PPF fees
Govt removes fees charged to update nominee details in PPF accounts
This story was originally published at 12:53 IST on 3 April 2025
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NEW DELHI – The government has removed the fees that was charged for updating nominees for Public Provident Fund accounts, the finance ministry said in a notification. According to the Government Savings Promotion General Rules 2018, a fee of INR 50 was to be charged for cancelling or changing nomination under the Public Provident Fund scheme.
"Recently was informed that a fee was being levied by financial institutions for updating/modifying nominee details in PPF accounts," Finance Minister Nirmala Sitharaman said in a post on X, formerly Twitter. "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," Sitharaman said.
She added that the Banking Amendment Bill 2025, passed recently, allows nomination up to four persons for payment of depositors' money, articles kept in safe custody, and safety lockers. End
Reported by Shubham Rana
Edited by Avishek Dutta
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