PPF news: Public Provident Fund investors are in for a good news this new financial year! From now on, you do not have to pay any fees if you want to update or modify your nominee details in your PPF account.
The new PPF rule comes as part of some changes made in the Government Savings Promotion General Rules 2018, the government informed on April 2.
Earlier post offices and banks charged ₹50 to update PPF nominee details. Under the new rules, this fee has been removed.
Nirmala Sitharaman shares PPF news
Finance Minister Nirmala Sitharaman took to X to announce the new PPF rules news.
“Recently was informed that a fee was being levied by financial institutions for updating/modifying nominee details in PPF accounts,” she wrote.
Sitharaman said that the government has removed charges required for updating 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.
“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,” Nirmala Sitharaman added.
Government’s PPF notification
A gazette notification from the government read, “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 new the Government Savings Promotion General (Amendment) Rules, 2025 will “come into force on the date of its publication in the official gazette”, that is, April 2.
What if PPF?
Public Provident Fund or PPF is a long-term investment scheme in India, offering tax benefits and guaranteed returns, with a minimum investment of ₹500 and a maximum of ₹1.5 lakh annually.
The Government proposed to merge the Government Savings Certificates Act, 1959 and the Public Provident Fund Act, 1968, with the Government Savings Banks Act, 1873.
The main objective of the common act is to bring uniformity to the provisions of different small savings schemes presently governed by the three Acts.
How to change PPF nominee?
PPF nominee can be changed for a number of reasons like divorce with nominee, death of PPF nominee, PPF nomination change from spouse to child etc.