Government Waives Fee for PPF Nominee Updates

Finance Minister Nirmala Sitharaman announced the elimination of fees for updating nominees in Public Provident Fund accounts. Recent changes in the Government Savings Promotion General Rules 2018 remove the Rs 50 charge. The Banking Amendment Bill 2025 also introduces significant modifications to bank regulations.

Finance Minister Nirmala Sitharaman has declared that the government will no longer charge a fee for updating or adding nominees to Public Provident Fund (PPF) accounts. This announcement follows necessary modifications through an official notification.

Previously, a fee was imposed by financial institutions for such updates in PPF accounts, but changes in the Government Savings Promotion General Rules 2018, as notified on April 2, 2025, have abolished this fee.

Additionally, the Banking Amendment Bill 2025, recently passed, now allows up to four nominees for depositors' assets and enhances several banking regulations, including increasing the substantial interest limit and extending the tenure of directors in cooperative banks.

(With inputs from agencies.)