PPF Account Holders Government Big gift, will get This facility

PPF Account Holders: The central government announced that financial or banking institutions will not charge any fee for updating nominees for Public Provident Fund or PPF accounts. In an official notification, the Finance Ministry said that necessary changes have now been made in the Government Savings Promotion General Rules 2018.

Which will force banking institutions to make changes without any fee. As widely reported, financial institutions were charging additional fees for adding nominees.

This rule comes at a time

This rule comes at a time when the Banking Amendment Bill 2025 has been passed recently, which allows a maximum of four persons to be nominated for payment of depositors’ money, goods kept in safe custody and safety lockers. According to the official notification, this order will be effective from April 2.

The notification said that in the Government Savings Promotion General Rules 2018, in Schedule II, under Fees to be charged for services, the words and figures (b) cancellation or cancellation of nomination – Rs 50″ shall be deleted.

Microblogging site X

In a post on microblogging site X (formerly Twitter), Union Finance Minister Nirmala Sitharaman said that recently I was informed that charges were being levied by financial institutions for updating/modifying nominee details in PPF accounts. The post said that necessary changes have been made in the Government Savings Promotion General Rules 2018 through Gazette Notification 02/4/25 to remove any charges on updating nominee details for PPF accounts. PPF is a long term investment scheme in India, which offers tax benefits and guaranteed returns, with a minimum investment of Rs 500 and a maximum of Rs 1.5 lakh per annum.

Government Savings

The government has amended the Government Savings Certificate Act, 1959 And it is proposed to merge the Public Provident Fund Act, 1968 with the Government Savings Banks Act, 1873. The main objective of this common Act is to bring uniformity in the provisions of various small savings schemes currently governed by the three Acts.