Big news for Public Provident Fund (PPF) account holders!
A very relieving news has come for the Public Provident Fund (PPF) account holders. The government has made the service of updating or modifying nominee details in PPF (PPF Account) free. This will make it very easy for those doing small savings in the coming times. Finance minister Nirmala Sitharaman announced this on Thursday.
According to the Finance minister, I have recently received news of financial institutions charging fees for updating or modifying nominee details in PPF account. He said that necessary changes have been made in the government Savings Promotion General Rules 2018 through the Gazette Notification of april 2, 2025 to remove any fee associated with updating the details of nominees in PPF accounts.
Now four people can be made nominee
In the gazette notification, the fee of Rs 50 for cancelling or changing the nomination for government-run small savings schemes has been abolished. He said, the recently passed banking Amendment Bill 2025 allows a maximum of four people to be made nominees for payment of depositors' money, goods kept in safe custody and safety lockers.
Let us tell you that in the banking Laws (Amendment), Bill, 2024 passed in the lok sabha on Tuesday, the bank account holder has been allowed to make four people nominees in his account. Due to this, depositors will have the option of making 4 people nominees at one time or one after the other. With this, the customers taking lockers in the bank will have only the option of sequential nomination so that the transfer of deposited money can be done properly in the absence of the nominee.
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