No More Fees For Updating Nominee Info In PPF Accounts, FM. nirmala sitharaman Says
Modifying info of the nominee on your Public Provident Fund (PPF) account will now not result in a fee.
This is because "essential changes" are being made to the government financial savings advertising fashionable rules 2018.
"Inside the government savings promotion trendy rules, 2018, in agenda II, below 'price to be charged for offerings,' the phrases and figures '(b) Cancellation or change of nomination - ₹50' will be deleted," in line with a Finance Ministry notification.
This new change has been effective since april 2, 2025.
In an X submit, finance minister nirmala sitharaman called them "important modifications," including that "the banking Modification Bill 2025, handed currently, allows nomination as much as 4 individuals for payment of depositors' money, articles saved in safe custody, and protection lockers."
Nominee info in PPF debts is critical due to the fact that finances mendacity inside the account get transferred to the distinctive beneficiary within the unfortunate event of the account holder's dying.
What is PPF?
PPF is a protracted-term, tax-saving investment scheme supplied and subsidized by means of the authorities. It presently has a lock-in duration of 15 years for deposits and offers an annual interest fee of 7.1%.
However, the hobby is also compounded yearly, making it an effective long-term wealth-building investment tool.
The government periodically evaluates the PPF interest rate and the quotes for different small-savings devices.
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