Finance Minister Nirmala Sitharaman announced the removal of fees for updating nominees in PPF accounts, effective April 2, 2025, as per a notification. The Banking Amendment Bill 2025 allows for up to four nominees.
PPF: The government has announced a significant relief for Public Provident Fund (PPF) account holders. There will no longer be any charges for updating or adding a nominee. Finance Minister Nirmala Sitharaman shared this information on the social media platform X.
Previously, a ₹50 fee applied
The government issued a notification on April 2, 2025, implementing this change. Previously, a fee of ₹50 was charged for adding or updating nominees in PPF accounts. Many account holders had objected to this fee, leading the government to remove it. The Finance Minister stated that necessary amendments have been made to the Government Savings Promotion General Rules, 2018, making this service entirely free.
Significant changes under the Banking Amendment Bill 2025
The Finance Minister explained that under the Banking Amendment Bill 2025, passed by Parliament, customers can now nominate up to four individuals for their bank accounts or lockers. Previously, most banks allowed only one or two nominees, but the new rule allows customers to add more nominees as per their convenience.
Direct benefits for account holders
This new change will benefit millions of PPF account holders. They can now change or update nominees without any additional charges. Furthermore, the changes in banking regulations will give customers more control over their banking and investment-related decisions.
