can be nominated for amounts held in savings accounts, fixed deposits, safe custody, and lockers.
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