Nirmala Sitharaman said that necessary changes have now been made in the Government Savings Promotion General Rules 2018 through the gazette notification of 2 April 2025 to remove any charges on updating the nominees for PPF accounts. According to the Banking Amendment Bill 2025, the customer allows up to four persons to be nominated for payment of money and locker in banks.
The government has brought a relief news for the account holders of Public Provident Fund (PPF). Finance Minister Nirmala Sitharaman has posted on the social media platform X that now there will be no fee for updating or adding the name of the nominee in the PPF account.
Earlier there was a fee of Rs 50
The government has made these necessary changes by issuing a notification. The Finance Minister said in her post that recently it was reported that a fee was being charged by financial institutions for updating / modifying the nominee details in PPF accounts.
Union Finance Minister Nirmala Sitharaman posts on 'X': "Recently was informed that a fee was being levied by financial institutions for updating/modifying nominee details in PPF accounts. Necessary changes are now made in the Government Savings Promotion General Rules 2018 via… pic.twitter.com/DNyhqZpRb6
— ANI (@ANI) April 3, 2025
Four persons can be made nominees
The Finance Minister said that as per the rules of the Banking Amendment Bill 2025 passed in Parliament, now it allows four persons to be made nominees for payment of money and locker in the banks of the customers.
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