FINANCE Minister Nirmala Sitharaman on Thursday said no fee will be charged for the updation or addition of nominees for Public Provident Fund (PPF) accounts as the government has done necessary changes through notification. Recently, it was informed that a fee was being levied by financial institutions for updating/modifying nominee details in PPF accounts, the finance minister said in a social media post on X. Necessary changes are now made in the Government Savings Promotion General Rules 2018 via Gazette Notification dated April 2, 2025, to remove any charges on the updation of nominees for PPF accounts, she said.

 

The gazette notification has done away with the fee of Rs 50 for cancellation or change of nomination for small savings schemes run by the government. “The Banking Amendment Bill 2025, passed recently, allowsnomination up to 4 persons forpayment of depositors’ money, articles kept in safe custody andsafety lockers,” she said. Another change in the bill relates to redefining of term‘substantial interest’ of a person in abank. The limit is sought to beenhanced to Rs 2 crore from thecurrent Rs 5 lakh, which was fixedalmost six decades ago.