PPF: There will be no charge for updating or adding nominee details to PPF accounts

New Delhi| No fee will now be charged for updating or adding nominee name to Public Provident Fund (PPF) accounts. The government has issued a notification and made necessary changes related to this. Finance Minister Nirmala Sitharaman has given this information on social media site X.

According to the Finance Minister, information was received that fees are being levied by financial institutions to update or modify the details of the nominee in PPF accounts. He said that necessary changes have been made in the Government Savings Promotion General Rules 2018 through Gazette Notification dated April 2, 2025 to remove any charges associated with updating the details of nominees for PPF accounts.

According to the Gazette notification, the fee of Rs 50 charged for canceling or making changes in nominations for small savings schemes run by the government has now been abolished. “The recently passed Banking Amendment Bill 2025, allows a maximum of 4 persons to be designated for depositors’ money, locker-held goods and security lockers”, he said.

Another change in the bill is related to redefining the term ‘substantial interest’ of a person in the bank. There has been a demand to increase this limit from the current Rs 5 lakh to Rs 2 crore. The amount of Rs 5 lakh was fixed about six decades ago.

This law also provides for the extension of the term of directors (except the Chairman and the full-time Director) in co-operative banks from 8 years to 10 years, so as to bring it into line with the Constitution (97th Amendment) Act, 2011.