No Need to Pay Charges For Modifying PPF Nominee Details

Financial institutions were charging fees for changing or updating nominee information in Public Provident Fund (PPF) accounts.

Now, the government has made changes in the Government Savings Promotion General Rules 2018 via Gazette Notification 02/4/25 to eliminate any charges for updating or modifying nominees’ details in PPF accounts.

Recently, the Banking Amendment Bill 2025 was passed to allow people to select up to four nominees who can get their money, valuables in safe custody, and items kept in lockers in case something happens to them.

The Ministry of Finance (Department of Economic Affairs) issued a notification on April 2, 2025, under Section 15 of the Government Savings Promotion Act, 1873. As per this notification, the Government Savings Promotion General Rules, 2018, have been revised as follows.

Title and Commencement

• The new rules may be called the Government Savings Promotion General (Amendment) Rules, 2025.
• These rules will come into effect from the date of their publication in the Official Gazette.

Removal of Nomination Change Fee

In Schedule II of the Government Savings Promotion General Rules, 2018, under the section for service fees, the clause stating that a Rs.50 charge for cancellation or change of nomination shall be removed.