PPF Account Nominee Update Now Free: Government Removes Rs 50 Fee:

There’s some wonderful news for Public Provident Fund (PPF) account holders wishing to update or change their nominees. Finance Minister Nirmala Sitharaman recently declared that the government has done away with the earlier compulsory charge of Rs 50 for modification of nominee details.

Government Modifies Provisions

Finance Minister Sitharaman stated via the social media platform X that several financial institutions were charging a fee for updating the nominees, which is now completely removed. The government revised the General Rules Governing the National Saving Schemes Promotion Contest (2018) on 2nd April 2025 and has done away with the charge of Rs 50 for updating the nominees.

It is now possible for PPF account holders to amend their nominee details without paying any fees.

Choice for Four Nominees

In addition, the recently passed Banking Amendment Bel 2025 enables account holders to assign up to four nominees to their Bank Deposits, Safe Custody Items, and Lockers. This amendment strengthens the protection and defense offered to the service users. The finance minister also posted official gazette notifications in Hindi and English about these modifications of rules.

Significance of Changing Nominee for PPF

It is advisable for all PPF account holders to routinely change their nominees. This enables quick and hassle-free access to the funds for nominees in the sad circumstance of the account holder’s death. Claiming funds without a nominee can lead to a complex and cumbersome process.

Who is Eligible to Set Up a PPF account?

Individuals can set up a PPF account at a bank or post office. Moreover, parents or guardians can set them up for minors too. Maturity period of a PPF account is 15 years, and can be withdrawn after that. If the funds are not urgently required, the holder can extend the account in 5-year increments. However, one must decide to extend the account a year before maturity. Remains one of the best long term investment options, PPFs ensures financial security and disciplined savings.