As per the government notification, the fee of Rs 50 charged for changing or cancelling the nominee under the Small Savings Scheme has now been completely waived.
If you are investing in Public Provident Fund (PPF), then there is good news for you. Union Finance Minister Nirmala Sitharaman announced on Thursday that there will be no charge for adding or changing a nominee in a PPF account. The government has made the necessary changes by issuing a notification on April 2, 2025.
Nirmala Sitharaman posted on social media platform Twitter that it has recently been noticed that some financial institutions are charging fees for adding nominee details. The nominee has a legal right over the funds of the original account holder. Therefore, the government has amended the ‘Government Savings Promotion General Rules 2018’ and abolished this fee system.
According to a government notification, the fee of Rs 50 charged for changing or cancelling a nominee under the Small Savings Scheme has now been completely waived. The Finance Minister said that under the recently passed Banking Reforms Bill 2025, a maximum of 4 nominees can be appointed for deposited money, assets in lockers or other important items.
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… pic.twitter.com/Hi33SbLN4E
— Nirmala Sitharaman (@nsitharaman) April 3, 2025
How to update nominee details in PPF account?
You can update the nominee details in your PPF account by filling Form-10. This process can be done both online and offline. Some banks like SBI, HDFC and ICICI offer this facility through internet banking.
Procedure for updating nominee online:
- Login to your bank’s internet banking portal.
- Go to the PPF account section.
- Click on the option “Nominee Update” or “Modify Nomination”.
- Fill in the information of the new nominee (name, relationship, date of birth, etc.).
- Authenticate the process through OTP or login credentials.
- Submit your request and save the acknowledgement.
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