23 hours Ago By Zee News
Now, making changes to nominations in PPF, SCSS, NSC, and other small savings schemes is completely free. New Delhi: Good news for Public Provident Fund (PPF) account holders. Updating or modifying nominee details in PPF accounts is now completely free.
The government has scrapped the fee as part of the updated Government Savings Promotion General Rules, 2018. It was announced through a Gazette Notification on April 2, 2025. Now, making changes to nominations in PPF, SCSS, NSC, and other small savings schemes is completely free.
Earlier, banks and post offices charged a fee for updating, modifying, or adding nominees to these accounts. However, with the latest amendment to the Government Savings Promotion General Rules, 2018 (notified on April 2, 2025), all nomination-related updates will be processed at zero cost across these savings schemes. You can now add, change, or update nominees in your account free of cost—including adjusting the percentage share among multiple nominees.
Finance Minister Nirmala Sitharaman took to social media platform X to share the update, stating, “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 the updation of nominees for PPF accounts.” 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...
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