Good News for PPF Account Holders! No More Fee for Updating Nominee Details! FM Nirmala Sitharaman Announced

In a recent announcement, Finance Minister (FM) of India, Nirmala Sitharaman brought some relief to Public Provident Fund (PPF) account holders. She informed on Thursday that the government has decided to remove the fee for updating or modifying nominee details in PPF accounts.

The government announced on April 2 that the new PPF rule is a part of the 2018 Government Savings Promotion General Rules.

Earlier, post offices and banks used to charge ₹50 to update the details of PPF nominees. The new regulations no longer impose this charge.

The Finance Minister Nirmala Sitharaman took to X (Twitter) to announce the new PPF rules news. She said, "Recently was informed that a fee was being levied by financial institutions for updating/modifying nominee details in PPF accounts."

In order to completely eliminate any fees associated with updating PPF account nominations, the Government Savings Promotion General Rules 2018 have been amended as needed through Gazette Notification 02/4/25.

FM Sitharaman informed that the government has eliminated the fees needed to update PPF nominee details. "Necessary changes are now made in the Government Savings Promotion General Rules 2018 via Gazette Notification 02/4/25 to remove any charges on the updation of nominees for PPF accounts," she said.

She further added, "The Banking Amendment Bill 2025, passed recently, allows nomination up to 4 persons for payment of depositors' money, articles kept in safe custody and safety lockers."

The government's gazette notification stated, "In the Government Savings Promotion General Rules 2018, in the Schedule II, under Fee to be charged for services, the word and figures "(b) Cancellation or charge of nomination - ₹50" shall be deleted." The notification read that on April 2, the new Government Savings Promotion General (Amendment) Rules, 2025 will "come into force on the date of its publication in the official gazette."

How to Change PPF Nominee?

PPF nominees could be changed for several reasons, including divorce from the nominee, death of the nominee, and a shift from spouse to child.
Below are the steps to change a PPF nominee:

• Get Form F from the bank or post office where you opened your PPF account
• then complete it with the nominee's accurate information and any other necessary fields.
• Submit the form to the post office or your bank.
• Once you submit the form, the PPF nominee data will be updated.

Understand Public Provident Fund (PPF)?

The Public Provident Fund (PPF) is a government-supported long-term savings plan in India that encourages small deposits while providing tax benefits. It is one of the most secure investment options, making it popular with risk-averse investors.