PPF Accounts: No Fees for Updating or Modifying Nominee Details, Govt Issues Gazette Notification

Moneylife Digital Team 03 April 2025

Investor Interest

Taking cognisance of media reports about some institutions levying a fee for updating or modifying nominee details in the public provident fund (PPF) accounts, Union finance minister (FM) Nirmala Sitharaman says necessary changes have been made and there will be no fee charges for it.

In a post on X, the FM says, "Necessary changes are now made in the Government Savings Promotion General Rules 2018 via gazette notification on 2 April 2025 to remove any charges on the updation of nominees for PPF accounts."

"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," she added.

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… pic.twitter.com/Hi33SbLN4E
— Nirmala Sitharaman (@nsitharaman) April 3, 2025

One X user, GoldenEye_6 posted a message saying that there is a Rs60 charge for nominee updation in post office PPF accouts.

Responding to this message, India Post clarified that "For the cancellation or modification of nomination in a PPF account, a charge of Rs50 plus 18% GST is applicable. The payment can be made either in cash at the counter or by debiting from a post office savings bank account."

We understand your concern. For the cancellation or modification of nomination in a PPF account, a charge of Rs. 50 + 18% GST is applicable.

The payment can be made either in cash at the counter or by debiting from a Post Office Savings Bank account.

Please feel free to reach…
— India Post (@IndiaPostOffice) April 2, 2025

However, with the government issuing a gazette notification, there will be no charge or fee for updating or modifying nominees in PPF accounts henceforth.

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