New Delhi: The Central government on Thursday said additional charges being levied by financial institutions for modifying nominee details in the PPF accounts have been abolished with effect from April 2, this year.
“Recently was informed that a fee was being levied by financial institutions for updating/modifying nominee details in PPF accounts. 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,” Union Finance Minister Nirmala Sitharaman said in a social media “X” post.
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.
“In the Government Savings Promotion General Rules, 2018, in the Schedule II, under Fee to be charged for services, the words and figures - Cancellation or charges for nomination – Rs 50, shall be deleted,” the Notification attached by Ms Sitharaman said.
She stated that these changes will come into effect from the date of publication of the notification that is April 2, 2025.