Finance Minister Nirmala Sitharaman Announces Free Nominee Modifications in PPF Accounts

New Delhi (The Uttam Hindu): In a major relief for Public Provident Fund (PPF) account holders, the Government of India has scrapped the ₹50 fee previously charged for updating or adding nominee details. Finance Minister Nirmala Sitharaman made the announcement via a post on social media platform X, stating that the fee had been creating inconvenience for customers, despite being a small amount. The move is aimed at enhancing ease of access and reducing procedural barriers for PPF subscribers.

The change comes through an official Gazette Notification issued on April 2, 2025, under the Government Savings Promotion General Rules, 2018. Sitharaman emphasized that the decision was prompted by reports of financial institutions continuing to charge fees for nominee-related updates. The new rules ensure that such charges will no longer be applicable for PPF or any other small savings schemes governed by the same regulations.

Additionally, under the newly passed Banking Amendment Bill 2025, account holders can now nominate up to four individuals for both fund payouts and access to bank lockers. This legislative update offers greater flexibility and clarity in managing nominee details, aligning with the government’s broader financial inclusion and consumer-rights agenda.