Union Finance Minister Nirmala Sitharaman announced that financial institutions will no longer levy charges for updating or modifying nominee details in Public Provident Fund (PPF) accounts. The decision comes after the issue was recently brought to her attention.
Government Amends Rules to Remove Nomination Fees
In a post on ‘X’ (formerly Twitter), Sitharaman stated that necessary changes have been made under the Government Savings Promotion General Rules, 2018, via Gazette Notification 02/4/25, ensuring that no fees are charged for modifying nominee details in PPF accounts.
The Finance Minister also highlighted the Banking Amendment Bill 2025, recently passed in Parliament, which allows account holders to nominate up to four individuals for the payment of their deposits, articles kept in safe custody, and safety lockers.
The move is expected to provide greater flexibility and ease for depositors, reinforcing the government’s commitment to simplifying banking processes and safeguarding financial interests of citizens.
