Under the Banking Amendment Bill 2025, account holders now have the option of adding 4 nominees for their deposited money, safe items and lockers. Along with this, the fee charged for updating the nominee in the PPF account has also been removed. Finance Minister Nirmala Sitharaman gave this information.
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If you have a Public Provident Fund (PPF) account and you want to update or change the nominee, then there is good news for you. Now you will not have to pay any kind of fee for this. The government has changed the rules for this. Finance Minister Nirmala Sitharaman gave information about this by posting on social media X.
Finance Minister wrote on X – Recently it was told that many financial institutions were charging fees for updating the nominee, but now it has been completely abolished. The government amended the Government Savings Promotion General Rules (2018) on 2 April 2025 and under this, the fee of Rs 50 charged for updating the nominee has been removed. After this, now PPF account holders can easily update their nominee information without any cost.
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Option of 4 nominees in account and locker
The Finance Minister said that under the recently passed Banking Amendment Bill 2025, now account holders have got the option of adding 4 nominees for their deposited money, safe items and locker. This change will provide more safety to the service users. Along with this, the Finance Minister has also shared gazette notifications in Hindi and English regarding the changes in the rules made by the government.
Why should nominee be updated in PPF account?
All PPF account holders should update the nominee in the PPF account. In case of death of the PPF account holder, the nominee can get the account funds easily and quickly. Without a nominee, claiming the account can be difficult, and the process can be lengthy.
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Who can open a PPF account?
A PPF account can be opened by any person in a post office or bank. Apart from this, someone else can open this account for a minor. The maturity of a PPF account is in 15 years, and when it matures, you can withdraw the entire amount. However, if you do not need the money, you can extend it for another 5-5 years. Keep in mind that the decision to extend it has to be taken one year before maturity. This account is an excellent option as a long-term investment, which ensures your financial security and savings.
