No more charges for updating nominee details in PPF accounts, FM Nirmala Sitharaman says

There will no longer be any fees associated with changing the nominee's information in your Public Provident Fund (PPF) account. This is due to the Government Savings Promotion General Rules 2018 undergoing "necessary changes." According to a Finance Ministry announcement, "the words and figures '(b) Cancellation or change of nomination – ₹50' shall be deleted from Schedule II, under 'Fee to be charged for services,' in the Government Savings Promotion General Rules, 2018."

The revised modification went into effect on April 2, 2025. "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," said Finance Minister Nirmala Sitharaman in an X post, calling the amendments "necessary."

Since monies in PPF accounts will be transferred to the designated beneficiary in the tragic event of the account holder's death, nominee details are crucial. PPF is a government-sponsored, long-term, tax-saving investment plan. At the moment, it offers an annual interest rate of 7.1% and a 15-year lock-in period for deposits.